Bank of New York Mellon Corp Cuts Position in DT Midstream, Inc. (NYSE:DTM)

Bank of New York Mellon Corp lessened its position in shares of DT Midstream, Inc. (NYSE:DTM) by 1.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,051,508 shares of the company’s stock after selling 13,885 shares during the quarter. Bank of New York Mellon Corp’s holdings in DT Midstream were worth $104,551,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in DTM. FMR LLC grew its holdings in DT Midstream by 1,476.9% during the 3rd quarter. FMR LLC now owns 805,950 shares of the company’s stock valued at $63,396,000 after buying an additional 754,839 shares in the last quarter. Brookfield Corp ON grew its holdings in DT Midstream by 171.3% during 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 in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in DT Midstream by 30.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,156,598 shares of the company’s stock valued at $90,978,000 after buying an additional 267,269 shares in the last quarter. State Street Corp lifted its stake in shares of DT Midstream by 6.4% in the 3rd quarter. State Street Corp now owns 3,385,579 shares of the company’s stock valued at $268,757,000 after purchasing an additional 202,447 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in shares of DT Midstream in the 3rd quarter valued at approximately $8,320,000. Hedge funds and other institutional investors own 81.53% of the company’s stock.

DT Midstream Price Performance

Shares of DTM stock opened at $96.03 on Friday. DT Midstream, Inc. has a 52-week low of $57.12 and a 52-week high of $114.50. 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 firm has a market capitalization of $9.33 billion, a P/E ratio of 23.37 and a beta of 0.79. The stock has a 50 day moving average price of $102.63 and a 200 day moving average price of $93.26.

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 paid 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 dividend yield of 3.42%. The ex-dividend date is Monday, March 17th. DT Midstream’s dividend payout ratio (DPR) is currently 71.53%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Stifel Nicolaus lowered their price objective on DT Midstream from $106.00 to $102.00 and set a “buy” rating for the company in a research note on Thursday. Barclays assumed coverage on DT Midstream in a research note on Friday, January 10th. They issued an “equal weight” rating and a $112.00 price objective for the company. Citigroup raised DT Midstream from a “neutral” rating to a “buy” rating and raised their price objective for the company from $90.00 to $115.00 in a research note on Thursday, November 21st. 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 note on Friday. Finally, Raymond James raised their price objective on DT Midstream from $110.00 to $115.00 and gave the company an “outperform” rating in a research note on Tuesday, January 28th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, DT Midstream currently has a consensus rating of “Hold” and a consensus price target of $102.00.

DT Midstream 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.