Apollon Wealth Management LLC Purchases 52,551 Shares of Blue Owl Technology Finance Corp. $OTF

Apollon Wealth Management LLC lifted its position in Blue Owl Technology Finance Corp. (NYSE:OTF) by 260.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 72,751 shares of the company’s stock after buying an additional 52,551 shares during the period. Apollon Wealth Management LLC’s holdings in Blue Owl Technology Finance were worth $1,058,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Cornerstone Partners Capital Management LLC bought a new position in Blue Owl Technology Finance in the 4th quarter valued at approximately $146,000. Newbridge Financial Services Group Inc. purchased a new position in shares of Blue Owl Technology Finance in the fourth quarter worth $44,000. Leo Wealth LLC purchased a new position in shares of Blue Owl Technology Finance in the fourth quarter worth $202,000. Catalina Capital Group LLC bought a new position in shares of Blue Owl Technology Finance during the fourth quarter valued at $239,000. Finally, Blue Trust Inc. lifted its holdings in shares of Blue Owl Technology Finance by 141.6% during the fourth quarter. Blue Trust Inc. now owns 126,897 shares of the company’s stock valued at $1,845,000 after purchasing an additional 74,370 shares in the last quarter.

Blue Owl Technology Finance Stock Performance

OTF opened at $11.88 on Wednesday. The business has a 50 day simple moving average of $12.02. The stock has a market capitalization of $5.48 billion and a P/E ratio of 6.99. Blue Owl Technology Finance Corp. has a 12-month low of $10.87 and a 12-month high of $21.62.

Blue Owl Technology Finance (NYSE:OTF) last announced its earnings results on Wednesday, February 18th. The company reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.02). The business had revenue of $223.52 million for the quarter, compared to analysts’ expectations of $326.27 million. Blue Owl Technology Finance had a net margin of 62.89% and a return on equity of 6.91%.

Blue Owl Technology Finance announced that its board has approved a share 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 reacquire up to 5.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

Blue Owl Technology Finance Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be issued a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $1.40 dividend on an annualized basis and a yield of 11.8%. This is an increase from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. Blue Owl Technology Finance’s payout ratio is 82.35%.

Insiders Place Their Bets

In related news, Director Chris Temple bought 5,000 shares of the stock in a transaction that occurred on Wednesday, February 25th. The shares were bought at an average cost of $11.49 per share, for a total transaction of $57,450.00. Following the completion of the transaction, the director owned 5,000 shares of the company’s stock, valued at approximately $57,450. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.05% of the company’s stock.

Wall Street Analysts Forecast Growth

OTF has been the subject of several research analyst reports. Wells Fargo & Company reduced their price objective on Blue Owl Technology Finance from $15.00 to $13.00 and set an “overweight” rating for the company in a report on Friday, February 20th. Keefe, Bruyette & Woods lowered their target price on shares of Blue Owl Technology Finance from $16.00 to $13.00 and set a “market perform” rating on the stock in a research note on Monday, February 23rd. Truist Financial dropped their price target on shares of Blue Owl Technology Finance from $17.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, February 23rd. Finally, Zacks Research upgraded shares of Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a research note on Monday, January 26th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $14.00.

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.