State Treasurer State of Michigan raised its position in DTE Energy Co. (NYSE:DTE) by 0.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 62,619 shares of the company’s stock after buying an additional 300 shares during the period. State Treasurer State of Michigan’s holdings in DTE Energy were worth $5,866,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in DTE. Bank of Montreal Can acquired a new position in shares of DTE Energy during the second quarter worth $30,302,000. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of DTE Energy by 2.4% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 530,930 shares of the company’s stock worth $52,626,000 after buying an additional 12,518 shares in the last quarter. Comerica Bank raised its position in shares of DTE Energy by 0.9% in the second quarter. Comerica Bank now owns 93,036 shares of the company’s stock worth $8,867,000 after buying an additional 795 shares in the last quarter. Adams Diversified Equity Fund Inc. acquired a new position in shares of DTE Energy during the second quarter worth $12,033,000. Finally, Capital One National Association acquired a new position in shares of DTE Energy during the second quarter worth $213,000. 66.02% of the stock is currently owned by hedge funds and other institutional investors.
Shares of DTE Energy Co. (NYSE:DTE) traded up 1.48% during mid-day trading on Friday, hitting $94.03. The stock had a trading volume of 434,756 shares. The firm has a market cap of $16.87 billion, a P/E ratio of 20.69 and a beta of 0.19. DTE Energy Co. has a 12-month low of $77.35 and a 12-month high of $100.45. The company has a 50 day moving average price of $92.95 and a 200 day moving average price of $94.05.
DTE Energy (NYSE:DTE) last announced its earnings results on Wednesday, October 26th. The company reported $1.96 earnings per share for the quarter, beating the consensus estimate of $1.42 by $0.54. The firm had revenue of $2.93 billion for the quarter, compared to the consensus estimate of $2.62 billion. DTE Energy had a return on equity of 11.04% and a net margin of 7.98%. The firm’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.40 EPS. Equities analysts forecast that DTE Energy Co. will post $5.28 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, January 15th. Shareholders of record on Monday, December 19th will be paid a dividend of $0.825 per share. This represents a $3.30 annualized dividend and a yield of 3.51%. This is an increase from DTE Energy’s previous quarterly dividend of $0.77. DTE Energy’s payout ratio is presently 67.84%.
Several analysts have weighed in on DTE shares. Zacks Investment Research raised DTE Energy from a “hold” rating to a “buy” rating and set a $106.00 target price on the stock in a report on Wednesday, September 28th. KeyCorp set a $105.00 target price on DTE Energy and gave the company a “buy” rating in a report on Monday, September 12th. Macquarie upped their target price on DTE Energy from $105.00 to $107.00 and gave the company an “outperform” rating in a report on Tuesday, September 27th. Jefferies Group started coverage on DTE Energy in a report on Monday, November 14th. They issued a “buy” rating and a $102.00 target price on the stock. Finally, Bank of America Corp. raised DTE Energy from a “neutral” rating to a “buy” rating and set a $99.00 target price on the stock in a report on Tuesday. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. DTE Energy has an average rating of “Buy” and a consensus target price of $102.57.
In other DTE Energy news, Chairman Gerard M. Anderson sold 15,000 shares of DTE Energy stock in a transaction on Tuesday, November 22nd. The stock was sold at an average price of $93.74, for a total transaction of $1,406,100.00. Following the sale, the chairman now owns 90,000 shares of the company’s stock, valued at approximately $8,436,600. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.93% of the company’s stock.
About DTE Energy