Air Lease Corp. (AL) Shares Down 5.8%
Air Lease Corp. (NYSE:AL) dropped 5.8% during mid-day trading on Tuesday . The company traded as low as $25.56 and last traded at $25.66, with a volume of 541,464 shares. The stock had previously closed at $27.23.
AL has been the topic of a number of analyst reports. TheStreet downgraded Air Lease Corp. from a “buy” rating to a “hold” rating in a research report on Monday, June 13th. FBR & Co reissued a “buy” rating on shares of Air Lease Corp. in a research report on Sunday, May 8th. Zacks Investment Research downgraded Air Lease Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday. Citigroup Inc. increased their price target on Air Lease Corp. from $33.00 to $50.50 and gave the stock a “buy” rating in a research report on Monday, March 14th. Finally, Royal Bank Of Canada increased their price target on Air Lease Corp. from $71.00 to $73.00 and gave the stock a “top pick” rating in a research report on Friday, May 6th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. Air Lease Corp. has an average rating of “Buy” and an average price target of $43.95.
The firm has a market cap of $2.66 billion and a PE ratio of 8.61. The firm’s 50 day moving average price is $28.19 and its 200 day moving average price is $29.28.
Air Lease Corp. (NYSE:AL) last posted its earnings results on Thursday, May 5th. The company reported $1.38 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.77 by $0.61. The firm had revenue of $343.30 million for the quarter, compared to the consensus estimate of $334.02 million. During the same period in the prior year, the business earned $0.61 EPS. Air Lease Corp.’s quarterly revenue was up 23.4% compared to the same quarter last year. On average, analysts expect that Air Lease Corp. will post $3.41 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, July 7th. Shareholders of record on Monday, June 13th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, June 9th. This represents a $0.20 annualized dividend and a dividend yield of 0.78%.
Several large investors recently bought and sold shares of AL. Glacier Peak Capital LLC boosted its stake in Air Lease Corp. by 266.7% in the fourth quarter. Glacier Peak Capital LLC now owns 33,000 shares of the company’s stock worth $1,105,000 after buying an additional 24,000 shares during the period. Sawtooth Asset Management Inc. boosted its stake in Air Lease Corp. by 885.9% in the fourth quarter. Sawtooth Asset Management Inc. now owns 34,860 shares of the company’s stock worth $1,167,000 after buying an additional 31,324 shares during the period. Deimos Asset Management LLC bought a new stake in Air Lease Corp. during the fourth quarter worth approximately $1,394,000. Polaris Capital Management LLC boosted its stake in Air Lease Corp. by 3.6% in the fourth quarter. Polaris Capital Management LLC now owns 43,819 shares of the company’s stock worth $1,467,000 after buying an additional 1,523 shares during the period. Finally, Rhumbline Advisers boosted its stake in Air Lease Corp. by 2.0% in the fourth quarter. Rhumbline Advisers now owns 69,213 shares of the company’s stock worth $2,317,000 after buying an additional 1,375 shares during the period.
Air Lease Corporation is an aircraft leasing company. The Company is 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 aircrafts to airlines around the world. In addition to its leasing activities, it sells aircrafts from its operating lease portfolio to third-parties, including other leasing companies, financial services companies and airlines.
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