Zacks Investment Research downgraded shares of Air Lease (NYSE:AL) from a hold rating to a sell rating in a research note released on Monday, August 6th.
According to Zacks, “Shares of Air Lease have underperformed its industry in a year. The company has been struggling with global supply chain and production constraints causing delays in aircraft delivery. Also, the rise in interest rates, labor and fuel pricesdo not bode well for the company as it may affect its customer base. The company's high debt levels are another cause for concern. The negativity revolving around the stock is evident from the Zacks Consensus Estimate for second-quarter earnings being revised downward 2.7% in the last 60 days. Detailed results will be available on Aug 9. However, the company's fleet expansion initiatives are encouraging. The company's endeavors to reward its shareholders thorugh dividend payments are impressive as well. “
Several other equities research analysts have also recently issued reports on the stock. ValuEngine cut shares of Air Lease from a buy rating to a hold rating in a report on Wednesday, May 23rd. Morgan Stanley increased their price target on shares of Air Lease from $47.00 to $48.00 and gave the stock an equal weight rating in a research report on Thursday, April 12th. Two analysts have rated the stock with a sell rating, three have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Air Lease has an average rating of Buy and an average target price of $55.85.
Air Lease (NYSE:AL) last posted its quarterly earnings results on Thursday, August 9th. The transportation company reported $1.04 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.04. Air Lease had a net margin of 51.22% and a return on equity of 10.85%. The firm had revenue of $397.80 million for the quarter, compared to analysts’ expectations of $400.11 million. During the same quarter in the prior year, the company posted $1.51 earnings per share. The business’s revenue for the quarter was up 4.4% on a year-over-year basis. analysts forecast that Air Lease will post 4.49 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 5th. Shareholders of record on Friday, September 14th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $0.40 dividend on an annualized basis and a yield of 0.87%. Air Lease’s dividend payout ratio is currently 10.96%.
In related news, EVP John D. Poerschke sold 6,000 shares of Air Lease stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $46.90, for a total transaction of $281,400.00. Following the completion of the transaction, the executive vice president now directly owns 51,500 shares of the company’s stock, valued at approximately $2,415,350. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Grant A. Levy sold 27,000 shares of Air Lease stock in a transaction dated Tuesday, June 12th. The stock was sold at an average price of $45.05, for a total transaction of $1,216,350.00. Following the transaction, the executive vice president now directly owns 195,399 shares of the company’s stock, valued at $8,802,724.95. The disclosure for this sale can be found here. Over the last quarter, insiders sold 60,144 shares of company stock worth $2,733,787. 9.32% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in AL. Advisors Asset Management Inc. raised its stake in shares of Air Lease by 1,105.1% during the 2nd quarter. Advisors Asset Management Inc. now owns 37,552 shares of the transportation company’s stock worth $100,000 after acquiring an additional 34,436 shares in the last quarter. Envestnet Asset Management Inc. grew its position in Air Lease by 224.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 3,618 shares of the transportation company’s stock worth $153,000 after purchasing an additional 2,502 shares during the last quarter. Meadow Creek Investment Management LLC purchased a new stake in Air Lease during the 2nd quarter worth approximately $173,000. Glen Harbor Capital Management LLC purchased a new stake in Air Lease during the 2nd quarter worth approximately $210,000. Finally, Paloma Partners Management Co purchased a new stake in Air Lease during the 2nd quarter worth approximately $222,000. 86.65% of the stock is owned by institutional investors.
About Air Lease
Air Lease Corporation, an aircraft leasing company, engages in the purchase and leasing of commercial jet transport aircraft to airlines worldwide. The company also sells aircraft from its operating lease portfolio to third parties, including other leasing companies, financial services companies, and airlines.
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