Delta Air Lines, Inc. $DAL Stake Reduced by Cambiar Investors LLC

Key Points

• Cambiar Investors cut its stake in Delta by 18.2% to 783,500 shares (about 2.4% of its portfolio), while hedge funds and other institutional investors hold roughly 69.93% of DAL.
• Delta beat Q1 expectations, reporting $0.64 EPS versus $0.61 expected and $14.20B in revenue (+9.4% YoY), and paid a $0.1875 quarterly dividend.
• Management warned of a roughly $2B fuel headwind and issued weak Q2 guidance ($1.00–$1.50 vs. ~ $2.09 consensus), leading to capacity cuts and fee increases, even as analysts raised price targets (consensus ≈ $79.14) and insiders executed notable stock sales.

Cambiar Investors LLC cut its stake in Delta Air Lines, Inc. (NYSE:DAL - Free Report) by 18.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 783,500 shares of the transportation company's stock after selling 174,223 shares during the quarter. Delta Air Lines comprises about 2.4% of Cambiar Investors LLC's investment portfolio, making the stock its 10th biggest position. Cambiar Investors LLC owned 0.12% of Delta Air Lines worth $54,375,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the stock. Clear Creek Financial Management LLC purchased a new position in Delta Air Lines in the fourth quarter valued at about $242,000. Ritholtz Wealth Management raised its position in Delta Air Lines by 31.0% in the fourth quarter. Ritholtz Wealth Management now owns 19,006 shares of the transportation company's stock valued at $1,319,000 after purchasing an additional 4,494 shares during the period. Venturi Wealth Management LLC purchased a new position in Delta Air Lines in the fourth quarter valued at about $301,000. Premier Path Wealth Partners LLC purchased a new position in Delta Air Lines in the fourth quarter valued at about $250,000. Finally, Jackson Thornton Wealth Management LLC increased its position in shares of Delta Air Lines by 20.6% during the fourth quarter. Jackson Thornton Wealth Management LLC now owns 6,401 shares of the transportation company's stock worth $462,000 after acquiring an additional 1,095 shares during the last quarter. 69.93% of the stock is owned by hedge funds and other institutional investors.

Delta Air Lines Stock Up 0.1%

Shares of Delta Air Lines stock opened at $67.92 on Friday. The company has a quick ratio of 0.34, a current ratio of 0.42 and a debt-to-equity ratio of 0.54. The firm has a market cap of $44.62 billion, a P/E ratio of 9.90, a P/E/G ratio of 1.03 and a beta of 1.31. Delta Air Lines, Inc. has a fifty-two week low of $38.80 and a fifty-two week high of $76.39. The business has a 50-day moving average price of $66.59 and a 200 day moving average price of $64.85.

Delta Air Lines (NYSE:DAL - Get Free Report) last announced its quarterly earnings data on Wednesday, April 8th. The transportation company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.03. The firm had revenue of $14.20 billion during the quarter, compared to analyst estimates of $14.05 billion. Delta Air Lines had a return on equity of 20.28% and a net margin of 6.87%.Delta Air Lines's quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.46 earnings per share. On average, sell-side analysts forecast that Delta Air Lines, Inc. will post 7.63 earnings per share for the current fiscal year.

Delta Air Lines Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 19th. Investors of record on Thursday, February 26th were issued a $0.1875 dividend. This represents a $0.75 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend was Thursday, February 26th. Delta Air Lines's payout ratio is currently 10.93%.

