Corient Private Wealth LP Sells 42,099 Shares of Delta Air Lines, Inc. $DAL

Key Points

• Corient Private Wealth reduced its Delta Air Lines stake by 14.5%, selling 42,099 shares and retaining 248,146 shares valued at approximately $23.2 million. Institutional investors collectively own 69.93% of DAL.
• Delta exceeded quarterly expectations, reporting $1.56 in EPS and $17.67 billion in revenue, with revenue up 18.7% year over year. The company also raised its quarterly dividend to $0.215, or $0.86 annually.
• Analysts remain broadly positive, with 23 Buy ratings and two Holds, producing a “Moderate Buy” consensus and an average price target of $98.84 versus the reported share price of $79.82.

Corient Private Wealth LP trimmed its stake in shares of Delta Air Lines, Inc. (NYSE:DAL - Free Report) by 14.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 248,146 shares of the transportation company's stock after selling 42,099 shares during the period. Corient Private Wealth LP's holdings in Delta Air Lines were worth $23,241,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of DAL. Advus Financial Partners LLC purchased a new stake in Delta Air Lines in the 2nd quarter worth $226,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Delta Air Lines during the second quarter valued at about $28,829,000. California State Teachers Retirement System grew its position in shares of Delta Air Lines by 8,578.7% during the second quarter. California State Teachers Retirement System now owns 18,516,676 shares of the transportation company's stock valued at $1,734,272,000 after purchasing an additional 18,303,318 shares in the last quarter. Alan B Lancz & Associates Inc. bought a new stake in shares of Delta Air Lines in the second quarter worth about $211,000. Finally, Ameritas Advisory Services LLC bought a new stake in shares of Delta Air Lines in the second quarter worth about $838,000. 69.93% of the stock is currently owned by institutional investors.

Delta Air Lines Trading Down 0.1%

DAL opened at $79.82 on Monday. The stock has a 50-day moving average of $85.20 and a 200 day moving average of $77.27. The company has a current ratio of 0.42, a quick ratio of 0.35 and a debt-to-equity ratio of 0.48. Delta Air Lines, Inc. has a 12 month low of $55.03 and a 12 month high of $95.68. The firm has a market cap of $52.49 billion, a P/E ratio of 13.24, a P/E/G ratio of 1.10 and a beta of 1.29.

Delta Air Lines (NYSE:DAL - Get Free Report) last issued its quarterly earnings data on Thursday, July 9th. The transportation company reported $1.56 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.49 by $0.07. The business had revenue of $17.67 billion for the quarter, compared to the consensus estimate of $17.43 billion. Delta Air Lines had a return on equity of 17.52% and a net margin of 5.79%.The company's quarterly revenue was up 18.7% compared to the same quarter last year. During the same period in the prior year, the business posted $2.10 earnings per share. As a group, research analysts forecast that Delta Air Lines, Inc. will post 6.23 EPS for the current year.

Delta Air Lines Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 30th. Stockholders of record on Thursday, July 9th were paid a $0.215 dividend. This is an increase from Delta Air Lines's previous quarterly dividend of $0.19. This represents a $0.86 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Thursday, July 9th. Delta Air Lines's payout ratio is currently 14.26%.

Wall Street Analyst Weigh In

DAL has been the subject of a number of research reports. JPMorgan Chase & Co. increased their price target on Delta Air Lines from $85.00 to $114.00 and gave the company an "overweight" rating in a research note on Monday, July 13th. Raymond James Financial reduced their price objective on Delta Air Lines from $104.00 to $98.00 and set an "outperform" rating on the stock in a research note on Monday, August 24th. Bank of America upped their price objective on Delta Air Lines from $93.00 to $100.00 and gave the stock a "buy" rating in a report on Wednesday, July 1st. Susquehanna increased their target price on Delta Air Lines from $78.00 to $108.00 and gave the company a "positive" rating in a research report on Tuesday, July 7th. Finally, UBS Group cut their target price on shares of Delta Air Lines from $112.00 to $99.00 and set a "buy" rating for the company in a report on Thursday. Twenty-three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $98.84.

Insider Buying and Selling

In other news, Director Michael P. Huerta sold 3,100 shares of Delta Air Lines stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $94.11, for a total transaction of $291,741.00. Following the completion of the sale, the director directly owned 32,525 shares in the company, valued at approximately $3,060,927.75. This trade represents a 8.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Peter W. Carter sold 39,900 shares of the business's stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $92.98, for a total transaction of $3,709,902.00. Following the completion of the sale, the president directly owned 424,704 shares of the company's stock, valued at approximately $39,488,977.92. This trade represents a 8.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 356,726 shares of company stock worth $33,081,037 over the last three months. 0.80% of the stock is currently owned by company insiders.

Delta Air Lines Profile

Delta Air Lines, Inc is a major U.S. airline that provides scheduled passenger air transportation throughout the United States and to destinations across North America, Latin America, Europe, Asia, Africa and the Middle East. The company also offers air cargo services and operates a loyalty program, SkyMiles, along with related travel and customer services.

Headquartered in Atlanta, Georgia, Delta operates a network of domestic and international routes through hubs and focus cities that include Atlanta, Boston, Detroit, Los Angeles, Minneapolis–Saint Paul, New York, Salt Lake City and Seattle.

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