Old West Investment Management LLC Sells 10,331 Shares of Air Lease Corp (AL)
Old West Investment Management LLC reduced its stake in Air Lease Corp (NYSE:AL) by 17.0% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 50,429 shares of the transportation company’s stock after selling 10,331 shares during the period. Air Lease accounts for approximately 1.1% of Old West Investment Management LLC’s holdings, making the stock its 29th largest holding. Old West Investment Management LLC’s holdings in Air Lease were worth $2,149,000 as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. Israel Discount Bank of New York increased its position in Air Lease by 7.7% during the second quarter. Israel Discount Bank of New York now owns 2,785 shares of the transportation company’s stock worth $104,000 after buying an additional 200 shares during the last quarter. Fiduciary Trust Co. acquired a new position in Air Lease during the second quarter worth approximately $111,000. QS Investors LLC increased its position in Air Lease by 0.6% during the second quarter. QS Investors LLC now owns 3,464 shares of the transportation company’s stock worth $129,000 after buying an additional 21 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Air Lease by 10.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,599 shares of the transportation company’s stock worth $134,000 after buying an additional 331 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its position in Air Lease by 14.5% during the second quarter. Advisors Asset Management Inc. now owns 4,901 shares of the transportation company’s stock worth $183,000 after buying an additional 621 shares during the last quarter. Institutional investors and hedge funds own 91.87% of the company’s stock.
Shares of Air Lease Corp (NYSE:AL) opened at $43.55 on Thursday. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.06 and a quick ratio of 1.06. The stock has a market capitalization of $4,555.98, a P/E ratio of 12.65, a P/E/G ratio of 1.33 and a beta of 1.82. Air Lease Corp has a 12 month low of $34.21 and a 12 month high of $45.15.
The business also recently declared a quarterly dividend, which will be paid on Thursday, January 4th. Investors of record on Thursday, December 14th will be paid a $0.10 dividend. This is a boost from Air Lease’s previous quarterly dividend of $0.08. This represents a $0.40 annualized dividend and a dividend yield of 0.92%. The ex-dividend date is Wednesday, December 13th. Air Lease’s payout ratio is 8.60%.
In other Air Lease news, Director Jie Chen sold 2,000 shares of the company’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $43.82, for a total transaction of $87,640.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Alex A. Khatibi sold 11,000 shares of the company’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $40.00, for a total value of $440,000.00. Following the sale, the executive vice president now owns 142,786 shares of the company’s stock, valued at $5,711,440. The disclosure for this sale can be found here. Over the last quarter, insiders sold 326,000 shares of company stock valued at $13,490,490. 9.76% of the stock is currently owned by corporate insiders.
AL has been the subject of a number of research analyst reports. Bank of America cut Air Lease from a “buy” rating to a “neutral” rating and set a $44.00 price objective for the company. in a report on Wednesday, August 9th. Zacks Investment Research upgraded Air Lease from a “sell” rating to a “hold” rating in a report on Wednesday, August 9th. BidaskClub cut Air Lease from a “buy” rating to a “hold” rating in a report on Friday, August 11th. Royal Bank Of Canada boosted their price objective on Air Lease from $79.00 to $80.00 and gave the stock a “top pick” rating in a report on Friday, September 29th. Finally, Cowen boosted their price objective on Air Lease from $45.00 to $54.00 and gave the stock an “outperform” rating in a report on Friday, November 10th. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $48.78.
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Air Lease 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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