Stock Traders Purchase Large Volume of Put Options on Air Lease (AL)
Air Lease Corp (NYSE:AL) was the recipient of some unusual options trading on Tuesday. Stock investors bought 491 put options on the stock. This is an increase of 667% compared to the average daily volume of 64 put options.
A number of research firms have recently issued reports on AL. Macquarie began coverage on Air Lease in a research report on Tuesday. They issued an “outperform” rating for the company. Bank of America raised Air Lease from a “neutral” rating to a “buy” rating and set a $56.00 price objective for the company in a research report on Friday, March 9th. JPMorgan Chase & Co. raised their price objective on Air Lease from $48.00 to $54.50 and gave the company an “overweight” rating in a research report on Tuesday, March 6th. Citigroup reaffirmed a “hold” rating and issued a $49.00 price objective on shares of Air Lease in a research report on Wednesday, February 28th. Finally, Credit Suisse Group reaffirmed an “outperform” rating and issued a $57.00 price objective (up from $55.00) on shares of Air Lease in a research report on Friday, February 23rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $52.05.
Shares of Air Lease (NYSE AL) opened at $43.92 on Wednesday. The firm has a market capitalization of $4,538.63, a P/E ratio of 6.44, a P/E/G ratio of 0.67 and a beta of 1.74. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.00 and a current ratio of 1.00. Air Lease has a fifty-two week low of $34.42 and a fifty-two week high of $50.70.
The company also recently declared a quarterly dividend, which will be paid on Friday, April 6th. Investors of record on Tuesday, March 20th will be issued a dividend of $0.10 per share. The ex-dividend date is Monday, March 19th. This represents a $0.40 annualized dividend and a yield of 0.91%. Air Lease’s payout ratio is currently 5.87%.
In related news, Chairman Steven F. Udvar-Hazy sold 9,150 shares of the stock in a transaction that occurred on Monday, March 5th. The stock was sold at an average price of $43.25, for a total transaction of $395,737.50. Following the completion of the transaction, the chairman now directly owns 926,962 shares of the company’s stock, valued at $40,091,106.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kishore Korde sold 2,000 shares of the stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $44.99, for a total value of $89,980.00. Following the transaction, the executive vice president now directly owns 82,410 shares of the company’s stock, valued at $3,707,625.90. The disclosure for this sale can be found here. Insiders have sold 50,714 shares of company stock valued at $2,279,605 over the last three months. Insiders own 9.76% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in Air Lease by 1.0% during the 4th quarter. BlackRock Inc. now owns 3,969,721 shares of the transportation company’s stock worth $190,905,000 after acquiring an additional 40,270 shares during the period. Bamco Inc. NY increased its stake in Air Lease by 3.1% during the 3rd quarter. Bamco Inc. NY now owns 2,369,082 shares of the transportation company’s stock worth $100,970,000 after acquiring an additional 70,200 shares during the period. Royce & Associates LP increased its stake in Air Lease by 0.3% during the 3rd quarter. Royce & Associates LP now owns 1,382,300 shares of the transportation company’s stock worth $58,914,000 after acquiring an additional 4,500 shares during the period. Capital Counsel LLC NY increased its stake in Air Lease by 0.4% during the 4th quarter. Capital Counsel LLC NY now owns 628,550 shares of the transportation company’s stock worth $30,227,000 after acquiring an additional 2,800 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Air Lease by 0.4% during the 4th quarter. Bank of New York Mellon Corp now owns 561,650 shares of the transportation company’s stock worth $27,011,000 after acquiring an additional 2,134 shares during the period. 90.32% of the stock is owned by institutional investors and hedge funds.
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About Air Lease
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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