Panagora Asset Management Inc. Sells 29,704 Shares of DTE Energy Company $DTE

Key Points

• Panagora Asset Management Inc. reduced its stake in DTE Energy by 2.9% in the first quarter, selling 29,704 shares, which leaves them with approximately 998,559 shares valued at $138 million.
• DTE Energy reported a quarterly EPS of $1.36, missing the consensus estimate, but exceeded revenue expectations with $2.91 billion compared to a forecast of $2.67 billion.
• The company announced a quarterly dividend of $1.09, representing an annualized dividend yield of 3.2%, with the payout ratio currently at 62.73%.

Panagora Asset Management Inc. decreased its holdings in DTE Energy Company (NYSE:DTE - Free Report) by 2.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 998,559 shares of the utilities provider's stock after selling 29,704 shares during the period. Panagora Asset Management Inc. owned about 0.48% of DTE Energy worth $138,071,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of DTE. Cloud Capital Management LLC bought a new stake in shares of DTE Energy in the 1st quarter worth $25,000. Olde Wealth Management LLC bought a new stake in shares of DTE Energy in the first quarter worth $27,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of DTE Energy in the first quarter worth $28,000. SouthState Corp bought a new stake in shares of DTE Energy in the first quarter worth $29,000. Finally, N.E.W. Advisory Services LLC bought a new stake in shares of DTE Energy in the first quarter worth $31,000. Institutional investors own 76.06% of the company's stock.

DTE Energy Price Performance

Shares of DTE Energy stock opened at $136.69 on Friday. The stock's 50-day simple moving average is $136.40 and its 200-day simple moving average is $134.76. DTE Energy Company has a 52 week low of $115.59 and a 52 week high of $142.05. The company has a market capitalization of $28.37 billion, a price-to-earnings ratio of 19.67, a PEG ratio of 2.71 and a beta of 0.42. The company has a quick ratio of 0.57, a current ratio of 0.94 and a debt-to-equity ratio of 1.96.

DTE Energy (NYSE:DTE - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The utilities provider reported $1.36 EPS for the quarter, missing the consensus estimate of $1.37 by ($0.01). The business had revenue of $2.91 billion during the quarter, compared to analysts' expectations of $2.67 billion. DTE Energy had a net margin of 10.16% and a return on equity of 12.72%. As a group, analysts expect that DTE Energy Company will post 7.18 earnings per share for the current fiscal year.

DTE Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Monday, September 15th will be given a $1.09 dividend. This represents a $4.36 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Monday, September 15th. DTE Energy's payout ratio is currently 62.73%.

Analysts Set New Price Targets

Several analysts recently commented on the company. BMO Capital Markets lifted their price objective on DTE Energy from $140.00 to $144.00 and gave the stock a "market perform" rating in a report on Monday, August 25th. Wells Fargo & Company lifted their price objective on DTE Energy from $145.00 to $154.00 and gave the stock an "overweight" rating in a report on Friday, May 2nd. JPMorgan Chase & Co. lifted their price objective on DTE Energy from $145.00 to $147.00 and gave the stock a "neutral" rating in a report on Tuesday, July 15th. Citigroup reissued a "buy" rating and set a $151.00 price target (up previously from $142.00) on shares of DTE Energy in a report on Friday, May 23rd. Finally, Evercore ISI boosted their price target on DTE Energy from $136.00 to $145.00 and gave the company an "outperform" rating in a report on Friday, May 2nd. Eight analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $143.38.

Insider Activity at DTE Energy

In related news, VP Lisa A. Muschong sold 1,600 shares of the business's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $140.53, for a total value of $224,848.00. Following the sale, the vice president directly owned 4,153 shares in the company, valued at approximately $583,621.09. The trade was a 27.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.33% of the company's stock.

About DTE Energy

DTE Energy Company engages in the utility operations. The company's Electric segment generates, purchases, distributes, and sells electricity to various residential, commercial, and industrial customers in southeastern Michigan. It generates electricity through coal-fired plants, hydroelectric pumped storage, and nuclear plants, as well as wind and solar assets.

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