Alpine Global Management LLC Raises Stake in Blue Owl Technology Finance Corp. $OTF

Alpine Global Management LLC grew its stake in Blue Owl Technology Finance Corp. (NYSE:OTF) by 421.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 130,271 shares of the company’s stock after acquiring an additional 105,271 shares during the quarter. Alpine Global Management LLC’s holdings in Blue Owl Technology Finance were worth $1,894,000 as of its most recent SEC filing.

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

Insider Buying and Selling

In other news, Director Chris Temple acquired 7,000 shares of Blue Owl Technology Finance stock in a transaction dated Friday, May 22nd. The shares were acquired at an average cost of $10.71 per share, for a total transaction of $74,970.00. Following the acquisition, the director owned 12,000 shares of the company’s stock, valued at $128,520. This trade represents a 140.00% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Melissa Weiler bought 10,000 shares of the stock in a transaction that occurred on Wednesday, May 13th. The shares were purchased at an average price of $10.90 per share, with a total value of $109,000.00. Following the purchase, the director owned 10,000 shares of the company’s stock, valued at approximately $109,000. This represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased 18,000 shares of company stock worth $194,710 over the last 90 days. Insiders own 0.05% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Blue Owl Technology Finance Trading Down 1.1%

NYSE:OTF opened at $10.65 on Friday. Blue Owl Technology Finance Corp. has a 52 week low of $10.48 and a 52 week high of $16.10. The stock has a fifty day simple moving average of $11.17. The firm has a market capitalization of $4.93 billion and a P/E ratio of 11.84.

Blue Owl Technology Finance (NYSE:OTF) last released its earnings results on Wednesday, May 6th. The company reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.02). Blue Owl Technology Finance had a net margin of 32.78% and a return on equity of 7.43%. The company had revenue of $222.12 million during the quarter. During the same period in the previous year, the business posted $0.41 EPS. As a group, research analysts expect that Blue Owl Technology Finance Corp. will post 1.26 earnings per share for the current fiscal year.

Blue Owl Technology Finance Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a dividend of $0.35 per share. 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 dividend yield of 13.1%. The ex-dividend date of this dividend is Tuesday, June 30th. Blue Owl Technology Finance’s dividend payout ratio is presently 155.56%.

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.