Sit Investment Associates Inc. Lowers Stock Position in DTE Energy Company $DTE

Key Points

• Sit Investment Associates Inc. reduced its holdings in DTE Energy by 17.2%, owning 33,845 shares worth approximately $4.68 million after selling 7,010 shares in the first quarter.
• DTE Energy reported quarterly earnings of $1.36 per share, missing estimates, but posted revenue of $2.91 billion, exceeding expectations; the company also declared a quarterly dividend of $1.09 per share.
• Analysts have varying ratings on DTE Energy, with an average rating of "Moderate Buy" and a consensus target price of $142.29, following recent price objective increases from multiple brokerages.

Sit Investment Associates Inc. reduced its stake in DTE Energy Company (NYSE:DTE - Free Report) by 17.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,845 shares of the utilities provider's stock after selling 7,010 shares during the period. Sit Investment Associates Inc.'s holdings in DTE Energy were worth $4,680,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Capital World Investors raised its stake in shares of DTE Energy by 123.2% in the fourth quarter. Capital World Investors now owns 6,823,231 shares of the utilities provider's stock valued at $823,905,000 after acquiring an additional 3,766,221 shares in the last quarter. Janus Henderson Group PLC raised its stake in DTE Energy by 0.5% in the fourth quarter. Janus Henderson Group PLC now owns 2,732,819 shares of the utilities provider's stock valued at $329,988,000 after buying an additional 12,554 shares in the last quarter. Northern Trust Corp raised its stake in DTE Energy by 4.7% in the fourth quarter. Northern Trust Corp now owns 1,827,168 shares of the utilities provider's stock valued at $220,631,000 after buying an additional 81,935 shares in the last quarter. JPMorgan Chase & Co. raised its stake in DTE Energy by 57.4% in the first quarter. JPMorgan Chase & Co. now owns 1,405,516 shares of the utilities provider's stock valued at $194,341,000 after buying an additional 512,567 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in DTE Energy by 0.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,316,107 shares of the utilities provider's stock valued at $181,978,000 after buying an additional 9,443 shares in the last quarter. 76.06% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other DTE Energy news, VP Lisa A. Muschong sold 1,600 shares of the business's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $140.53, for a total value of $224,848.00. Following the completion of the transaction, 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 position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.33% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Barclays raised their price target on DTE Energy from $136.00 to $138.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 15th. JPMorgan Chase & Co. raised 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 reaffirmed a "buy" rating and set a $151.00 price objective (up previously from $142.00) on shares of DTE Energy in a report on Friday, May 23rd. BMO Capital Markets raised their price target on DTE Energy from $135.00 to $142.00 and gave the stock a "market perform" rating in a report on Monday, April 21st. Finally, Wells Fargo & Company raised their price target on DTE Energy from $145.00 to $154.00 and gave the stock an "overweight" rating in a report on Friday, May 2nd. Nine equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, DTE Energy currently has a consensus rating of "Moderate Buy" and a consensus target price of $142.29.

DTE Energy Price Performance

DTE stock traded up $2.22 on Tuesday, reaching $139.62. The company had a trading volume of 237,609 shares, compared to its average volume of 1,394,313. DTE Energy Company has a 1 year low of $115.59 and a 1 year high of $141.54. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.57 and a current ratio of 0.94. The company's fifty day moving average is $135.46 and its 200 day moving average is $133.92. The company has a market cap of $28.98 billion, a P/E ratio of 20.08, a PEG ratio of 2.76 and a beta of 0.42.

DTE Energy (NYSE:DTE - Get Free Report) last posted its earnings results on Tuesday, July 29th. The utilities provider reported $1.36 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.37 by ($0.01). DTE Energy had a net margin of 10.16% and a return on equity of 12.72%. The company had revenue of $2.91 billion during the quarter, compared to analysts' expectations of $2.67 billion. On average, research analysts forecast that DTE Energy Company will post 7.18 earnings per share for the current year.

DTE Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Monday, September 15th will be issued a $1.09 dividend. The ex-dividend date is Monday, September 15th. This represents a $4.36 annualized dividend and a yield of 3.1%. DTE Energy's payout ratio is 62.73%.

DTE Energy Profile

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.