Gradient Investments LLC increased its position in shares of Air Lease Corp (NYSE:AL) by 34.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 24,184 shares of the transportation company’s stock after purchasing an additional 6,165 shares during the quarter. Gradient Investments LLC’s holdings in Air Lease were worth $1,110,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Boston Partners lifted its stake in Air Lease by 2.0% during the second quarter. Boston Partners now owns 8,730,004 shares of the transportation company’s stock worth $366,398,000 after purchasing an additional 174,888 shares during the last quarter. BlackRock Inc. lifted its stake in Air Lease by 1.4% during the first quarter. BlackRock Inc. now owns 4,024,171 shares of the transportation company’s stock worth $171,509,000 after purchasing an additional 54,450 shares during the last quarter. FMR LLC lifted its stake in Air Lease by 5.4% during the second quarter. FMR LLC now owns 3,490,348 shares of the transportation company’s stock worth $146,490,000 after purchasing an additional 178,070 shares during the last quarter. Royce & Associates LP increased its position in Air Lease by 39.4% in the second quarter. Royce & Associates LP now owns 2,411,208 shares of the transportation company’s stock worth $101,198,000 after buying an additional 681,987 shares during the period. Finally, Cannell Peter B & Co. Inc. increased its position in Air Lease by 122.4% in the second quarter. Cannell Peter B & Co. Inc. now owns 1,435,691 shares of the transportation company’s stock worth $60,256,000 after buying an additional 790,105 shares during the period. Hedge funds and other institutional investors own 86.61% of the company’s stock.
Several brokerages have weighed in on AL. ValuEngine raised Air Lease from a “sell” rating to a “hold” rating in a research report on Tuesday, October 2nd. Royal Bank of Canada increased their target price on Air Lease from $91.00 to $93.00 and gave the stock a “top pick” rating in a research report on Friday, August 10th. Compass Point reaffirmed a “buy” rating and issued a $58.00 target price on shares of Air Lease in a research report on Sunday, August 12th. Bank of America reaffirmed a “buy” rating and issued a $57.00 target price on shares of Air Lease in a research report on Thursday, August 16th. Finally, Citigroup increased their target price on Air Lease from $49.00 to $50.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 15th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $55.85.
Shares of NYSE AL opened at $41.73 on Friday. Air Lease Corp has a 1-year low of $40.26 and a 1-year high of $50.70. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 2.53. The firm has a market capitalization of $4.77 billion, a price-to-earnings ratio of 11.43, a P/E/G ratio of 1.21 and a beta of 1.78.
Air Lease (NYSE:AL) last issued its earnings results on Thursday, August 9th. The transportation company reported $1.04 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.04. Air Lease had a return on equity of 10.85% and a net margin of 51.22%. The firm had revenue of $397.80 million for the quarter, compared to analyst estimates of $400.11 million. During the same period last year, the company earned $1.51 earnings per share. The firm’s revenue for the quarter was up 4.4% on a year-over-year basis. Sell-side analysts anticipate that Air Lease Corp will post 4.47 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 5th. Stockholders of record on Friday, September 14th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date of this dividend was Thursday, September 13th. Air Lease’s dividend payout ratio (DPR) is 10.96%.
In other news, EVP Grant A. Levy sold 15,000 shares of the firm’s stock in a transaction on Thursday, September 13th. The stock was sold at an average price of $45.13, for a total transaction of $676,950.00. Following the transaction, the executive vice president now directly owns 153,399 shares of the company’s stock, valued at $6,922,896.87. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Marc H. Baer sold 10,000 shares of the firm’s stock in a transaction on Tuesday, August 21st. The shares were sold at an average price of $46.22, for a total value of $462,200.00. Following the transaction, the executive vice president now directly owns 122,891 shares in the company, valued at $5,680,022.02. The disclosure for this sale can be found here. Insiders have sold 31,000 shares of company stock worth $1,420,550 over the last three months. Corporate insiders own 9.32% of the company’s stock.
Air Lease Profile
Air Lease Corporation, an aircraft leasing company, engages in the purchase and leasing of commercial jet transport aircraft to airlines worldwide. The company also sells aircraft from its operating lease portfolio to third parties, including other leasing companies, financial services companies, and airlines.
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