Polaris Capital Management LLC Has $2,391,000 Position in Air Lease Corporation (AL)
Polaris Capital Management LLC continued to hold its position in Air Lease Corporation (NYSE:AL) during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 64,000 shares of the transportation company’s stock at the end of the 2nd quarter. Polaris Capital Management LLC owned about 0.06% of Air Lease Corporation worth $2,391,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the company. Boston Partners grew its stake in shares of Air Lease Corporation by 70.7% during the second quarter. Boston Partners now owns 8,494,727 shares of the transportation company’s stock worth $317,363,000 after purchasing an additional 3,519,693 shares during the period. Vanguard Group Inc. grew its stake in shares of Air Lease Corporation by 1.3% during the second quarter. Vanguard Group Inc. now owns 7,550,212 shares of the transportation company’s stock worth $282,076,000 after purchasing an additional 95,981 shares during the period. Capital Research Global Investors grew its stake in shares of Air Lease Corporation by 3.3% during the second quarter. Capital Research Global Investors now owns 4,208,000 shares of the transportation company’s stock worth $157,211,000 after purchasing an additional 136,000 shares during the period. BlackRock Inc. grew its stake in shares of Air Lease Corporation by 14,924.1% during the first quarter. BlackRock Inc. now owns 3,851,727 shares of the transportation company’s stock worth $149,254,000 after purchasing an additional 3,826,090 shares during the period. Finally, State Street Corp grew its stake in shares of Air Lease Corporation by 1.5% during the second quarter. State Street Corp now owns 1,349,037 shares of the transportation company’s stock worth $50,398,000 after purchasing an additional 19,548 shares during the period. Institutional investors own 92.11% of the company’s stock.
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In other news, EVP Marc H. Baer sold 7,562 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $39.72, for a total value of $300,362.64. Following the completion of the sale, the executive vice president now directly owns 132,001 shares in the company, valued at approximately $5,243,079.72. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Jie Chen sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $43.00, for a total value of $430,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,562 shares of company stock valued at $1,342,363. 9.76% of the stock is currently owned by company insiders.
A number of equities research analysts recently commented on AL shares. Morgan Stanley lifted their price objective on Air Lease Corporation from $40.00 to $42.00 in a research note on Tuesday, July 4th. Barclays PLC started coverage on Air Lease Corporation in a research note on Monday, July 10th. They set an “overweight” rating and a $48.00 price objective for the company. BidaskClub raised Air Lease Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, July 11th. Zacks Investment Research raised Air Lease Corporation from a “sell” rating to a “hold” rating in a research note on Monday, July 10th. Finally, Cowen and Company lifted their price objective on Air Lease Corporation from $41.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, August 4th. Four analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $49.75.
Air Lease Corporation (NYSE:AL) traded up 0.41% on Friday, reaching $44.38. The company’s stock had a trading volume of 88,685 shares. Air Lease Corporation has a 52-week low of $28.08 and a 52-week high of $44.59. The stock has a market cap of $4.58 billion, a price-to-earnings ratio of 12.92 and a beta of 1.79. The firm’s 50-day moving average price is $41.10 and its 200-day moving average price is $38.93.
Air Lease Corporation (NYSE:AL) last issued its earnings results on Thursday, August 3rd. The transportation company reported $0.92 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.84 by $0.08. The company had revenue of $380.59 million during the quarter, compared to the consensus estimate of $375.14 million. Air Lease Corporation had a return on equity of 10.99% and a net margin of 25.64%. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period last year, the business posted $1.39 EPS. On average, equities analysts expect that Air Lease Corporation will post $3.46 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, October 6th. Stockholders of record on Wednesday, September 13th were paid a $0.075 dividend. The ex-dividend date was Tuesday, September 12th. This represents a $0.30 annualized dividend and a dividend yield of 0.68%. Air Lease Corporation’s dividend payout ratio is presently 8.70%.
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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