Raymond James Financial Inc. Takes Position in DT Midstream, Inc. (NYSE:DTM)

Raymond James Financial Inc. purchased a new stake in DT Midstream, Inc. (NYSE:DTM - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 86,179 shares of the company's stock, valued at approximately $8,569,000. Raymond James Financial Inc. owned 0.09% of DT Midstream at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new position in DT Midstream during the fourth quarter worth $119,520,000. Bank of Montreal Can raised its stake in DT Midstream by 733.3% during the fourth quarter. Bank of Montreal Can now owns 458,789 shares of the company's stock worth $45,617,000 after acquiring an additional 403,730 shares in the last quarter. Geode Capital Management LLC raised its stake in DT Midstream by 18.7% during the fourth quarter. Geode Capital Management LLC now owns 2,452,948 shares of the company's stock worth $243,948,000 after acquiring an additional 386,670 shares in the last quarter. Vanguard Group Inc. raised its stake in DT Midstream by 3.5% during the fourth quarter. Vanguard Group Inc. now owns 10,553,782 shares of the company's stock worth $1,049,363,000 after acquiring an additional 359,017 shares in the last quarter. Finally, Invesco Ltd. raised its stake in DT Midstream by 24.7% during the fourth quarter. Invesco Ltd. now owns 1,487,901 shares of the company's stock worth $147,942,000 after acquiring an additional 294,583 shares in the last quarter. 81.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other DT Midstream news, Director Robert C. Skaggs, Jr. acquired 1,000 shares of the business's stock in a transaction dated Monday, March 10th. The shares were acquired at an average price of $86.92 per share, for a total transaction of $86,920.00. Following the acquisition, the director now directly owns 38,653 shares of the company's stock, valued at approximately $3,359,718.76. This trade represents a 2.66 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.34% of the stock is currently owned by company insiders.

DT Midstream Trading Up 0.1 %

DTM traded up $0.05 during midday trading on Monday, reaching $98.76. 968,219 shares of the company were exchanged, compared to its average volume of 850,642. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.95 and a current ratio of 0.95. DT Midstream, Inc. has a one year low of $61.01 and a one year high of $114.50. The stock has a market capitalization of $10.03 billion, a P/E ratio of 24.03 and a beta of 0.77. The stock's 50-day simple moving average is $94.91 and its 200 day simple moving average is $98.26.

DT Midstream Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 17th were issued a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a dividend yield of 3.32%. The ex-dividend date of this dividend was Monday, March 17th. This is a boost from DT Midstream's previous quarterly dividend of $0.74. DT Midstream's payout ratio is 91.11%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on DTM shares. Raymond James raised their target price on DT Midstream from $110.00 to $115.00 and gave the company an "outperform" rating in a research note on Tuesday, January 28th. JPMorgan Chase & Co. lifted their price objective on DT Midstream from $109.00 to $115.00 and gave the stock a "neutral" rating in a research report on Friday, January 24th. Wells Fargo & Company lowered their price objective on DT Midstream from $118.00 to $108.00 and set an "overweight" rating for the company in a research report on Friday, February 28th. Bank of America began coverage on DT Midstream in a research report on Monday, March 24th. They issued a "buy" rating and a $110.00 price objective for the company. Finally, Barclays lowered their price objective on DT Midstream from $107.00 to $102.00 and set an "equal weight" rating for the company in a research report on Friday, April 11th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $104.67.

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.