Owl Rock Capital Corporation (NYSE:ORCC) announced a quarterly dividend on Thursday, May 7th, Wall Street Journal reports. Shareholders of record on Tuesday, June 30th will be given a dividend of 0.31 per share by the technology company on Friday, August 14th. This represents a $1.24 dividend on an annualized basis and a yield of 9.92%. The ex-dividend date of this dividend is Monday, June 29th.
Owl Rock Capital has a dividend payout ratio of 88.6% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities research analysts expect Owl Rock Capital to earn $1.23 per share next year, which means the company may not be able to cover its $1.24 annual dividend with an expected future payout ratio of 100.8%.
ORCC opened at $12.50 on Friday. The firm has a market capitalization of $4.80 billion and a P/E ratio of 8.22. The stock’s 50 day moving average price is $12.54 and its two-hundred day moving average price is $14.20. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.66. Owl Rock Capital has a 12-month low of $8.09 and a 12-month high of $19.19.
ORCC has been the subject of a number of research reports. Bank of America upgraded Owl Rock Capital from a “neutral” rating to a “buy” rating and set a $15.00 price objective for the company in a research report on Monday, April 13th. Deutsche Bank reduced their price objective on Owl Rock Capital from $17.50 to $13.50 and set a “buy” rating for the company in a research report on Thursday, May 7th. Raymond James upgraded Owl Rock Capital from a “market perform” rating to an “outperform” rating and set a $13.50 price objective for the company in a research report on Thursday, April 16th. They noted that the move was a valuation call. Keefe, Bruyette & Woods raised their price objective on Owl Rock Capital from $12.50 to $13.50 and gave the stock a “market perform” rating in a research report on Thursday, May 7th. Finally, ValuEngine downgraded Owl Rock Capital from a “hold” rating to a “sell” rating in a research report on Friday, May 1st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. Owl Rock Capital presently has an average rating of “Hold” and a consensus target price of $14.58.
In related news, major shareholder Of The University Of C. Regents sold 131,878 shares of the firm’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $12.61, for a total transaction of $1,662,981.58. Following the completion of the sale, the insider now directly owns 43,828,483 shares of the company’s stock, valued at approximately $552,677,170.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Of The University Of C. Regents sold 145,000 shares of the firm’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $13.06, for a total value of $1,893,700.00. Following the sale, the insider now directly owns 43,540,483 shares of the company’s stock, valued at $568,638,707.98. The disclosure for this sale can be found here. Insiders have sold a total of 715,914 shares of company stock valued at $9,140,445 in the last 90 days. 2.00% of the stock is owned by corporate insiders.
Owl Rock Capital Company Profile
Owl Rock Capital Corporation is a business development company. The fund makes investments in senior secured or unsecured loans, subordinated loans or mezzanine loans and also considers equity-related securities including warrants and preferred stocks. It seeks to invest in middle market companies based in the United States, with EBITDA between $10 million and $250 million annually and/or annual revenue of $50 million and $2.5 billion at the time of investment.
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