State of New Jersey Common Pension Fund D Sells 2,644 Shares of DT Midstream, Inc. $DTM

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in DT Midstream, Inc. by 8.2%, now owning $2.84 million worth of shares after selling 2,644 shares in the first quarter.
• Analysts have raised their price targets for DT Midstream, with Wells Fargo increasing its estimate from $108 to $117 and Morgan Stanley from $113 to $118.
• DT Midstream announced a quarterly dividend of $0.82 per share set to be paid on October 15, representing an annual yield of 3.2%.

State of New Jersey Common Pension Fund D decreased its holdings in DT Midstream, Inc. (NYSE:DTM - Free Report) by 8.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,456 shares of the company's stock after selling 2,644 shares during the period. State of New Jersey Common Pension Fund D's holdings in DT Midstream were worth $2,842,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in DTM. Raymond James Financial Inc. acquired a new position in shares of DT Midstream in the 4th quarter valued at about $8,569,000. United Capital Financial Advisors LLC bought a new stake in shares of DT Midstream in the 4th quarter valued at approximately $209,000. NewEdge Advisors LLC grew its stake in shares of DT Midstream by 1.1% in the 4th quarter. NewEdge Advisors LLC now owns 13,413 shares of the company's stock valued at $1,334,000 after buying an additional 142 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of DT Midstream in the 4th quarter valued at approximately $3,483,000. Finally, MetLife Investment Management LLC grew its stake in shares of DT Midstream by 9.1% in the 4th quarter. MetLife Investment Management LLC now owns 54,767 shares of the company's stock valued at $5,445,000 after buying an additional 4,576 shares in the last quarter. Institutional investors and hedge funds own 81.53% of the company's stock.

Insider Transactions at DT Midstream

In other DT Midstream news, VP Melissa Cox sold 4,755 shares of the company's stock in a transaction that occurred 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 completion of the sale, the vice president owned 5,171 shares of the company's stock, valued at $540,214.37. This represents a 47.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.34% of the stock is owned by insiders.

DT Midstream Stock Performance

DT Midstream stock traded up $1.28 during trading hours on Tuesday, reaching $102.10. 986,235 shares of the company were exchanged, compared to its average volume of 715,254. The firm has a market cap of $10.37 billion, a price-to-earnings ratio of 27.37, a PEG ratio of 1.83 and a beta of 0.77. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.69. The stock has a 50-day moving average of $103.76 and a 200 day moving average of $100.45. DT Midstream, Inc. has a 12 month low of $73.52 and a 12 month high of $114.50.

DT Midstream (NYSE:DTM - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $1.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.98 by $0.06. The firm had revenue of $299.00 million during the quarter, compared to analysts' expectations of $295.70 million. DT Midstream had a return on equity of 8.48% and a net margin of 33.90%.During the same quarter in the prior year, the business earned $0.98 earnings per share. DT Midstream has set its FY 2025 guidance at 4.050-4.450 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 Wednesday, October 15th. Shareholders of record on Monday, September 15th will be given a dividend of $0.82 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $3.28 dividend on an annualized basis and a yield of 3.2%. DT Midstream's dividend payout ratio is presently 87.94%.

Analysts Set New Price Targets

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

DT Midstream 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.