Brokerages Set Blue Owl Technology Finance Corp. (NYSE:OTF) Price Target at $13.40

Shares of Blue Owl Technology Finance Corp. (NYSE:OTF) have earned a consensus recommendation of “Moderate Buy” from the six ratings firms that are presently covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $13.40.

Several equities analysts recently commented on the stock. Keefe, Bruyette & Woods dropped their price objective on shares of Blue Owl Technology Finance from $13.00 to $12.00 and set a “market perform” rating for the company in a research note on Tuesday, May 12th. Wells Fargo & Company decreased their target price on shares of Blue Owl Technology Finance from $13.00 to $12.00 and set an “overweight” rating on the stock in a research note on Friday, May 8th. Zacks Research upgraded shares of Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 10th. Truist Financial dropped their price target on 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. Finally, Citizens Jmp cut their price objective on Blue Owl Technology Finance from $17.00 to $16.00 and set a “market outperform” rating on the stock in a report on Wednesday, April 22nd.

Blue Owl Technology Finance Stock Performance

Blue Owl Technology Finance stock opened at $10.16 on Tuesday. The company has a market capitalization of $4.70 billion and a PE ratio of 11.29. Blue Owl Technology Finance has a 12-month low of $10.08 and a 12-month high of $15.82. The company has a 50-day simple moving average of $10.81.

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

Blue Owl Technology Finance Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This is a positive change from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. This represents a $1.40 annualized dividend and a dividend yield of 13.8%. Blue Owl Technology Finance’s payout ratio is currently 155.56%.

Insiders Place Their Bets

In other news, Director Chris Temple bought 7,000 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The shares were acquired at an average price of $10.71 per share, for a total transaction of $74,970.00. Following the completion of the acquisition, the director directly owned 12,000 shares in the company, valued at approximately $128,520. This represents a 140.00% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Melissa Weiler purchased 10,000 shares of the business’s stock in a transaction on Wednesday, May 13th. The shares were purchased at an average cost of $10.90 per share, for a total transaction of $109,000.00. Following the transaction, the director directly owned 10,000 shares of the company’s stock, valued at approximately $109,000. The trade was a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders bought 18,000 shares of company stock worth $194,710. Insiders own 0.05% of the company’s stock.

Institutional Trading of Blue Owl Technology Finance

A number of large investors have recently bought and sold shares of OTF. Newbridge Financial Services Group Inc. acquired a new stake in Blue Owl Technology Finance during the fourth quarter worth approximately $44,000. Clearstead Advisors LLC acquired a new position in Blue Owl Technology Finance in the fourth quarter valued at approximately $124,000. Abel Hall LLC bought a new position in shares of Blue Owl Technology Finance during the 1st quarter worth approximately $124,000. Kestra Advisory Services LLC bought a new position in shares of Blue Owl Technology Finance during the 4th quarter worth approximately $128,000. Finally, Cornerstone Partners Capital Management LLC acquired a new stake in shares of Blue Owl Technology Finance during the 4th quarter worth approximately $146,000.

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.