Penobscot Investment Management Company Inc. Invests $221,000 in Delta Air Lines, Inc. $DAL

Key Points

• Penobscot Investment Management Company Inc. acquired a new position in Delta Air Lines, investing approximately $221,000 for 4,500 shares in the second quarter.
• Delta recently declared a quarterly dividend of $0.1875 per share, with an annual yield of 1.3%, to be paid on November 6th.
• Multiple analysts have recently raised their target prices for Delta Air Lines, with a consensus target price now at $67.84 and the stock currently receiving an average rating of "Buy."

Penobscot Investment Management Company Inc. purchased a new position in shares of Delta Air Lines, Inc. (NYSE:DAL - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 4,500 shares of the transportation company's stock, valued at approximately $221,000.

A number of other hedge funds and other institutional investors have also modified their holdings of DAL. Kingstone Capital Partners Texas LLC purchased a new stake in shares of Delta Air Lines during the second quarter worth about $386,364,000. Pacer Advisors Inc. grew its holdings in shares of Delta Air Lines by 5,224.6% during the first quarter. Pacer Advisors Inc. now owns 4,336,709 shares of the transportation company's stock worth $189,081,000 after buying an additional 4,255,262 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Delta Air Lines by 149.9% during the first quarter. AQR Capital Management LLC now owns 5,963,882 shares of the transportation company's stock worth $246,487,000 after buying an additional 3,577,489 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in shares of Delta Air Lines by 347.4% during the first quarter. Ameriprise Financial Inc. now owns 4,232,974 shares of the transportation company's stock worth $184,909,000 after buying an additional 3,286,741 shares in the last quarter. Finally, Ninety One UK Ltd boosted its position in shares of Delta Air Lines by 1,469.9% in the first quarter. Ninety One UK Ltd now owns 3,309,020 shares of the transportation company's stock worth $144,273,000 after acquiring an additional 3,098,237 shares during the last quarter. 69.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Delta Air Lines

In other news, EVP Alain Bellemare sold 45,423 shares of the business's stock in a transaction on Friday, July 11th. The shares were sold at an average price of $55.56, for a total transaction of $2,523,701.88. Following the transaction, the executive vice president directly owned 131,731 shares of the company's stock, valued at approximately $7,318,974.36. The trade was a 25.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Steven M. Sear sold 18,000 shares of the business's stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $55.96, for a total transaction of $1,007,280.00. Following the transaction, the executive vice president directly owned 97,505 shares in the company, valued at approximately $5,456,379.80. The trade was a 15.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 136,473 shares of company stock valued at $7,663,496. 0.88% of the stock is owned by company insiders.

Delta Air Lines Trading Up 0.4%

Shares of DAL stock opened at $57.32 on Friday. The stock has a market cap of $37.42 billion, a price-to-earnings ratio of 8.31, a price-to-earnings-growth ratio of 1.53 and a beta of 1.50. The company has a quick ratio of 0.33, a current ratio of 0.38 and a debt-to-equity ratio of 0.74. Delta Air Lines, Inc. has a fifty-two week low of $34.74 and a fifty-two week high of $69.98. The firm's 50 day moving average price is $58.23 and its two-hundred day moving average price is $51.21.

Delta Air Lines (NYSE:DAL - Get Free Report) last announced its quarterly earnings results on Thursday, July 10th. The transportation company reported $2.10 earnings per share for the quarter, beating analysts' consensus estimates of $2.01 by $0.09. The firm had revenue of $15.51 billion for the quarter, compared to analysts' expectations of $16.16 billion. Delta Air Lines had a net margin of 7.24% and a return on equity of 24.86%. Delta Air Lines's revenue was down .1% compared to the same quarter last year. During the same period in the previous year, the company posted $2.36 earnings per share. On average, analysts anticipate that Delta Air Lines, Inc. will post 7.63 EPS for the current year.

Delta Air Lines Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 6th. Shareholders of record on Thursday, October 16th will be given a dividend of $0.1875 per share. This represents a $0.75 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Thursday, October 16th. Delta Air Lines's payout ratio is 10.87%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on DAL shares. Bernstein Bank raised their target price on shares of Delta Air Lines from $60.00 to $66.00 and gave the stock an "outperform" rating in a research report on Friday, July 11th. BNP Paribas Exane raised their target price on shares of Delta Air Lines from $58.00 to $70.00 and gave the stock an "outperform" rating in a research report on Friday, July 11th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Delta Air Lines from $53.00 to $63.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Seaport Global Securities raised their target price on shares of Delta Air Lines from $69.00 to $80.00 and gave the stock a "buy" rating in a research report on Thursday, September 11th. Finally, Barclays raised their target price on shares of Delta Air Lines from $58.00 to $65.00 and gave the stock an "overweight" rating in a research report on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating and nineteen have given a Buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $67.84.

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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