Garnet Equity Capital Holdings Inc. Takes $4.65 Million Position in Delta Air Lines, Inc. (DAL)
Garnet Equity Capital Holdings Inc. acquired a new stake in shares of Delta Air Lines, Inc. (NYSE:DAL) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 90,000 shares of the transportation company’s stock, valued at approximately $4,649,000. Delta Air Lines accounts for approximately 5.5% of Garnet Equity Capital Holdings Inc.’s portfolio, making the stock its 6th biggest position.
Other hedge funds have also bought and sold shares of the company. Usca Ria LLC boosted its holdings in Delta Air Lines by 3.7% in the fourth quarter. Usca Ria LLC now owns 26,577 shares of the transportation company’s stock worth $1,326,000 after acquiring an additional 950 shares in the last quarter. South Texas Money Management Ltd. increased its holdings in Delta Air Lines by 5.8% during the 4th quarter. South Texas Money Management Ltd. now owns 652,197 shares of the transportation company’s stock worth $32,545,000 after purchasing an additional 35,740 shares during the period. Putnam Investments LLC increased its holdings in Delta Air Lines by 0.4% during the 3rd quarter. Putnam Investments LLC now owns 858,663 shares of the transportation company’s stock worth $49,657,000 after purchasing an additional 3,178 shares during the period. Northern Oak Wealth Management Inc. increased its holdings in Delta Air Lines by 4,597.8% during the 4th quarter. Northern Oak Wealth Management Inc. now owns 57,924 shares of the transportation company’s stock worth $2,890,000 after purchasing an additional 56,691 shares during the period. Finally, New York State Common Retirement Fund increased its holdings in Delta Air Lines by 9.2% during the 4th quarter. New York State Common Retirement Fund now owns 1,558,221 shares of the transportation company’s stock worth $77,755,000 after purchasing an additional 130,820 shares during the period. Institutional investors and hedge funds own 88.01% of the company’s stock.
DAL traded up $0.53 on Thursday, reaching $58.39. The company had a trading volume of 8,451,802 shares, compared to its average volume of 8,422,938. The company has a market capitalization of $38.67 billion, a P/E ratio of 10.33, a P/E/G ratio of 0.69 and a beta of 1.08. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.34 and a quick ratio of 0.28. Delta Air Lines, Inc. has a 52-week low of $45.08 and a 52-week high of $61.32.
The firm also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Shareholders of record on Friday, March 1st were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.40%. The ex-dividend date of this dividend was Thursday, February 28th. Delta Air Lines’s dividend payout ratio (DPR) is presently 24.78%.
Several brokerages have weighed in on DAL. Imperial Capital upped their price target on Delta Air Lines from $58.00 to $61.00 and gave the stock an “inline” rating in a report on Thursday. Cowen restated an “outperform” rating and set a $67.00 price target on shares of Delta Air Lines in a report on Friday, December 14th. Zacks Investment Research downgraded Delta Air Lines from a “buy” rating to a “hold” rating in a report on Monday. Bank of America downgraded Delta Air Lines from a “buy” rating to a “neutral” rating and cut their price target for the stock from $62.00 to $51.00 in a report on Monday, January 14th. Finally, Vertical Research began coverage on Delta Air Lines in a report on Monday, February 4th. They set a “hold” rating on the stock. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $66.04.
In related news, Director Francis S. Blake purchased 5,185 shares of the stock in a transaction dated Monday, January 28th. The stock was purchased at an average price of $48.17 per share, with a total value of $249,761.45. Following the transaction, the director now directly owns 47,885 shares in the company, valued at $2,306,620.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Berkshire Hathaway Inc purchased 6,500 shares of the stock in a transaction dated Monday, March 11th. The stock was bought at an average cost of $49.94 per share, with a total value of $324,610.00. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 3,559,723 shares of company stock worth $176,077,837 and have sold 70,436 shares worth $3,602,036. Company insiders own 0.33% of the company’s stock.
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 route network is centered on a system of hubs and markets at airports in Amsterdam, Atlanta, Boston, Detroit, London-Heathrow, Los Angeles, Mexico City, Minneapolis-St.
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