Air Lease (NYSE:AL) Releases Quarterly Earnings Results, Beats Estimates By $0.74 EPS

Air Lease (NYSE:AL) released its quarterly earnings data on Thursday. The transportation company reported $2.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.74, FiscalAI reports. The business had revenue of $679.54 million for the quarter, compared to analysts’ expectations of $782.67 million. Air Lease had a net margin of 35.08% and a return on equity of 7.84%.

Air Lease Price Performance

Air Lease stock traded down $0.03 during midday trading on Thursday, hitting $64.68. The company’s stock had a trading volume of 2,262,273 shares, compared to its average volume of 1,515,302. Air Lease has a 12 month low of $38.25 and a 12 month high of $64.74. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 2.42. The company has a market capitalization of $7.23 billion, a PE ratio of 7.49, a price-to-earnings-growth ratio of 0.56 and a beta of 1.13. The stock’s 50-day moving average price is $64.29 and its 200-day moving average price is $62.79.

Analysts Set New Price Targets

AL has been the subject of several analyst reports. Zacks Research upgraded Air Lease from a “strong sell” rating to a “hold” rating in a research report on Monday, January 5th. Weiss Ratings reissued a “buy (b)” rating on shares of Air Lease in a report on Wednesday, January 21st. Finally, Barclays reiterated an “equal weight” rating and issued a $65.00 target price (down previously from $68.00) on shares of Air Lease in a research report on Tuesday, January 6th. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $59.17.

Insider Transactions at Air Lease

In related news, EVP Kishore Korde sold 30,160 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $63.90, for a total value of $1,927,224.00. Following the sale, the executive vice president directly owned 79,263 shares in the company, valued at $5,064,905.70. The trade was a 27.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Steven F. Udvar-Hazy sold 64,000 shares of the firm’s stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of $64.02, for a total transaction of $4,097,280.00. Following the sale, the director owned 74,000 shares of the company’s stock, valued at $4,737,480. The trade was a 46.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 692,185 shares of company stock valued at $44,301,155 in the last quarter. Insiders own 6.64% of the company’s stock.

Hedge Funds Weigh In On Air Lease

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp raised its holdings in Air Lease by 0.8% during the 2nd quarter. State Street Corp now owns 3,459,048 shares of the transportation company’s stock worth $203,084,000 after buying an additional 28,227 shares during the period. AQR Capital Management LLC grew its position in Air Lease by 930.1% during the 3rd quarter. AQR Capital Management LLC now owns 2,283,492 shares of the transportation company’s stock worth $145,321,000 after purchasing an additional 2,061,817 shares in the last quarter. Pentwater Capital Management LP acquired a new stake in Air Lease during the 3rd quarter valued at $140,030,000. Bank of America Corp DE boosted its position in shares of Air Lease by 4.1% in the second quarter. Bank of America Corp DE now owns 1,235,262 shares of the transportation company’s stock worth $72,250,000 after buying an additional 48,413 shares during the period. Finally, AQR Arbitrage LLC purchased a new position in shares of Air Lease during the third quarter valued at $64,190,000. Institutional investors and hedge funds own 94.59% of the company’s stock.

Air Lease Company Profile

Air Lease Corporation (NYSE: AL) is a leading aircraft leasing company that acquires commercial jet aircraft and leases them to airlines worldwide. The firm’s core business activities include direct aircraft acquisition, lease management and portfolio remarketing. By structuring sale‐and‐leaseback transactions, operating leases and secured loans, Air Lease provides flexible financing solutions that enable carriers to modernize their fleets without committing large amounts of capital to ownership.

Founded in 2010 and headquartered in Los Angeles, Air Lease Corporation serves a diverse customer base spanning North America, Europe, Asia, Latin America and the Middle East.