Bank of New York Mellon Corp Decreases Stake in DT Midstream, Inc. (NYSE:DTM)

Bank of New York Mellon Corp cut its stake in DT Midstream, Inc. (NYSE:DTM - Free Report) by 2.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,026,986 shares of the company's stock after selling 24,522 shares during the period. Bank of New York Mellon Corp owned approximately 1.01% of DT Midstream worth $99,084,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of DT Midstream by 3.5% during the fourth quarter. Vanguard Group Inc. now owns 10,553,782 shares of the company's stock valued at $1,049,363,000 after acquiring an additional 359,017 shares during the last quarter. Deutsche Bank AG boosted its position in DT Midstream by 5.5% during the fourth quarter. Deutsche Bank AG now owns 2,831,830 shares of the company's stock worth $281,569,000 after acquiring an additional 147,790 shares during the last quarter. Geode Capital Management LLC boosted its position in DT Midstream by 18.7% during the fourth quarter. Geode Capital Management LLC now owns 2,452,948 shares of the company's stock worth $243,948,000 after acquiring an additional 386,670 shares during the last quarter. Blackstone Inc. grew its stake in DT Midstream by 2,783.1% in the 4th quarter. Blackstone Inc. now owns 1,631,285 shares of the company's stock worth $162,199,000 after acquiring an additional 1,574,705 shares during the period. Finally, Invesco Ltd. raised its holdings in DT Midstream by 24.7% in the 4th quarter. Invesco Ltd. now owns 1,487,901 shares of the company's stock valued at $147,942,000 after acquiring an additional 294,583 shares during the last quarter. 81.53% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Williams Trading set a $110.00 price objective on DT Midstream in a report on Monday, March 24th. Morgan Stanley set a $115.00 price target on DT Midstream and gave the stock an "underweight" rating in a research note on Tuesday, June 3rd. Bank of America initiated coverage on shares of DT Midstream in a research note on Monday, March 24th. They set a "buy" rating and a $110.00 price objective for the company. UBS Group raised their target price on shares of DT Midstream from $102.00 to $115.00 and gave the stock a "buy" rating in a research report on Thursday, March 27th. Finally, US Capital Advisors lowered shares of DT Midstream from a "moderate buy" rating to a "hold" rating in a research report on Monday, April 28th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, DT Midstream presently has a consensus rating of "Hold" and an average target price of $109.27.

DT Midstream Stock Up 0.6%

Shares of NYSE:DTM traded up $0.58 during midday trading on Thursday, hitting $102.69. 1,343,464 shares of the company's stock traded hands, compared to its average volume of 910,851. The firm's fifty day moving average price is $104.60 and its two-hundred day moving average price is $100.89. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.82 and a current ratio of 0.82. DT Midstream, Inc. has a twelve month low of $69.27 and a twelve month high of $114.50. The company has a market cap of $10.43 billion, a PE ratio of 27.98, a P/E/G ratio of 1.64 and a beta of 0.78.

DT Midstream (NYSE:DTM - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $1.06 EPS for the quarter, missing analysts' consensus estimates of $1.07 by ($0.01). DT Midstream had a return on equity of 8.46% and a net margin of 34.96%. The company had revenue of $288.81 million for the quarter, compared to analyst estimates of $285.48 million. During the same quarter in the prior year, the firm earned $0.99 EPS. On average, equities research analysts anticipate that DT Midstream, Inc. will post 3.8 EPS for the current fiscal year.

DT Midstream Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 16th will be issued a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date is Monday, June 16th. DT Midstream's dividend payout ratio is presently 89.37%.

DT Midstream Company Profile

DT Midstream, Inc, together with its subsidiaries, provides integrated natural gas services in the United States. The company operates through two segments, Pipeline and Gathering. The Pipeline segment owns and operates interstate and intrastate natural gas pipelines, storage systems, and natural gas gathering lateral pipelines.