LPL Financial LLC Has $10.56 Million Stake in DT Midstream, Inc. (NYSE:DTM)

Key Points

• LPL Financial LLC increased its stake in DT Midstream, Inc. by 34.1%, owning 109,462 shares worth approximately $10.56 million after acquiring 27,860 shares in the first quarter.
• DT Midstream has announced a quarterly dividend of $0.82 per share, with a dividend yield of 3.1%, effective for investors of record on September 15th.
• Analysts project growth for DT Midstream, with target prices ranging from $102.00 to $118.00, and the company currently holds an average rating of "Hold" with an expected earnings per share of 3.8 for the fiscal year.

LPL Financial LLC lifted its stake in shares of DT Midstream, Inc. (NYSE:DTM - Free Report) by 34.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 109,462 shares of the company's stock after purchasing an additional 27,860 shares during the period. LPL Financial LLC owned approximately 0.11% of DT Midstream worth $10,561,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of DTM. Zurcher Kantonalbank Zurich Cantonalbank raised its position in DT Midstream by 10.5% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,647 shares of the company's stock valued at $2,571,000 after buying an additional 2,534 shares during the period. HB Wealth Management LLC grew its stake in DT Midstream by 32.8% in the first quarter. HB Wealth Management LLC now owns 3,995 shares of the company's stock valued at $385,000 after purchasing an additional 987 shares in the last quarter. Applied Finance Capital Management LLC grew its stake in DT Midstream by 6.5% in the first quarter. Applied Finance Capital Management LLC now owns 2,410 shares of the company's stock valued at $233,000 after purchasing an additional 147 shares in the last quarter. Neo Ivy Capital Management purchased a new position in DT Midstream in the first quarter valued at about $939,000. Finally, Dorsey Wright & Associates grew its stake in DT Midstream by 2.0% in the first quarter. Dorsey Wright & Associates now owns 61,580 shares of the company's stock valued at $5,941,000 after purchasing an additional 1,180 shares in the last quarter. 81.53% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, VP Melissa Cox sold 4,755 shares of the firm's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $104.47, for a total transaction of $496,754.85. Following the sale, the vice president owned 5,171 shares of the company's stock, valued at approximately $540,214.37. This trade represents a 47.90% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on DTM. Wells Fargo & Company upped their price target on DT Midstream from $108.00 to $117.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Stifel Nicolaus increased their target price on DT Midstream from $102.00 to $108.00 and gave the company a "buy" rating in a research note on Friday, August 1st. US Capital Advisors cut DT Midstream from a "moderate buy" rating to a "hold" rating in a report on Monday, April 28th. Morgan Stanley increased their target price on DT Midstream from $113.00 to $118.00 and gave the stock an "underweight" rating in a report on Wednesday, August 6th. Finally, Barclays raised their price target on DT Midstream from $102.00 to $103.00 and gave the company an "equal weight" rating in a report on Tuesday, May 20th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $110.91.

DT Midstream Trading Down 1.2%

DT Midstream stock traded down $1.26 during midday trading on Wednesday, hitting $102.11. 137,367 shares of the stock were exchanged, compared to its average volume of 1,010,480. The company has a fifty day simple moving average of $104.47 and a two-hundred day simple moving average of $100.36. DT Midstream, Inc. has a 52 week low of $72.69 and a 52 week high of $114.50. The stock has a market capitalization of $10.37 billion, a PE ratio of 27.34, a P/E/G ratio of 1.90 and a beta of 0.77. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.69.

DT Midstream (NYSE:DTM - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.06. The business had revenue of $299.00 million for the quarter, compared to analyst estimates of $295.70 million. DT Midstream had a net margin of 33.90% and a return on equity of 8.48%. During the same quarter last year, the firm earned $0.98 EPS. Equities research analysts anticipate that DT Midstream, Inc. will post 3.8 EPS for the current fiscal year.

DT Midstream Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Monday, September 15th will be paid a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Monday, September 15th. DT Midstream's dividend payout ratio (DPR) is presently 87.94%.

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.