Insider Buying: Blue Owl Technology Finance (NYSE:OTF) Director Purchases $57,450.00 in Stock

Blue Owl Technology Finance Corp. (NYSE:OTF) Director Chris Temple purchased 5,000 shares of Blue Owl Technology Finance stock in a transaction on Wednesday, February 25th. The shares were acquired at an average cost of $11.49 per share, with a total value of $57,450.00. Following the completion of the transaction, the director directly owned 5,000 shares in the company, valued at $57,450. The trade was a ? increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Blue Owl Technology Finance Stock Performance

Shares of OTF stock remained flat at $11.49 during trading hours on Thursday. 2,380,372 shares of the stock traded hands, compared to its average volume of 2,050,096. The company has a market cap of $5.35 billion and a PE ratio of 6.76. Blue Owl Technology Finance Corp. has a fifty-two week low of $10.99 and a fifty-two week high of $21.62. The stock’s 50-day moving average is $13.20.

Blue Owl Technology Finance (NYSE:OTF) last posted its earnings results on Wednesday, February 18th. The company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.02). The business had revenue of $320.58 million for the quarter, compared to analyst estimates of $326.27 million. Blue Owl Technology Finance had a net margin of 62.89% and a return on equity of 6.91%.

Blue Owl Technology Finance Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be issued a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, March 31st. This is a boost from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. This represents a $1.40 dividend on an annualized basis and a yield of 12.2%. Blue Owl Technology Finance’s dividend payout ratio is presently 82.35%.

Blue Owl Technology Finance announced that its board has approved a stock buyback program on Wednesday, February 18th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 5.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Truist Financial decreased their target price on shares of Blue Owl Technology Finance from $17.00 to $16.00 and set a “buy” rating for the company in a research note on Monday. Keefe, Bruyette & Woods decreased their price objective on shares of Blue Owl Technology Finance from $16.00 to $13.00 and set a “market perform” rating for the company in a research report on Monday. Zacks Research upgraded Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a research report on Monday, January 26th. Finally, Wells Fargo & Company cut their price target on Blue Owl Technology Finance from $15.00 to $13.00 and set an “overweight” rating for the company in a research note on Friday, February 20th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $14.00.

Institutional Investors Weigh In On Blue Owl Technology Finance

Large investors have recently bought and sold shares of the company. Newbridge Financial Services Group Inc. purchased a new position in shares of Blue Owl Technology Finance in the fourth quarter valued at approximately $44,000. Clearstead Advisors LLC acquired a new stake in Blue Owl Technology Finance during the 4th quarter worth $124,000. Kestra Advisory Services LLC purchased a new stake in shares of Blue Owl Technology Finance during the fourth quarter worth $128,000. Cornerstone Partners Capital Management LLC acquired a new stake in shares of Blue Owl Technology Finance in the fourth quarter valued at about $146,000. Finally, Onyx Bridge Wealth Group LLC purchased a new position in shares of Blue Owl Technology Finance in the fourth quarter worth about $150,000.

About Blue Owl Technology Finance

Blue Owl Technology Finance (NYSE: OTF) is a publicly traded business development company (BDC) sponsored by alternative asset manager Blue Owl. The firm focuses on providing customized debt and structured capital solutions to technology and technology-enabled companies, with an emphasis on growth-stage and middle-market borrowers. As a BDC, its primary activities include originating, structuring and managing private credit investments tailored to the financing needs of fast-growing businesses.

Its investment approach typically centers on direct lending and credit-oriented products, including senior secured loans, unitranche and subordinated debt, as well as selective equity-linked instruments and structured financings.