Principal Financial Group Inc. Acquires 20,510 Shares of DT Midstream, Inc. (NYSE:DTM)

Principal Financial Group Inc. boosted its position in shares of DT Midstream, Inc. (NYSE:DTM - Free Report) by 8.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 264,607 shares of the company's stock after purchasing an additional 20,510 shares during the period. Principal Financial Group Inc. owned approximately 0.26% of DT Midstream worth $25,529,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Blackstone Inc. raised its stake in shares of DT Midstream by 2,783.1% in the 4th quarter. Blackstone Inc. now owns 1,631,285 shares of the company's stock valued at $162,199,000 after purchasing an additional 1,574,705 shares in the last quarter. Norges Bank bought a new stake in DT Midstream in the fourth quarter valued at about $119,520,000. Zimmer Partners LP acquired a new stake in DT Midstream during the fourth quarter valued at approximately $74,572,000. Westwood Holdings Group Inc. lifted its holdings in DT Midstream by 108.8% during the 4th quarter. Westwood Holdings Group Inc. now owns 1,084,018 shares of the company's stock worth $107,784,000 after buying an additional 564,899 shares during the last quarter. Finally, Bank of Montreal Can boosted its holdings in DT Midstream by 733.3% in the fourth quarter. Bank of Montreal Can now owns 458,789 shares of the company's stock worth $45,617,000 after purchasing an additional 403,730 shares during the period. 81.53% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on DTM shares. Barclays increased their price objective on shares of DT Midstream from $102.00 to $103.00 and gave the stock an "equal weight" rating in a research note on Tuesday, May 20th. Williams Trading set a $110.00 price target on shares of DT Midstream in a report on Monday, March 24th. US Capital Advisors downgraded shares of DT Midstream from a "moderate buy" rating to a "hold" rating in a report on Monday, April 28th. UBS Group upped their price objective on shares of DT Midstream from $102.00 to $115.00 and gave the stock a "buy" rating in a report on Thursday, March 27th. Finally, Bank of America started coverage on shares of DT Midstream in a report on Monday, March 24th. They issued a "buy" rating and a $110.00 price objective for the company. Two investment 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 MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $109.27.

DT Midstream Stock Performance

DT Midstream stock traded up $0.58 during trading hours on Thursday, reaching $102.69. 1,343,464 shares of the company were exchanged, compared to its average volume of 911,034. The firm has a market cap of $10.43 billion, a price-to-earnings ratio of 27.98, a PEG ratio of 1.63 and a beta of 0.78. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.69. The stock has a 50-day moving average of $104.70 and a 200 day moving average of $100.89. DT Midstream, Inc. has a 12 month low of $69.82 and a 12 month high of $114.50.

DT Midstream (NYSE:DTM - Get Free Report) last announced its earnings results on Wednesday, April 30th. The company reported $1.06 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.07 by ($0.01). The company had revenue of $288.81 million for the quarter, compared to the consensus estimate of $285.48 million. DT Midstream had a return on equity of 8.46% and a net margin of 34.96%. During the same period in the previous year, the company earned $0.99 EPS. As a group, research analysts anticipate that DT Midstream, Inc. will post 3.8 earnings per share for the current year.

DT Midstream Dividend Announcement

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

About DT Midstream

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.