Key Stories Impacting Delta Air Lines

Here are the key news stories impacting Delta Air Lines this week:

• Positive Sentiment: Q1 results beat expectations — revenue and EPS surprised to the upside, which was cited as the main trigger for the relief rally in DAL shares. Delta NYSE: DAL Exceeds Q1 CY2026 Expectations, Stock Jumps 11.8%
• Positive Sentiment: Broker upgrades and higher price targets are piling up (UBS raised its target to $86, TD Cowen/Argus/Raymond James raised theirs), supporting bullish sentiment and providing analyst cover for further gains. Delta Air Lines NYSE: DAL Given New $86.00 Price Target at UBS Group
• Positive Sentiment: Geopolitical news (a U.S.–Iran ceasefire) pushed oil down, lifting airline multiples and reversing some immediate pressure on margins — a market tailwind that amplified the stock’s move. Stock Market Rally Revs Higher On Iran Ceasefire; Amazon, AI Names In Focus: Weekly Review
• Neutral Sentiment: Short interest jumped ~45% between Mar. 15 and Mar. 31 to ~23.97M shares (3.7% short), raising trading volatility risk and signaling increased bearish positioning or hedging activity.
• Neutral Sentiment: Unusual options activity has been noted on DAL, which can amplify intraday moves and skew implied volatility. Delta Air Lines Target of Unusually High Options Trading NYSE: DAL
• Negative Sentiment: Q2 guidance and fuel outlook weigh on fundamentals — Delta warned of roughly $2B of incremental fuel costs for the quarter, gave EPS guidance (Q2) well below consensus ( $1.00–$1.50 vs ~ $2.09 ), and said it will cut capacity and raise certain fees to offset costs. That guidance cap and $2B headwind are key reasons for caution. Delta's Double Miss Is a Warning for Airline Stocks
• Negative Sentiment: Operational adjustments: Delta announced reduced flights and new fees as part of its response to the fuel shock — actions that help margins but may slow growth/PR and could cap upside if demand softens. Delta Air Lines is reducing flights and raising fees as it combats fuel shock. Here’s why the stock is up anyway

Insider Transactions at Delta Air Lines

In related news, EVP Rahul D. Samant sold 62,528 shares of the business's stock in a transaction dated Thursday, February 5th. The stock was sold at an average price of $70.18, for a total value of $4,388,215.04. Following the completion of the sale, the executive vice president directly owned 20,939 shares of the company's stock, valued at $1,469,499.02. The trade was a 74.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Steven M. Sear sold 38,600 shares of the business's stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $75.05, for a total value of $2,896,930.00. Following the completion of the sale, the executive vice president directly owned 104,404 shares of the company's stock, valued at approximately $7,835,520.20. This represents a 26.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 620,550 shares of company stock valued at $44,127,667 over the last 90 days. Corporate insiders own 0.88% of the company's stock.

Analysts Set New Price Targets

DAL has been the topic of a number of analyst reports. Citigroup lifted their target price on Delta Air Lines from $77.00 to $79.00 and gave the stock a "buy" rating in a research report on Thursday. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $81.00 target price on shares of Delta Air Lines in a research report on Wednesday, January 14th. Jefferies Financial Group lifted their target price on Delta Air Lines from $72.00 to $78.00 and gave the stock a "buy" rating in a research report on Tuesday, March 31st. The Goldman Sachs Group lifted their target price on Delta Air Lines from $77.00 to $80.00 and gave the stock a "buy" rating in a research report on Wednesday, January 14th. Finally, Evercore lifted their target price on Delta Air Lines from $75.00 to $85.00 and gave the stock an "outperform" rating in a research report on Friday, January 9th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $79.14.

Delta Air Lines Company Profile

Delta Air Lines is a major U.S.-based global airline that provides scheduled passenger and cargo air transportation, aircraft maintenance and repair services, and related travel products. Its operations include mainline domestic and international passenger services, a branded regional network operating under the Delta Connection name, dedicated air cargo carriage, and in-house maintenance, repair and overhaul through Delta TechOps. Delta offers a range of cabin products for different customer segments, including premium business-class service on long-haul routes and tiered economy offerings on domestic and international flights, and it markets customer loyalty benefits through the SkyMiles frequent-flyer program.

The carrier operates a mixed fleet of narrow- and wide-body aircraft from multiple U.S.

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