Blue Owl Technology Finance (NYSE:OTF) Hits New 52-Week Low – Here’s What Happened

Blue Owl Technology Finance Corp. (NYSE:OTF)’s share price hit a new 52-week low during trading on Tuesday. The stock traded as low as $9.06 and last traded at $9.1250, with a volume of 213,934 shares trading hands. The stock had previously closed at $9.21.

Wall Street Analysts Forecast Growth

OTF has been the subject of a number of recent analyst reports. Citigroup reissued an “outperform” rating on shares of Blue Owl Technology Finance in a research report on Friday, August 7th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $12.00 target price on shares of Blue Owl Technology Finance in a report on Monday, August 17th. Finally, Citizens Jmp lifted their price target on shares of Blue Owl Technology Finance from $16.00 to $17.00 and gave the stock a “market outperform” rating in a research note on Friday, August 7th. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $13.60.

Blue Owl Technology Finance Price Performance

The stock has a 50 day simple moving average of $10.68 and a two-hundred day simple moving average of $10.82. The company has a market cap of $4.19 billion, a PE ratio of 11.42 and a beta of -0.58.

Blue Owl Technology Finance (NYSE:OTF) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.02. Blue Owl Technology Finance had a net margin of 28.69% and a return on equity of 7.17%. The firm had revenue of $338.03 million during the quarter. During the same quarter in the prior year, the company earned $0.45 EPS. As a group, equities analysts anticipate that Blue Owl Technology Finance Corp. will post 1.25 EPS for the current fiscal year.

Blue Owl Technology Finance Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.40 annualized dividend and a yield of 15.3%. This is an increase from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. Blue Owl Technology Finance’s dividend payout ratio is presently 175.00%.

Institutional Investors Weigh In On Blue Owl Technology Finance

A number of hedge funds have recently added to or reduced their stakes in OTF. California State Teachers Retirement System acquired a new position in shares of Blue Owl Technology Finance during the 1st quarter worth $250,556,000. Laura & John Arnold Foundation purchased a new position in shares of Blue Owl Technology Finance during the 2nd quarter worth approximately $12,420,000. Wellington Management Group LLP acquired a new position in shares of Blue Owl Technology Finance in the second quarter worth $11,666,000. Requisite Capital Management LLC raised its stake in Blue Owl Technology Finance by 50.8% in the 2nd quarter. Requisite Capital Management LLC now owns 1,885,709 shares of the company’s stock valued at $20,267,000 after purchasing an additional 635,531 shares during the last quarter. Finally, Royal Bank of Canada raised its position in shares of Blue Owl Technology Finance by 179.0% in the first quarter. Royal Bank of Canada now owns 826,317 shares of the company’s stock valued at $10,238,000 after buying an additional 530,185 shares during the last quarter.

Blue Owl Technology Finance Company Profile

Blue Owl Technology Finance Corp. (NYSE: OTF) is a business development company focused on providing financing to technology-related businesses. The company invests primarily in privately owned, middle-market companies that may require capital to support growth, acquisitions, recapitalizations, or other corporate activities.

Its investment portfolio generally consists of senior secured loans and other debt investments, with the potential for equity and equity-related investments. Blue Owl Technology Finance seeks to generate current income and, to a lesser extent, capital appreciation by investing across segments of the technology sector, including software, technology services, and other technology-enabled businesses.

The company is externally managed by an affiliate of Blue Owl Capital Inc, an alternative asset management firm.