Delta Air Lines Inc. (DAL) Sees Unusually-High Trading Volume Following Strong Earnings
Delta Air Lines Inc. (NYSE:DAL) shares saw an uptick in trading volume on Thursday following a better than expected earnings announcement. 17,502,145 shares traded hands during mid-day trading, an increase of 69% from the previous session’s volume of 10,367,340 shares.The stock last traded at $39.82 and had previously closed at $39.27.
The company reported $1.70 EPS for the quarter, beating analysts’ consensus estimates of $1.65 by $0.05. Delta Air Lines had a return on equity of 40.31% and a net margin of 11.88%. The business earned $10.48 billion during the quarter, compared to analyst estimates of $11.11 billion. During the same period in the previous year, the company posted $1.74 EPS. The firm’s revenue was down 5.6% compared to the same quarter last year.
A number of brokerages recently commented on DAL. Piper Jaffray Cos. set a $35.00 target price on Delta Air Lines and gave the company a “buy” rating in a research report on Sunday, August 21st. Raymond James Financial Inc. reissued an “outperform” rating on shares of Delta Air Lines in a report on Wednesday, June 15th. Argus reissued a “buy” rating and set a $60.00 price objective on shares of Delta Air Lines in a report on Friday, July 15th. Deutsche Bank AG raised Delta Air Lines from a “hold” rating to a “buy” rating and set a $48.00 price objective for the company in a report on Tuesday, July 12th. Finally, Cowen and Company reissued an “outperform” rating and set a $55.00 price objective on shares of Delta Air Lines in a report on Thursday, August 11th. Five investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $53.07.
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In related news, Director George N. Mattson bought 10,000 shares of the company’s stock in a transaction on Wednesday, August 3rd. The shares were purchased at an average price of $36.50 per share, for a total transaction of $365,000.00. Following the completion of the transaction, the director now directly owns 54,750 shares in the company, valued at approximately $1,998,375. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Steven M. Sear sold 4,671 shares of the stock in a transaction on Wednesday, October 5th. The stock was sold at an average price of $40.16, for a total value of $187,587.36. Following the sale, the insider now owns 52,174 shares in the company, valued at approximately $2,095,307.84. The disclosure for this sale can be found here. Company insiders own 0.75% of the company’s stock.
Large investors have recently bought and sold shares of the company. MSI Financial Services Inc increased its stake in Delta Air Lines by 5.6% in the third quarter. MSI Financial Services Inc now owns 32,506 shares of the company’s stock valued at $1,279,000 after buying an additional 1,728 shares in the last quarter. Patten & Patten Inc. TN boosted its position in Delta Air Lines by 12.6% in the third quarter. Patten & Patten Inc. TN now owns 274,811 shares of the company’s stock valued at $10,817,000 after buying an additional 30,683 shares during the last quarter. CenturyLink Investment Management Co purchased a new position in Delta Air Lines during the third quarter valued at $1,438,000. Fox Run Management L.L.C. purchased a new position in Delta Air Lines during the third quarter valued at $315,000. Finally, Atria Investments LLC boosted its position in Delta Air Lines by 8.5% in the third quarter. Atria Investments LLC now owns 13,166 shares of the company’s stock valued at $518,000 after buying an additional 1,036 shares during the last quarter. Hedge funds and other institutional investors own 84.51% of the company’s stock.
The stock has a market cap of $30.21 billion, a PE ratio of 6.491 and a beta of 0.95. The firm has a 50-day moving average of $38.18 and a 200-day moving average of $40.40.
About Delta Air Lines
Delta Air Lines, Inc provides scheduled air transportation for passengers and cargo throughout the United States and around the world. The Company’s operates through segments, including Airline Segment and Refinery Segment. The Airline segment is managed as a single business unit that provides scheduled air transportation for passengers and cargo throughout the United States and around the world and other ancillary airline services.
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