As Delta Air Lines Inc.’s share price soared to record highs, company President Glen Hauenstein sold $3.15 million worth of his holdings this week.

Hauenstein sold 50,000 shares at an average price of $63.03 on July 16, according to a filing. The transaction reduced his direct ownership by 16% to 267,526 shares, representing a 0.04% stake, data compiled by Bloomberg show.

Delta Air Lines shares have rallied 24% this year so far, significantly outperforming the Bloomberg World Airlines Index. Robust appetite for plane trips in the U.S. and higher fares prompted the company to boost its profit forecast for 2019 last week.

“We expect margins to rise almost 200 bps in 2019 and revenue to increase about 3% on capacity growth, higher load factors and stronger fares,” Bloomberg Intelligence analysts George Ferguson and Francois Duflot wrote in a research note Thursday.

Macquarie reiterated the stock’s top-pick status last week, with analyst Susan Donofrio citing good cost-controls and margin expansion