Air Lease Corporation (NYSE:AL) Upgraded to “Hold” at Zacks Investment Research
Air Lease Corporation (NYSE:AL) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
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. “
Several other research analysts have also recently issued reports on AL. FBR & Co lowered their target price on shares of Air Lease Corporation from $47.00 to $45.00 and set an “outperform” rating for the company in a report on Friday, May 5th. Royal Bank Of Canada restated a “buy” rating on shares of Air Lease Corporation in a report on Friday, May 5th. BidaskClub upgraded shares of Air Lease Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, July 11th. Barclays PLC started coverage on shares of Air Lease Corporation in a report on Monday, July 10th. They issued an “overweight” rating and a $48.00 target price for the company. Finally, Morgan Stanley upped their target price on shares of Air Lease Corporation from $40.00 to $42.00 in a report on Tuesday, July 4th. Three equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Air Lease Corporation currently has an average rating of “Buy” and an average target price of $45.43.
Shares of Air Lease Corporation (NYSE:AL) traded down 2.99% during trading on Wednesday, reaching $41.22. 1,260,428 shares of the company’s stock were exchanged. The company has a 50 day moving average of $38.61 and a 200 day moving average of $37.92. Air Lease Corporation has a 12-month low of $27.05 and a 12-month high of $42.57. The stock has a market cap of $4.25 billion, a P/E ratio of 12.28 and a beta of 1.78.
Air Lease Corporation (NYSE:AL) last posted its quarterly earnings results on Thursday, August 3rd. The transportation company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.84 by $0.08. Air Lease Corporation had a net margin of 25.64% and a return on equity of 10.99%. The company had revenue of $380.59 million during the quarter, compared to analysts’ expectations of $375.14 million. During the same quarter in the previous year, the business posted $1.39 EPS. The firm’s revenue was up 8.7% on a year-over-year basis. Equities research analysts anticipate that Air Lease Corporation will post $3.45 EPS for the current year.
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In related news, 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 transaction of $1,062,908.64. Following the completion of the sale, the executive vice president now owns 210,824 shares in the company, valued at approximately $8,045,043.84. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Jie Chen sold 10,000 shares of the stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $43.00, for a total transaction of $430,000.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 39,854 shares of company stock valued at $1,568,909. 9.76% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Air Lease Corporation during the fourth quarter worth $14,466,000. Quadrature Capital Ltd acquired a new stake in shares of Air Lease Corporation during the fourth quarter worth $376,000. Teachers Advisors LLC boosted its stake in shares of Air Lease Corporation by 1.9% in the fourth quarter. Teachers Advisors LLC now owns 96,734 shares of the transportation company’s stock worth $3,321,000 after buying an additional 1,850 shares in the last quarter. Chesley Taft & Associates LLC acquired a new stake in shares of Air Lease Corporation during the first quarter worth $314,000. Finally, Bank of Montreal Can boosted its stake in shares of Air Lease Corporation by 0.9% in the first quarter. Bank of Montreal Can now owns 3,856 shares of the transportation company’s stock worth $150,000 after buying an additional 35 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.
About Air Lease Corporation
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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