Wedge Capital Management L L P NC Lowers Holdings in DT Midstream, Inc. $DTM

Key Points

• Wedge Capital Management significantly reduced its holdings in DT Midstream by 24.4% during the 2nd quarter, now owning 9,473 shares worth approximately $1,041,000.
• DT Midstream recently reported $1.04 EPS, exceeding analysts' expectations of $0.98, with a total revenue of $299 million for the last quarter.
• The company announced a quarterly dividend of $0.82 per share, payable on October 15th, translating to an annualized yield of 3.0%.

Wedge Capital Management L L P NC trimmed its holdings in DT Midstream, Inc. (NYSE:DTM - Free Report) by 24.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 9,473 shares of the company's stock after selling 3,064 shares during the quarter. Wedge Capital Management L L P NC's holdings in DT Midstream were worth $1,041,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Mowery & Schoenfeld Wealth Management LLC acquired a new position in shares of DT Midstream in the first quarter worth about $25,000. Alpine Bank Wealth Management purchased a new position in shares of DT Midstream in the 1st quarter valued at about $26,000. Twin Tree Management LP purchased a new position in shares of DT Midstream in the 1st quarter valued at about $29,000. Geneos Wealth Management Inc. increased its stake in shares of DT Midstream by 39.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 436 shares of the company's stock valued at $42,000 after purchasing an additional 123 shares in the last quarter. Finally, Bessemer Group Inc. increased its stake in shares of DT Midstream by 44.0% in the 1st quarter. Bessemer Group Inc. now owns 442 shares of the company's stock valued at $43,000 after purchasing an additional 135 shares in the last quarter. 81.53% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Melissa Cox sold 4,755 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The shares were 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 in the company, valued at $540,214.37. This trade represents a 47.90% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.34% of the stock is owned by corporate insiders.

DT Midstream Stock Up 0.4%

Shares of NYSE DTM opened at $107.82 on Tuesday. The company has a 50 day simple moving average of $103.66 and a 200-day simple moving average of $101.62. The company has a market capitalization of $10.95 billion, a P/E ratio of 28.91, a P/E/G ratio of 2.35 and a beta of 0.77. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.88 and a quick ratio of 0.88. DT Midstream, Inc. has a 1 year low of $76.91 and a 1 year high of $114.50.

DT Midstream (NYSE:DTM - Get Free Report) last announced its quarterly 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 business had revenue of $299.00 million during the quarter, compared to the consensus estimate of $295.70 million. DT Midstream had a net margin of 33.90% and a return on equity of 8.48%. During the same quarter last year, the firm earned $0.98 EPS. DT Midstream has set its FY 2025 guidance at 4.050-4.450 EPS. On average, equities research analysts predict that DT Midstream, Inc. will post 3.8 earnings per share for the current year.

DT Midstream Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Monday, September 15th will be issued a dividend of $0.82 per share. The ex-dividend date is Monday, September 15th. This represents a $3.28 dividend on an annualized basis and a dividend yield of 3.0%. DT Midstream's dividend payout ratio (DPR) is currently 87.94%.

Wall Street Analysts Forecast Growth

DTM has been the subject of several recent analyst reports. Stifel Nicolaus lifted 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. Morgan Stanley lifted 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. Mizuho upped their price target on shares of DT Midstream from $105.00 to $108.00 and gave the stock a "neutral" rating in a research report on Friday, August 29th. Finally, Wells Fargo & Company lifted their price objective on DT Midstream from $108.00 to $117.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $110.67.

DT Midstream Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.