State of Michigan Retirement System Has $1.66 Million Holdings in DT Midstream, Inc. (NYSE:DTM)

State of Michigan Retirement System cut its holdings in shares of DT Midstream, Inc. (NYSE:DTM) by 2.1% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 23,355 shares of the company’s stock after selling 500 shares during the period. State of Michigan Retirement System’s holdings in DT Midstream were worth $1,659,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its position in DT Midstream by 8.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,401,572 shares of the company’s stock valued at $186,407,000 after purchasing an additional 266,433 shares during the period. Mitsubishi UFJ Trust & Banking Corp increased its stake in shares of DT Midstream by 1.6% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,359,445 shares of the company’s stock valued at $144,398,000 after acquiring an additional 37,463 shares during the last quarter. First Trust Advisors LP increased its stake in shares of DT Midstream by 284.6% in the 4th quarter. First Trust Advisors LP now owns 1,524,401 shares of the company’s stock valued at $83,537,000 after acquiring an additional 1,128,056 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of DT Midstream by 3.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,166,694 shares of the company’s stock valued at $82,870,000 after acquiring an additional 38,305 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of DT Midstream in the 4th quarter valued at about $61,638,000. 81.53% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently commented on DTM. Barclays upped their price target on DT Midstream from $66.00 to $72.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. JPMorgan Chase & Co. upped their price target on DT Midstream from $75.00 to $78.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Wells Fargo & Company upped their price target on DT Midstream from $77.00 to $87.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Finally, Stifel Nicolaus upped their price target on DT Midstream from $70.00 to $78.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $70.00.

DT Midstream Price Performance

NYSE DTM opened at $76.50 on Thursday. The business has a 50 day simple moving average of $72.81 and a 200 day simple moving average of $65.90. DT Midstream, Inc. has a 52-week low of $50.54 and a 52-week high of $77.45. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.71 and a current ratio of 0.84. The stock has a market cap of $7.43 billion, a price-to-earnings ratio of 18.66 and a beta of 0.74.

DT Midstream (NYSE:DTM) last posted its earnings results on Tuesday, July 30th. The company reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.06. DT Midstream had a return on equity of 9.45% and a net margin of 42.10%. The business had revenue of $244.00 million during the quarter, compared to analysts’ expectations of $236.83 million. During the same period in the prior year, the business earned $0.93 EPS. Analysts anticipate that DT Midstream, Inc. will post 3.9 earnings per share for the current fiscal year.

DT Midstream Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 16th will be paid a dividend of $0.735 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $2.94 annualized dividend and a dividend yield of 3.84%. DT Midstream’s dividend payout ratio is currently 71.71%.

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.