Delta Air Lines Inc. (NYSE:DAL) shares saw unusually-high trading volume on Thursday following a stronger than expected earnings report. Approximately 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 the consensus estimate of $1.65 by $0.05. The business earned $10.48 billion during the quarter, compared to analyst estimates of $11.11 billion. Delta Air Lines had a return on equity of 40.31% and a net margin of 11.88%. The company’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.74 earnings per share.
DAL has been the subject of several recent research reports. Buckingham Research set a $54.00 price objective on Delta Air Lines and gave the company a “buy” rating in a research report on Wednesday, October 5th. Zacks Investment Research raised Delta Air Lines from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 6th. Vetr lowered Delta Air Lines from a “strong-buy” rating to a “buy” rating and set a $43.41 price objective for the company. in a research report on Wednesday, September 7th. Evercore Partners Inc. reiterated a “hold” rating on shares of Delta Air Lines in a report on Friday, July 15th. Finally, Imperial Capital assumed coverage on Delta Air Lines in a report on Wednesday, August 24th. They issued an “in-line” rating and a $41.00 price objective for the company. Six investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $52.99.
In other news, insider Steven M. Sear sold 4,671 shares of the company’s stock in a transaction that occurred on Wednesday, October 5th. The stock was sold at an average price of $40.16, for a total transaction of $187,587.36. Following the sale, the insider now directly owns 52,174 shares of the company’s stock, valued at approximately $2,095,307.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Paul A. Jacobson acquired 25,000 shares of the firm’s stock in a transaction dated Monday, July 25th. The shares were purchased at an average cost of $38.91 per share, for a total transaction of $972,750.00. Following the completion of the acquisition, the chief financial officer now directly owns 328,631 shares in the company, valued at $12,787,032.21. The disclosure for this purchase can be found here. 0.75% of the stock is owned by corporate insiders.
Several hedge funds have recently modified their holdings of DAL. Franklin Resources Inc. boosted its stake in shares of Delta Air Lines by 24.2% in the first quarter. Franklin Resources Inc. now owns 56,157 shares of the company’s stock valued at $2,734,000 after buying an additional 10,929 shares during the period. Bessemer Group Inc. increased its position in Delta Air Lines by 48,550.0% in the first quarter. Bessemer Group Inc. now owns 27,244 shares of the company’s stock valued at $1,326,000 after buying an additional 27,188 shares in the last quarter. AMF Pensionsforsakring AB increased its position in Delta Air Lines by 80.0% in the first quarter. AMF Pensionsforsakring AB now owns 1,053,710 shares of the company’s stock valued at $51,295,000 after buying an additional 468,428 shares in the last quarter. Credit Agricole S A increased its position in Delta Air Lines by 25.4% in the first quarter. Credit Agricole S A now owns 1,069,035 shares of the company’s stock valued at $52,041,000 after buying an additional 216,651 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its position in Delta Air Lines by 58.1% in the first quarter. Canada Pension Plan Investment Board now owns 879,124 shares of the company’s stock valued at $42,796,000 after buying an additional 323,013 shares in the last quarter. 84.51% of the stock is currently owned by institutional investors and hedge funds.
The firm’s 50-day moving average is $38.28 and its 200-day moving average is $40.40. The company has a market cap of $30.33 billion, a PE ratio of 6.52 and a beta of 0.95.