Pinnacle Associates Ltd. Has $4.32 Million Position in Delta Air Lines, Inc. (NYSE:DAL)

Pinnacle Associates Ltd. lowered its position in Delta Air Lines, Inc. (NYSE:DAL) by 2.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 85,129 shares of the transportation company’s stock after selling 1,788 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Delta Air Lines were worth $4,324,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Golden State Equity Partners lifted its stake in Delta Air Lines by 6.3% in the third quarter. Golden State Equity Partners now owns 19,519 shares of the transportation company’s stock valued at $991,000 after acquiring an additional 1,165 shares during the last quarter. Pathway Financial Advisers LLC lifted its stake in Delta Air Lines by 4,990.3% in the third quarter. Pathway Financial Advisers LLC now owns 13,642 shares of the transportation company’s stock valued at $693,000 after acquiring an additional 13,374 shares during the last quarter. GW Henssler & Associates Ltd. acquired a new stake in Delta Air Lines in the third quarter valued at $230,000. Traynor Capital Management Inc. acquired a new stake in Delta Air Lines in the third quarter valued at $227,000. Finally, abrdn plc lifted its stake in Delta Air Lines by 36.0% in the third quarter. abrdn plc now owns 135,098 shares of the transportation company’s stock valued at $6,859,000 after acquiring an additional 35,792 shares during the last quarter. Institutional investors and hedge funds own 69.93% of the company’s stock.

Wall Street Analysts Forecast Growth

DAL has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. increased their price target on shares of Delta Air Lines from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Sanford C. Bernstein raised their target price on shares of Delta Air Lines from $62.00 to $65.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. TD Cowen cut their target price on shares of Delta Air Lines from $61.00 to $59.00 and set a “buy” rating for the company in a research note on Wednesday, July 17th. Bank of America raised their target price on shares of Delta Air Lines from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, October 11th. Finally, Jefferies Financial Group raised their target price on shares of Delta Air Lines from $56.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, October 2nd. One equities research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Delta Air Lines presently has a consensus rating of “Buy” and an average price target of $65.40.

Delta Air Lines Price Performance

NYSE:DAL opened at $57.20 on Friday. Delta Air Lines, Inc. has a 52 week low of $30.76 and a 52 week high of $59.09. The firm has a market cap of $36.91 billion, a price-to-earnings ratio of 7.94, a P/E/G ratio of 0.98 and a beta of 1.35. The firm’s 50-day simple moving average is $48.68 and its 200 day simple moving average is $47.71. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.35 and a current ratio of 0.40.

Delta Air Lines (NYSE:DAL) last released its earnings results on Thursday, October 10th. The transportation company reported $1.50 EPS for the quarter, missing the consensus estimate of $1.52 by ($0.02). Delta Air Lines had a net margin of 7.46% and a return on equity of 36.02%. The firm had revenue of $15.68 billion during the quarter, compared to the consensus estimate of $14.65 billion. During the same period in the prior year, the business earned $2.03 earnings per share. Delta Air Lines’s quarterly revenue was up 1.2% compared to the same quarter last year. As a group, sell-side analysts predict that Delta Air Lines, Inc. will post 6.17 earnings per share for the current year.

Delta Air Lines Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Thursday, October 10th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.05%. The ex-dividend date was Thursday, October 10th. Delta Air Lines’s dividend payout ratio is currently 8.33%.

Insider Buying and Selling at Delta Air Lines

In other Delta Air Lines news, EVP Rahul D. Samant sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $58.53, for a total value of $585,300.00. Following the transaction, the executive vice president now directly owns 64,163 shares of the company’s stock, valued at $3,755,460.39. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Joanne D. Smith sold 3,431 shares of Delta Air Lines stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $50.46, for a total transaction of $173,128.26. Following the sale, the executive vice president now directly owns 108,990 shares of the company’s stock, valued at approximately $5,499,635.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Rahul D. Samant sold 10,000 shares of Delta Air Lines stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $58.53, for a total transaction of $585,300.00. Following the sale, the executive vice president now directly owns 64,163 shares in the company, valued at $3,755,460.39. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 100,921 shares of company stock valued at $5,665,886 in the last ninety days. 0.96% of the stock is currently owned by company insiders.

About Delta Air Lines

Delta Air Lines, Inc provides scheduled air transportation for passengers and cargo in the United States and internationally. The company operates through two segments, Airline and Refinery. Its domestic network centered on core hubs in Atlanta, Minneapolis-St. Paul, Detroit, and Salt Lake City, as well as coastal hub positions in Boston, Los Angeles, New York-LaGuardia, New York-JFK, and Seattle; and international network centered on hubs and market presence in Amsterdam, Bogota, Lima, Mexico City, London-Heathrow, Paris-Charles de Gaulle, Sao Paulo, Seoul-Incheon, and Tokyo.