Blue Owl Technology Finance (NYSE:OTF) Hits New 1-Year Low – Here’s What Happened

Blue Owl Technology Finance Corp. (NYSE:OTF)’s share price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $9.89 and last traded at $9.9490, with a volume of 2805239 shares. The stock had previously closed at $10.08.

Wall Street Analyst Weigh In

Several research analysts have commented on OTF shares. Citizens Jmp lowered their price target on shares of Blue Owl Technology Finance from $17.00 to $16.00 and set a “market outperform” rating for the company in a report on Wednesday, April 22nd. Wells Fargo & Company decreased their price objective on shares of 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. Truist Financial lowered their target price on shares of Blue Owl Technology Finance from $16.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, May 19th. Keefe, Bruyette & Woods dropped their target price on Blue Owl Technology Finance from $13.00 to $12.00 and set a “market perform” rating on the stock in a report on Tuesday, May 12th. Finally, Royal Bank Of Canada dropped their target price on Blue Owl Technology Finance from $14.00 to $12.00 and set a “sector perform” rating on the stock in a report on Monday, May 18th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.40.

Blue Owl Technology Finance Stock Up 0.5%

The stock has a market capitalization of $4.61 billion and a price-to-earnings ratio of 11.08. The stock has a fifty day moving average of $10.63 and a 200-day moving average of $11.71.

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

Blue Owl Technology Finance Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a $0.35 dividend. This is a positive change from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 14.0%. Blue Owl Technology Finance’s payout ratio is 155.56%.

Insider Buying and Selling at Blue Owl Technology Finance

In related news, Director Chris Temple purchased 7,000 shares of Blue Owl Technology Finance stock in a transaction that occurred on Friday, May 22nd. The stock was purchased at an average cost of $10.71 per share, with a total value of $74,970.00. Following the completion of the transaction, the director directly owned 12,000 shares in the company, valued at approximately $128,520. The trade was a 140.00% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Melissa Weiler purchased 10,000 shares of Blue Owl Technology Finance stock in a transaction that occurred on Wednesday, May 13th. The stock was bought at an average cost of $10.90 per share, with a total value of $109,000.00. Following the completion of the transaction, the director owned 10,000 shares of the company’s stock, valued at $109,000. The trade was a ? increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 18,000 shares of company stock worth $194,710 over the last quarter. 0.05% of the stock is owned by company insiders.

Institutional Trading of Blue Owl Technology Finance

Several institutional investors and hedge funds have recently made changes to their positions in the company. Pettinga Financial Advisors LLC boosted its position in shares of Blue Owl Technology Finance by 10.9% in the 2nd quarter. Pettinga Financial Advisors LLC now owns 381,161 shares of the company’s stock valued at $3,945,000 after purchasing an additional 37,588 shares during the period. Hennion & Walsh Asset Management Inc. increased its position in Blue Owl Technology Finance by 161.3% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 58,210 shares of the company’s stock worth $602,000 after buying an additional 35,932 shares during the period. Prota Financial LLC lifted its stake in Blue Owl Technology Finance by 46.8% in the second quarter. Prota Financial LLC now owns 87,842 shares of the company’s stock valued at $936,000 after buying an additional 27,997 shares during the last quarter. Confluence Investment Management LLC purchased a new stake in Blue Owl Technology Finance in the second quarter valued at approximately $322,000. Finally, PVG Asset Management Corp acquired a new stake in shares of Blue Owl Technology Finance in the first quarter valued at approximately $770,000.

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.