Fifth Third Bancorp Acquires 76,684 Shares of Delek US Holdings, Inc. $DK

Key Points

• Fifth Third Bancorp dramatically increased its stake in Delek US Holdings in the first quarter, buying 76,684 additional shares to bring its total holdings to 83,459 shares worth about $3.76 million.
• Other institutional investors also hold a large majority of the stock, with 97.01% of Delek US owned by institutions and hedge funds. Several firms, including Vanguard, State Street, and Morgan Stanley, recently boosted their positions.
• Delek US beat earnings expectations in its latest quarter, reporting $0.08 EPS versus an expected loss and revenue of $2.65 billion. Analysts currently rate the stock a consensus “Hold” with an average price target of $50.54.

Fifth Third Bancorp grew its holdings in Delek US Holdings, Inc. (NYSE:DK - Free Report) by 1,131.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 83,459 shares of the oil and gas company's stock after purchasing an additional 76,684 shares during the period. Fifth Third Bancorp owned about 0.14% of Delek US worth $3,762,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in Delek US by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 6,330,858 shares of the oil and gas company's stock valued at $187,773,000 after buying an additional 38,577 shares during the last quarter. Ion Asset Management Ltd. raised its holdings in Delek US by 1.8% during the second quarter. Ion Asset Management Ltd. now owns 3,743,890 shares of the oil and gas company's stock worth $79,296,000 after acquiring an additional 67,490 shares in the last quarter. State Street Corp boosted its position in Delek US by 3.4% during the fourth quarter. State Street Corp now owns 2,639,447 shares of the oil and gas company's stock valued at $78,286,000 after purchasing an additional 87,846 shares during the last quarter. Morgan Stanley boosted its position in Delek US by 24.7% during the fourth quarter. Morgan Stanley now owns 2,033,037 shares of the oil and gas company's stock valued at $60,300,000 after purchasing an additional 403,059 shares during the last quarter. Finally, ION Fund Management Ltd bought a new position in Delek US in the fourth quarter valued at approximately $52,427,000. 97.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. JPMorgan Chase & Co. increased their price target on shares of Delek US from $57.00 to $62.00 and gave the company a "neutral" rating in a research note on Tuesday, July 14th. TD Cowen upgraded shares of Delek US from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $50.00 to $58.00 in a research note on Monday, June 29th. Citigroup lifted their price target on Delek US from $33.00 to $44.00 and gave the stock a "neutral" rating in a report on Monday, April 13th. Wells Fargo & Company boosted their price target on Delek US from $54.00 to $59.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 31st. Finally, Wall Street Zen upgraded Delek US from a "buy" rating to a "strong-buy" rating in a research note on Monday, May 18th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $50.54.

Delek US Price Performance

Delek US stock opened at $63.11 on Monday. Delek US Holdings, Inc. has a 12 month low of $19.81 and a 12 month high of $64.09. The stock's 50 day moving average is $48.30 and its 200-day moving average is $41.21. The company has a current ratio of 0.76, a quick ratio of 0.49 and a debt-to-equity ratio of 10.51. The company has a market capitalization of $3.87 billion, a price-to-earnings ratio of -69.35, a PEG ratio of 0.34 and a beta of 0.58.

Delek US (NYSE:DK - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.08 earnings per share for the quarter, topping the consensus estimate of ($1.42) by $1.50. Delek US had a positive return on equity of 22.90% and a negative net margin of 0.48%.The business had revenue of $2.65 billion during the quarter, compared to analysts' expectations of $2.33 billion. During the same period last year, the firm posted ($2.32) EPS. The firm's revenue for the quarter was up .4% compared to the same quarter last year. Equities research analysts expect that Delek US Holdings, Inc. will post 6.34 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Reuven Spiegel sold 10,000 shares of the firm's stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $44.36, for a total transaction of $443,600.00. Following the transaction, the executive vice president directly owned 48,372 shares of the company's stock, valued at approximately $2,145,781.92. This trade represents a 17.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Laurie Z. Tolson sold 4,921 shares of the stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $46.30, for a total transaction of $227,842.30. Following the transaction, the director owned 18,226 shares in the company, valued at approximately $843,863.80. The trade was a 21.26% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 39,270 shares of company stock valued at $1,828,718 in the last three months. Insiders own 3.56% of the company's stock.

Delek US Profile

Delek US Holdings, Inc NYSE: DK is an independent downstream energy company engaged in the refining, logistics, and marketing of petroleum products. Headquartered in Brentwood, Tennessee, the company operates a network of inland refineries, storage terminals and pipelines, and convenience store locations. Delek US focuses on converting crude oil into a variety of finished products, including gasoline, diesel, jet fuel, asphalt and renewable fuels, serving wholesale and retail customers across the United States.

In its refining segment, Delek US owns and operates four inland refineries located in Texas and Arkansas.

Want to see what other hedge funds are holding DK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Delek US Holdings, Inc. (NYSE:DK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.