Air Lease (AL) Lowered to Hold at Zacks Investment Research
Zacks Investment Research lowered shares of Air Lease (NYSE:AL) from a buy rating to a hold rating in a report published on Wednesday morning.
According to Zacks, “Air Lease Corporation is an aircraft leasing company principally engaged in purchasing commercial aircraft and leasing to airlines around the world. The Company provides leasing services in Asia, the Pacific Rim, Latin America, the Middle East and Eastern Europe. Air Lease Corporation is based in Los Angeles, California. “
AL has been the subject of several other reports. ValuEngine downgraded Air Lease from a buy rating to a hold rating in a report on Sunday, December 31st. Royal Bank of Canada increased their price target on Air Lease from $79.00 to $80.00 and gave the stock a top pick rating in a report on Friday, September 29th. Bank of America set a $47.00 price target on Air Lease and gave the stock a hold rating in a report on Thursday, October 19th. Cowen increased their price target on Air Lease from $45.00 to $54.00 and gave the stock an outperform rating in a report on Friday, November 10th. Finally, Credit Suisse Group increased their price target on Air Lease from $44.00 to $46.00 and gave the stock an outperform rating in a report on Friday, November 10th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. Air Lease currently has an average rating of Hold and a consensus target price of $49.40.
Shares of Air Lease (NYSE AL) traded up $0.33 during midday trading on Wednesday, hitting $50.13. The company had a trading volume of 490,325 shares, compared to its average volume of 745,015. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 2.53. Air Lease has a 52-week low of $34.42 and a 52-week high of $50.21. The firm has a market capitalization of $5,180.00, a P/E ratio of 14.41, a PEG ratio of 1.25 and a beta of 1.81.
Air Lease (NYSE:AL) last issued its quarterly earnings results on Thursday, November 9th. The transportation company reported $0.90 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.87 by $0.03. Air Lease had a return on equity of 10.87% and a net margin of 25.67%. The firm had revenue of $376.77 million during the quarter, compared to the consensus estimate of $374.61 million. During the same period last year, the company earned $1.43 earnings per share. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. research analysts expect that Air Lease will post 3.44 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, January 4th. Shareholders of record on Thursday, December 14th were issued a $0.10 dividend. The ex-dividend date of this dividend was Wednesday, December 13th. This represents a $0.40 dividend on an annualized basis and a yield of 0.80%. This is an increase from Air Lease’s previous quarterly dividend of $0.08. Air Lease’s dividend payout ratio (DPR) is 11.49%.
In other Air Lease news, EVP Kishore Korde sold 2,000 shares of the firm’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $44.99, for a total value of $89,980.00. Following the completion of the sale, the executive vice president now owns 82,410 shares of the company’s stock, valued at $3,707,625.90. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Jie Chen sold 4,000 shares of the firm’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $47.96, for a total value of $191,840.00. The disclosure for this sale can be found here. In the last three months, insiders sold 379,000 shares of company stock valued at $15,939,110. 9.76% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the business. Cedar Hill Associates LLC purchased a new position in shares of Air Lease in the second quarter valued at $7,768,000. LSV Asset Management increased its position in shares of Air Lease by 225.9% in the second quarter. LSV Asset Management now owns 266,183 shares of the transportation company’s stock valued at $9,944,000 after buying an additional 184,500 shares in the last quarter. UBS Oconnor LLC purchased a new position in shares of Air Lease in the second quarter valued at $6,818,000. Cobalt Capital Management Inc. increased its position in shares of Air Lease by 29.3% in the second quarter. Cobalt Capital Management Inc. now owns 771,629 shares of the transportation company’s stock valued at $28,828,000 after buying an additional 175,000 shares in the last quarter. Finally, Boston Partners increased its position in shares of Air Lease by 2.0% in the third quarter. Boston Partners now owns 8,664,181 shares of the transportation company’s stock valued at $369,267,000 after buying an additional 169,454 shares in the last quarter. 91.83% of the stock is owned by institutional investors.
About Air Lease
Air Lease Corporation is an aircraft leasing company. The Company is principally engaged in purchasing new commercial jet transport aircraft directly from aircraft manufacturers, such as The Boeing Company (Boeing) and Airbus SAS. (Airbus), and leasing those aircraft to airlines across the world. Along with its leasing activities, the Company sells aircraft from its operating lease portfolio to third parties, including other leasing companies, financial services companies and airlines.
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