State of New Jersey Common Pension Fund D Sells 4,644 Shares of DTE Energy Company $DTE

Key Points

• The State of New Jersey Common Pension Fund D has reduced its stake in DTE Energy by 6.9%, now owning 63,029 shares valued at approximately $8.7 million.
• Recent analyst ratings for DTE Energy reveal a consensus of Moderate Buy with a target price increase from various firms, including BMO Capital Markets raising it to $142.
• DTE Energy announced a quarterly dividend of $1.09 per share, to be paid on October 15th, reflecting a 3.1% dividend yield.

State of New Jersey Common Pension Fund D cut its holdings in shares of DTE Energy Company (NYSE:DTE - Free Report) by 6.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 63,029 shares of the utilities provider's stock after selling 4,644 shares during the period. State of New Jersey Common Pension Fund D's holdings in DTE Energy were worth $8,715,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Capital World Investors lifted its holdings in DTE Energy by 123.2% during the fourth quarter. Capital World Investors now owns 6,823,231 shares of the utilities provider's stock worth $823,905,000 after acquiring an additional 3,766,221 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of 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 acquiring an additional 12,554 shares during the last quarter. Northern Trust Corp increased its position in shares of 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 acquiring an additional 81,935 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of 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 acquiring an additional 512,567 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of 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 acquiring an additional 9,443 shares during the last quarter. 76.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Evercore ISI lifted their target price on DTE Energy from $136.00 to $145.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. Morgan Stanley lowered their price target on DTE Energy from $136.00 to $134.00 and set an "overweight" rating on the stock in a research report on Thursday, May 22nd. Barclays boosted their price target on DTE Energy from $136.00 to $138.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 15th. Wall Street Zen raised DTE Energy from a "sell" rating to a "hold" rating in a research report on Sunday, August 17th. Finally, JPMorgan Chase & Co. boosted their price target on DTE Energy from $145.00 to $147.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 15th. Nine investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, DTE Energy has an average rating of "Moderate Buy" and an average target price of $142.29.

DTE Energy Stock Performance

Shares of DTE Energy stock traded down $0.3280 on Friday, hitting $139.8720. The stock had a trading volume of 1,257,249 shares, compared to its average volume of 1,309,809. DTE Energy Company has a twelve month low of $115.59 and a twelve month high of $142.05. The business's 50 day moving average is $135.85 and its two-hundred day moving average is $134.27. The company has a quick ratio of 0.57, a current ratio of 0.94 and a debt-to-equity ratio of 1.96. The stock has a market cap of $29.04 billion, a price-to-earnings ratio of 20.13, a price-to-earnings-growth ratio of 2.78 and a beta of 0.42.

DTE Energy (NYSE:DTE - Get Free Report) last issued its quarterly 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). The company had revenue of $2.91 billion for the quarter, compared to analyst estimates of $2.67 billion. DTE Energy had a return on equity of 12.72% and a net margin of 10.16%. Analysts forecast that DTE Energy Company will post 7.18 EPS for the current year.

DTE Energy Announces Dividend

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

Insiders Place Their Bets

In other news, VP Lisa A. Muschong sold 1,600 shares of the 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. This represents a 27.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.33% of the stock is owned by insiders.

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.