Geode Capital Management LLC Acquires 386,670 Shares of DT Midstream, Inc. (NYSE:DTM)

Geode Capital Management LLC boosted its position in DT Midstream, Inc. (NYSE:DTM - Free Report) by 18.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,452,948 shares of the company's stock after purchasing an additional 386,670 shares during the quarter. Geode Capital Management LLC owned about 2.52% of DT Midstream worth $243,948,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of DT Midstream during the 4th quarter valued at $119,520,000. FMR LLC grew its stake in DT Midstream by 1,476.9% during the third quarter. FMR LLC now owns 805,950 shares of the company's stock worth $63,396,000 after buying an additional 754,839 shares in the last quarter. Brookfield Corp ON increased its holdings in DT Midstream by 171.3% in the 3rd quarter. Brookfield Corp ON now owns 1,038,501 shares of the company's stock valued at $81,689,000 after buying an additional 655,695 shares during the period. Vanguard Group Inc. raised its position in shares of DT Midstream by 3.5% in the 4th quarter. Vanguard Group Inc. now owns 10,553,782 shares of the company's stock valued at $1,049,363,000 after buying an additional 359,017 shares in the last quarter. Finally, California Public Employees Retirement System lifted its holdings in shares of DT Midstream by 129.3% during the 4th quarter. California Public Employees Retirement System now owns 411,609 shares of the company's stock worth $40,926,000 after acquiring an additional 232,116 shares during the period. Institutional investors own 81.53% of the company's stock.

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Insiders Place Their Bets

In related news, Director Robert C. Skaggs, Jr. purchased 1,000 shares of the firm's stock in a transaction dated Monday, March 10th. The stock was bought at an average price of $86.92 per share, for a total transaction of $86,920.00. Following the purchase, the director now directly owns 38,653 shares in the company, valued at approximately $3,359,718.76. This trade represents a 2.66 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders have acquired 1,170 shares of company stock valued at $103,357. Insiders own 0.04% of the company's stock.

DT Midstream Stock Down 3.9 %

NYSE:DTM traded down $3.68 on Thursday, hitting $89.38. The stock had a trading volume of 194,165 shares, compared to its average volume of 1,195,645. DT Midstream, Inc. has a 1 year low of $61.01 and a 1 year high of $114.50. The firm's fifty day simple moving average is $96.34 and its two-hundred day simple moving average is $96.86. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a market cap of $9.08 billion, a P/E ratio of 21.75 and a beta of 0.77.

DT Midstream Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 17th will be issued a dividend of $0.82 per share. This is a positive change from DT Midstream's previous quarterly dividend of $0.74. This represents a $3.28 dividend on an annualized basis and a yield of 3.67%. The ex-dividend date is Monday, March 17th. DT Midstream's dividend payout ratio (DPR) is 91.11%.

Analyst Upgrades and Downgrades

DTM has been the subject of a number of research analyst reports. UBS Group boosted their price target on DT Midstream from $102.00 to $115.00 and gave the stock a "buy" rating in a report on Thursday, March 27th. Morgan Stanley boosted their price objective on shares of DT Midstream from $92.00 to $105.00 and gave the stock an "underweight" rating in a research note on Tuesday, March 25th. The Goldman Sachs Group increased their target price on shares of DT Midstream from $74.00 to $94.00 and gave the company a "sell" rating in a research report on Thursday, December 19th. JPMorgan Chase & Co. boosted their price objective on DT Midstream from $109.00 to $115.00 and gave the company a "neutral" rating in a research note on Friday, January 24th. Finally, Barclays reduced their price target on shares of DT Midstream from $112.00 to $107.00 and set an "equal weight" rating for the company in a report on Friday, March 21st. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $105.08.

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.