Legal & General Group Plc Sells 30,606 Shares of DT Midstream, Inc. (NYSE:DTM)

Legal & General Group Plc trimmed its position in DT Midstream, Inc. (NYSE:DTM - Free Report) by 10.0% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 275,572 shares of the company's stock after selling 30,606 shares during the period. Legal & General Group Plc owned 0.28% of DT Midstream worth $27,400,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of DTM. Norges Bank bought a new stake in shares of DT Midstream in the 4th quarter valued at approximately $119,520,000. Bank of Montreal Can raised its holdings in shares of 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 purchasing an additional 403,730 shares during the period. Geode Capital Management LLC lifted its position in shares of DT Midstream by 18.7% in the 4th quarter. Geode Capital Management LLC now owns 2,452,948 shares of the company's stock worth $243,948,000 after buying an additional 386,670 shares during the last quarter. Vanguard Group Inc. grew its position in shares of DT Midstream by 3.5% during 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 during 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 during the period. 81.53% of the stock is owned by institutional investors.

DT Midstream Stock Performance

Shares of NYSE:DTM traded up $1.08 during midday trading on Tuesday, hitting $95.40. The company's stock had a trading volume of 859,919 shares, compared to its average volume of 847,413. 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's 50 day simple moving average is $95.64 and its 200 day simple moving average is $97.26. The stock has a market capitalization of $9.69 billion, a price-to-earnings ratio of 23.21 and a beta of 0.77. DT Midstream, Inc. has a fifty-two week low of $61.01 and a fifty-two week high of $114.50.

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DT Midstream Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 17th will be issued a dividend of $0.82 per share. This is an increase from DT Midstream's previous quarterly dividend of $0.74. The ex-dividend date is Monday, March 17th. This represents a $3.28 annualized dividend and a dividend yield of 3.44%. DT Midstream's payout ratio is presently 91.11%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on DTM. The Goldman Sachs Group increased their price target on DT Midstream from $74.00 to $94.00 and gave the stock a "sell" rating in a research report on Thursday, December 19th. Wells Fargo & Company reduced their price target on shares of DT Midstream from $118.00 to $108.00 and set an "overweight" rating for the company in a report on Friday, February 28th. JPMorgan Chase & Co. boosted their target price on shares of DT Midstream from $109.00 to $115.00 and gave the company a "neutral" rating in a research note on Friday, January 24th. Williams Trading set a $110.00 target price on shares of DT Midstream in a research report on Monday, March 24th. Finally, Bank of America assumed coverage on DT Midstream in a research note on Monday, March 24th. They issued a "buy" rating and a $110.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $104.67.

Insider Activity

In other news, Director Robert C. Skaggs, Jr. purchased 1,000 shares of the business's stock in a transaction that occurred on Monday, March 10th. The stock was purchased at an average cost of $86.92 per share, with a total value 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last 90 days, insiders purchased 1,170 shares of company stock valued at $103,357. Insiders own 0.04% of the company's stock.

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.