Summit Investment Advisors Inc. Sells 3,264 Shares of DT Midstream, Inc. (NYSE:DTM)

Summit Investment Advisors Inc. lessened its stake in DT Midstream, Inc. (NYSE:DTM - Free Report) by 8.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 36,860 shares of the company's stock after selling 3,264 shares during the quarter. Summit Investment Advisors Inc.'s holdings in DT Midstream were worth $3,665,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted 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 worth $1,049,363,000 after acquiring an additional 359,017 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of DT Midstream by 18.7% during 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. Invesco Ltd. boosted its stake in DT Midstream by 24.7% in the fourth quarter. Invesco Ltd. now owns 1,487,901 shares of the company's stock valued at $147,942,000 after buying an additional 294,583 shares in the last quarter. Norges Bank acquired a new stake in DT Midstream in the fourth quarter valued at about $119,520,000. Finally, Reaves W H & Co. Inc. raised its stake in DT Midstream by 8.2% during the fourth quarter. Reaves W H & Co. Inc. now owns 981,879 shares of the company's stock worth $97,628,000 after acquiring an additional 74,329 shares in the last quarter. 81.53% of the stock is owned by institutional investors.

DT Midstream Stock Performance

DT Midstream stock traded up $1.28 during mid-day trading on Friday, reaching $96.84. 887,944 shares of the company's stock were exchanged, compared to its average volume of 851,104. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $9.84 billion, a PE ratio of 23.56 and a beta of 0.77. DT Midstream, Inc. has a one year low of $61.01 and a one year high of $114.50. The business's fifty day simple moving average is $95.35 and its 200 day simple moving average is $97.50.

DT Midstream Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 17th were issued a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a yield of 3.39%. This is a positive change from DT Midstream's previous quarterly dividend of $0.74. The ex-dividend date was Monday, March 17th. DT Midstream's dividend payout ratio is 91.11%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on DTM. US Capital Advisors upgraded shares of DT Midstream from a "hold" rating to a "moderate buy" rating in a research report on Monday, April 7th. Morgan Stanley upped their target price on DT Midstream from $92.00 to $105.00 and gave the stock an "underweight" rating in a report on Tuesday, March 25th. Wells Fargo & Company cut their price target on DT Midstream from $118.00 to $108.00 and set an "overweight" rating on the stock in a research note on Friday, February 28th. Williams Trading set a $110.00 price objective on shares of DT Midstream in a report on Monday, March 24th. Finally, JPMorgan Chase & Co. boosted their target price on shares of DT Midstream from $109.00 to $115.00 and gave the stock a "neutral" rating in a report on Friday, January 24th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $104.67.

Insiders Place Their Bets

In other news, Director Robert C. Skaggs, Jr. purchased 1,000 shares of the stock in a transaction dated Monday, March 10th. The shares were purchased at an average cost of $86.92 per share, with a total value of $86,920.00. Following the completion of the acquisition, the director now owns 38,653 shares in the company, valued at $3,359,718.76. This represents a 2.66 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company 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.