Patten & Patten Inc. TN Sells 6,583 Shares of Delta Air Lines, Inc. $DAL

Key Points

• Patten & Patten Inc. TN reduced its holdings in Delta Air Lines by 17.4%, selling 6,583 shares and holding 31,194 shares valued at approximately $1.5 million.
• Delta Air Lines announced a quarterly dividend of $0.1875, set to be paid on November 6th, 2023, representing an annual yield of 1.2%.
• Multiple analysts have raised their price targets for Delta Air Lines, with Bank of America increasing its target from $70.00 to $74.00, reinforcing a strong buy sentiment around the stock.

Patten & Patten Inc. TN lowered its position in shares of Delta Air Lines, Inc. (NYSE:DAL - Free Report) by 17.4% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 31,194 shares of the transportation company's stock after selling 6,583 shares during the quarter. Patten & Patten Inc. TN's holdings in Delta Air Lines were worth $1,534,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Signature Resources Capital Management LLC bought a new position in shares of Delta Air Lines during the 2nd quarter worth approximately $25,000. Wealth Preservation Advisors LLC bought a new position in shares of Delta Air Lines during the 1st quarter worth approximately $31,000. Zions Bancorporation National Association UT bought a new position in shares of Delta Air Lines during the 1st quarter worth approximately $33,000. Hara Capital LLC bought a new position in shares of Delta Air Lines during the 1st quarter worth approximately $35,000. Finally, N.E.W. Advisory Services LLC bought a new position in shares of Delta Air Lines during the 1st quarter worth approximately $40,000. Institutional investors own 69.93% of the company's stock.

Delta Air Lines Stock Down 2.0%

Delta Air Lines stock opened at $60.47 on Friday. Delta Air Lines, Inc. has a 1-year low of $34.74 and a 1-year high of $69.98. The firm has a market capitalization of $39.48 billion, a price-to-earnings ratio of 8.52, a P/E/G ratio of 1.59 and a beta of 1.50. The company has a current ratio of 0.40, a quick ratio of 0.34 and a debt-to-equity ratio of 0.68. The firm has a 50 day simple moving average of $59.23 and a 200 day simple moving average of $51.95.

Delta Air Lines (NYSE:DAL - Get Free Report) last released its quarterly earnings data on Tuesday, March 15th. The transportation company reported $0.22 earnings per share for the quarter. Delta Air Lines had a net margin of 7.36% and a return on equity of 23.83%. The business had revenue of $8.40 billion during the quarter. On average, analysts predict that Delta Air Lines, Inc. will post 7.63 earnings per share for the current year.

Delta Air Lines Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 6th. Investors of record on Thursday, October 16th will be paid a $0.1875 dividend. This represents a $0.75 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Thursday, October 16th. Delta Air Lines's payout ratio is currently 10.56%.

Insider Buying and Selling at Delta Air Lines

In other Delta Air Lines news, Director Michael P. Huerta sold 2,500 shares of the firm's stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $60.70, for a total value of $151,750.00. Following the completion of the transaction, the director directly owned 33,245 shares of the company's stock, valued at $2,017,971.50. This trade represents a 6.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Edward H. Bastian sold 35,000 shares of the firm's stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $56.28, for a total transaction of $1,969,800.00. Following the completion of the transaction, the chief executive officer directly owned 632,823 shares of the company's stock, valued at approximately $35,615,278.44. The trade was a 5.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.88% of the stock is owned by company insiders.

Analysts Set New Price Targets

DAL has been the subject of several research analyst reports. Bank of America raised their price target on shares of Delta Air Lines from $70.00 to $74.00 and gave the stock a "buy" rating in a research note on Wednesday. HSBC raised their price target on shares of Delta Air Lines from $69.20 to $73.70 and gave the stock a "buy" rating in a research note on Friday, October 10th. Dbs Bank upgraded shares of Delta Air Lines from a "hold" rating to a "buy" rating in a research note on Friday, October 3rd. Jefferies Financial Group raised their price target on shares of Delta Air Lines from $70.00 to $74.00 and gave the stock a "buy" rating in a research note on Monday. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of Delta Air Lines in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating and twenty have issued a Buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $71.53.

Delta Air Lines Profile

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.

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