Highter Oil Prices Hurt Delta Air Lines (DAL)

Scout Investments, Inc, an affiliate of Carillon Tower Advisers, Inc, released the “Carillon Scout Mid Cap Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. Major equity indices began the quarter on a positive note, but as the quarter progressed, they succumbed to increased interest rates and economic concerns. Large caps outperformed mid and small caps in a restricted market driven by a number of giant tech and media businesses that controlled the performance of the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Carillon Scout Mid Cap Fund highlighted stocks like Delta Air Lines, Inc. (NYSE:DAL) in the third quarter 2023 investor letter. Headquartered in Atlanta, Georgia, Delta Air Lines, Inc. (NYSE:DAL) offers air transportation for passengers and cargo. On December 19, 2023, Delta Air Lines, Inc. (NYSE:DAL) stock closed at $41.15 per share. One-month return of Delta Air Lines, Inc. (NYSE:DAL) was 14.46%, and its shares gained 22.22% of their value over the last 52 weeks. Delta Air Lines, Inc. (NYSE:DAL) has a market capitalization of $26.479 billion.

Carillon Scout Mid Cap Fund made the following comment about Delta Air Lines, Inc. (NYSE:DAL) in its Q3 2023 investor letter:

“The third largest detractor was Delta Air Lines, Inc. (NYSE:DAL), which pulled back after a sharp rally earlier in the year and as higher oil prices hurt sentiment on airlines overall. While weaker domestic fare prices have weighed on the stock price, stronger demand for international travel has improved the company’s profitability.”

Pixabay/Public Domain

Delta Air Lines, Inc. (NYSE:DAL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 53 hedge fund portfolios held Delta Air Lines, Inc. (NYSE:DAL) at the end of third quarter which was 56 in the previous quarter.

We discussed Delta Air Lines, Inc. (NYSE:DAL) in another article and shared the list of airline stocks billionaires are piling into. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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 Disclosure: None. This article is originally published at Insider Monkey.