Blue Owl Technology Finance Corp. $OTF Shares Bought by HighTower Advisors LLC

HighTower Advisors LLC raised its stake in Blue Owl Technology Finance Corp. (NYSE:OTF) by 151.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 136,812 shares of the company’s stock after acquiring an additional 82,319 shares during the period. HighTower Advisors LLC’s holdings in Blue Owl Technology Finance were worth $1,989,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Newbridge Financial Services Group Inc. acquired a new position in Blue Owl Technology Finance in the fourth quarter valued at approximately $44,000. Cornerstone Partners Capital Management LLC acquired a new position in Blue Owl Technology Finance in the fourth quarter valued at approximately $146,000. QP Wealth Management LLC acquired a new position in Blue Owl Technology Finance in the fourth quarter valued at approximately $168,000. Norden Group LLC acquired a new position in Blue Owl Technology Finance in the fourth quarter valued at approximately $169,000. Finally, PFG Investments LLC acquired a new position in shares of Blue Owl Technology Finance during the fourth quarter worth approximately $170,000.

Insider Buying and Selling at Blue Owl Technology Finance

In related news, Director Melissa Weiler purchased 10,000 shares of the company’s stock in a transaction on Wednesday, May 13th. The shares were bought at an average price of $10.90 per share, with a total value of $109,000.00. Following the completion of the acquisition, the director owned 10,000 shares of the company’s stock, valued at approximately $109,000. This represents a ? increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Chris Temple acquired 7,000 shares of the stock in a transaction on Friday, May 22nd. The shares were purchased at an average price of $10.71 per share, for a total transaction of $74,970.00. Following the completion of the transaction, the director owned 12,000 shares in the company, valued at approximately $128,520. This represents a 140.00% increase in their position. The SEC filing for this purchase provides additional information. Insiders acquired 18,000 shares of company stock worth $194,710 in the last ninety days. 0.05% of the stock is owned by corporate insiders.

Blue Owl Technology Finance Price Performance

NYSE OTF opened at $11.35 on Tuesday. The company has a market capitalization of $5.25 billion and a PE ratio of 12.61. Blue Owl Technology Finance Corp. has a 1 year low of $10.48 and a 1 year high of $21.62. The firm has a fifty day moving average of $11.43.

Blue Owl Technology Finance (NYSE:OTF) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.02). The company had revenue of $222.12 million during the quarter. Blue Owl Technology Finance had a net margin of 32.78% and a return on equity of 7.43%. During the same quarter in the prior year, the company earned $0.41 earnings per share. On average, sell-side analysts predict that Blue Owl Technology Finance Corp. will post 1.26 earnings per share for the current year.

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

Blue Owl Technology Finance Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be issued a $0.35 dividend. This is an increase from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. This represents a $1.40 annualized dividend and a dividend yield of 12.3%. The ex-dividend date of this dividend is Tuesday, June 30th. Blue Owl Technology Finance’s dividend payout ratio is currently 155.56%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on OTF. Keefe, Bruyette & Woods reduced their price objective on Blue Owl Technology Finance from $13.00 to $12.00 and set a “market perform” rating for the company in a research report on Tuesday, May 12th. Zacks Research downgraded Blue Owl Technology Finance from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 12th. Wells Fargo & Company reduced their price objective on Blue Owl Technology Finance from $13.00 to $12.00 and set an “overweight” rating for the company in a research report on Friday, May 8th. Citizens Jmp reduced their price objective on Blue Owl Technology Finance from $17.00 to $16.00 and set a “market outperform” rating for the company in a research report on Wednesday, April 22nd. Finally, Truist Financial reduced their price objective on Blue Owl Technology Finance from $16.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, May 19th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Blue Owl Technology Finance has an average rating of “Hold” and an average target price of $13.40.

Blue Owl Technology Finance Company Profile

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.