Pzena Investment Management LLC Acquires 80,805 Shares of Delta Air Lines, Inc. $DAL

Key Points

• Pzena Investment Management LLC increased its holdings in Delta Air Lines by 1.9% during the second quarter, purchasing an additional 80,805 shares and bringing its total ownership to 4,312,417 shares.
• Delta Air Lines declared a quarterly dividend of $0.1875, which will be paid on November 6th to shareholders of record on October 16th, representing an annualized yield of 1.3%.
• Analysts have raised Delta Air Lines' target price, with Raymond James and HSBC setting new targets of $70.00 and $73.70 respectively, reflecting strong confidence in the stock's growth potential.

Pzena Investment Management LLC increased its holdings in shares of Delta Air Lines, Inc. (NYSE:DAL - Free Report) by 1.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,312,417 shares of the transportation company's stock after purchasing an additional 80,805 shares during the quarter. Pzena Investment Management LLC owned 0.66% of Delta Air Lines worth $212,085,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors 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 second quarter valued at $25,000. Wealth Preservation Advisors LLC bought a new position in shares of Delta Air Lines during the first quarter valued at $31,000. Zions Bancorporation National Association UT bought a new position in shares of Delta Air Lines during the first quarter valued at $33,000. Hara Capital LLC bought a new position in shares of Delta Air Lines during the first quarter valued at $35,000. Finally, N.E.W. Advisory Services LLC bought a new position in shares of Delta Air Lines during the first quarter valued at $40,000. 69.93% of the stock is owned by institutional investors.

Delta Air Lines Stock Performance

Shares of DAL opened at $57.56 on Monday. The company has a quick ratio of 0.34, a current ratio of 0.40 and a debt-to-equity ratio of 0.68. The business has a 50-day simple moving average of $58.65 and a two-hundred day simple moving average of $51.60. The stock has a market cap of $37.59 billion, a price-to-earnings ratio of 8.11, a PEG ratio of 1.48 and a beta of 1.50. Delta Air Lines, Inc. has a 52 week low of $34.74 and a 52 week high of $69.98.

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

Delta Air Lines Announces Dividend

The business 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 $0.1875 dividend. The ex-dividend date is Thursday, October 16th. This represents a $0.75 dividend on an annualized basis and a yield of 1.3%. Delta Air Lines's dividend payout ratio is presently 10.56%.

Insider Buying and Selling

In other Delta Air Lines news, CEO Edward H. Bastian sold 35,000 shares of the company's stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $56.28, for a total value of $1,969,800.00. Following the completion of the sale, the chief executive officer owned 632,823 shares in the company, valued at $35,615,278.44. This represents a 5.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Steven M. Sear sold 18,000 shares of the stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $55.96, for a total value of $1,007,280.00. Following the sale, the executive vice president owned 97,505 shares of the company's stock, valued at $5,456,379.80. This represents a 15.58% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 91,050 shares of company stock worth $5,139,795. Corporate insiders own 0.96% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on DAL shares. Raymond James Financial increased their target price on Delta Air Lines from $68.00 to $70.00 and gave the company a "strong-buy" rating in a report on Friday. HSBC increased their target price on Delta Air Lines from $69.20 to $73.70 and gave the company a "buy" rating in a report on Friday. Barclays increased their target price on Delta Air Lines from $58.00 to $65.00 and gave the company an "overweight" rating in a report on Friday, July 11th. Dbs Bank raised Delta Air Lines from a "hold" rating to a "buy" rating in a report on Friday, October 3rd. Finally, UBS Group increased their target price on Delta Air Lines from $72.00 to $75.00 and gave the company a "buy" rating in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating and twenty have assigned a Buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $70.11.

About Delta Air Lines

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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