Barclays PLC Initiates Coverage on Air Lease Corporation (AL)
Barclays PLC initiated coverage on shares of Air Lease Corporation (NYSE:AL) in a research note issued to investors on Monday, July 10th, Marketbeat reports. The brokerage issued an overweight rating and a $48.00 price objective on the transportation company’s stock.
Other equities analysts have also issued research reports about the company. Zacks Investment Research lowered Air Lease Corporation from a hold rating to a sell rating in a research report on Tuesday, May 30th. FBR & Co cut their price target on Air Lease Corporation from $47.00 to $45.00 and set an outperform rating for the company in a research note on Friday, May 5th. Morgan Stanley downgraded Air Lease Corporation from an overweight rating to an equal weight rating and raised their price objective for the company from $40.00 to $42.00 in a research note on Thursday, April 6th. Royal Bank Of Canada reaffirmed a buy rating on shares of Air Lease Corporation in a report on Friday, May 5th. Finally, ValuEngine raised Air Lease Corporation from a buy rating to a strong-buy rating in a report on Saturday, June 10th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Air Lease Corporation currently has a consensus rating of Buy and a consensus price target of $45.43.
Shares of Air Lease Corporation (NYSE:AL) traded up 6.59% during trading on Monday, hitting $42.56. 1,965,399 shares of the stock were exchanged. Air Lease Corporation has a 12-month low of $27.05 and a 12-month high of $42.57. The firm has a 50 day moving average of $38.43 and a 200-day moving average of $37.86. The company has a market cap of $4.39 billion, a price-to-earnings ratio of 12.67 and a beta of 1.78.
Air Lease Corporation (NYSE:AL) last issued its quarterly earnings results on Thursday, August 3rd. The transportation company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.08. The company had revenue of $380.59 million for the quarter, compared to analyst estimates of $375.14 million. Air Lease Corporation had a return on equity of 11.02% and a net margin of 25.56%. The company’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period last year, the company earned $1.39 earnings per share. On average, analysts forecast that Air Lease Corporation will post $3.42 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 6th. Shareholders of record on Wednesday, September 13th will be paid a $0.075 dividend. The ex-dividend date is Tuesday, September 12th. This represents a $0.30 annualized dividend and a yield of 0.70%. Air Lease Corporation’s dividend payout ratio is 8.90%.
In other news, EVP Kishore Korde sold 2,000 shares of the stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $38.00, for a total value of $76,000.00. Following the completion of the transaction, the executive vice president now directly owns 86,410 shares in the company, valued at approximately $3,283,580. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Grant A. Levy sold 27,854 shares of the stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $38.16, for a total value of $1,062,908.64. Following the completion of the transaction, the executive vice president now owns 210,824 shares of the company’s stock, valued at $8,045,043.84. The disclosure for this sale can be found here. 9.76% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in AL. BlackRock Inc. raised its position in shares of Air Lease Corporation by 14,924.1% in the first quarter. BlackRock Inc. now owns 3,851,727 shares of the transportation company’s stock valued at $149,254,000 after buying an additional 3,826,090 shares in the last quarter. Boston Partners raised its position in shares of Air Lease Corporation by 70.7% in the second quarter. Boston Partners now owns 8,494,727 shares of the transportation company’s stock valued at $317,363,000 after buying an additional 3,519,693 shares in the last quarter. Norges Bank bought a new position in shares of Air Lease Corporation during the fourth quarter valued at about $14,466,000. Vanguard Group Inc. raised its position in shares of Air Lease Corporation by 4.1% in the first quarter. Vanguard Group Inc. now owns 7,454,231 shares of the transportation company’s stock valued at $288,852,000 after buying an additional 294,544 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. raised its position in shares of Air Lease Corporation by 1,073.6% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 279,676 shares of the transportation company’s stock valued at $10,837,000 after buying an additional 255,846 shares in the last quarter. Institutional investors own 92.09% of the company’s stock.
Air Lease Corporation Company Profile
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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