Pinnacle Associates Ltd. Acquires 11,322 Shares of Delta Air Lines, Inc. (NYSE:DAL)

Posted by Defense World Staff on Apr 6th, 2023

Pinnacle Associates Ltd. raised its holdings in Delta Air Lines, Inc. (NYSE:DAL – Get Rating) by 20.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 66,066 shares of the transportation company’s stock after acquiring an additional 11,322 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Delta Air Lines were worth $2,319,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. International Assets Investment Management LLC bought a new position in shares of Delta Air Lines in the 4th quarter worth $838,000. 626 Financial LLC boosted its holdings in Delta Air Lines by 6.4% during the fourth quarter. 626 Financial LLC now owns 13,018 shares of the transportation company’s stock worth $428,000 after buying an additional 783 shares during the last quarter. Schear Investment Advisers LLC acquired a new position in shares of Delta Air Lines during the 4th quarter worth about $653,000. Harbor Investment Advisory LLC increased its stake in shares of Delta Air Lines by 12.1% in the 4th quarter. Harbor Investment Advisory LLC now owns 5,429 shares of the transportation company’s stock valued at $178,000 after acquiring an additional 585 shares during the last quarter. Finally, Empirical Finance LLC raised its position in shares of Delta Air Lines by 8.6% in the 4th quarter. Empirical Finance LLC now owns 16,768 shares of the transportation company’s stock valued at $551,000 after acquiring an additional 1,324 shares during the period. Institutional investors and hedge funds own 66.47% of the company’s stock.

Delta Air Lines Price Performance

Shares of NYSE DAL opened at $33.46 on Thursday. Delta Air Lines, Inc. has a fifty-two week low of $27.20 and a fifty-two week high of $46.27. The stock has a market capitalization of $21.46 billion, a price-to-earnings ratio of 16.40, a PEG ratio of 0.23 and a beta of 1.25. The company has a debt-to-equity ratio of 3.14, a current ratio of 0.50 and a quick ratio of 0.45. The business has a 50-day moving average of $36.79 and a 200-day moving average of $34.72.

Delta Air Lines (NYSE:DAL – Get Rating) last posted its quarterly earnings results on Friday, January 13th. The transportation company reported $1.48 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.17. Delta Air Lines had a return on equity of 45.69% and a net margin of 2.61%. The firm had revenue of $13.44 billion during the quarter, compared to the consensus estimate of $13.03 billion. As a group, sell-side analysts predict that Delta Air Lines, Inc. will post 5.22 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on DAL shares. Evercore ISI raised shares of Delta Air Lines from an “in-line” rating to an “outperform” rating and upped their target price for the company from $40.00 to $47.00 in a research note on Tuesday, March 7th. Citigroup upped their price objective on shares of Delta Air Lines from $55.00 to $59.00 and gave the company a “buy” rating in a research report on Monday, December 19th. Argus upgraded Delta Air Lines from a “hold” rating to a “buy” rating and set a $39.00 target price on the stock in a report on Thursday, January 5th. StockNews.com assumed coverage on Delta Air Lines in a report on Thursday, March 16th. They issued a “hold” rating for the company. Finally, Raymond James lifted their price objective on Delta Air Lines from $53.00 to $54.00 and gave the company a “strong-buy” rating in a report on Monday. One equities research analyst has rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $49.53.

Insiders Place Their Bets

In other news, SVP William C. Carroll sold 15,529 shares of Delta Air Lines stock in a transaction dated Tuesday, January 17th. The shares were sold at an average price of $38.20, for a total value of $593,207.80. Following the completion of the transaction, the senior vice president now owns 16,780 shares of the company’s stock, valued at approximately $640,996. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Delta Air Lines news, SVP William C. Carroll sold 15,529 shares of the company’s stock in a transaction that occurred on Tuesday, January 17th. The stock was sold at an average price of $38.20, for a total value of $593,207.80. Following the sale, the senior vice president now owns 16,780 shares in the company, valued at $640,996. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Francis S. Blake bought 12,880 shares of Delta Air Lines stock in a transaction dated Wednesday, January 18th. The shares were acquired at an average price of $38.58 per share, with a total value of $496,910.40. Following the completion of the purchase, the director now directly owns 93,795 shares in the company, valued at approximately $3,618,611.10. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 43,980 shares of company stock valued at $1,696,902. 0.84% of the stock is currently owned by corporate insiders.

Delta Air Lines Profile

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Delta Air Lines, Inc engages in the provision of scheduled air transportation for passengers and cargo. It operates through the Airline and Refinery segments. The Airline segment provides scheduled air transportation for passengers and cargo. The Refinery segment provides jet fuel to the airline segment.