Air Lease (NYSE:AL) Shares Gap Down After Earnings Miss

Air Lease Co. (NYSE:AL)’s share price gapped down before the market opened on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $51.55, but opened at $47.01. Air Lease shares last traded at $46.24, with a volume of 414,221 shares changing hands.

The transportation company reported $0.87 earnings per share for the quarter, missing the consensus estimate of $1.41 by ($0.54). Air Lease had a return on equity of 8.87% and a net margin of 22.89%. The company had revenue of $663.31 million during the quarter, compared to the consensus estimate of $677.26 million. During the same period in the previous year, the firm posted $1.06 EPS. Air Lease’s revenue for the quarter was up 4.3% on a year-over-year basis.

Air Lease Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 8th. Shareholders of record on Tuesday, June 4th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date is Tuesday, June 4th. Air Lease’s dividend payout ratio is presently 16.31%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on AL shares. BMO Capital Markets boosted their price target on Air Lease from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Tuesday, February 20th. Barclays boosted their target price on shares of Air Lease from $48.00 to $55.00 and gave the company an “overweight” rating in a research note on Tuesday, April 16th. TD Cowen reduced their price target on shares of Air Lease from $59.00 to $56.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, StockNews.com downgraded shares of Air Lease from a “buy” rating to a “hold” rating in a research report on Friday, March 29th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $53.80.

Insiders Place Their Bets

In other Air Lease news, EVP Carol Hyland Forsyte sold 3,046 shares of the business’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $40.02, for a total transaction of $121,900.92. Following the completion of the transaction, the executive vice president now directly owns 72,073 shares of the company’s stock, valued at approximately $2,884,361.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Carol Hyland Forsyte sold 3,046 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $40.02, for a total value of $121,900.92. Following the sale, the executive vice president now directly owns 72,073 shares in the company, valued at approximately $2,884,361.46. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO John L. Plueger sold 28,515 shares of the business’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $40.06, for a total value of $1,142,310.90. Following the transaction, the chief executive officer now owns 808,842 shares of the company’s stock, valued at approximately $32,402,210.52. The disclosure for this sale can be found here. Insiders have sold 89,646 shares of company stock valued at $3,705,152 over the last three months. Company insiders own 6.64% of the company’s stock.

Hedge Funds Weigh In On Air Lease

Several large investors have recently bought and sold shares of the stock. GSA Capital Partners LLP lifted its holdings in shares of Air Lease by 1.2% in the first quarter. GSA Capital Partners LLP now owns 18,776 shares of the transportation company’s stock valued at $966,000 after buying an additional 217 shares during the period. Janney Capital Management LLC lifted its holdings in Air Lease by 2.8% in the 3rd quarter. Janney Capital Management LLC now owns 10,343 shares of the transportation company’s stock valued at $408,000 after acquiring an additional 281 shares during the last quarter. J.P. Morgan Private Wealth Advisors LLC boosted its position in shares of Air Lease by 0.6% during the 3rd quarter. J.P. Morgan Private Wealth Advisors LLC now owns 50,266 shares of the transportation company’s stock valued at $1,981,000 after purchasing an additional 290 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its stake in shares of Air Lease by 1.4% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 21,757 shares of the transportation company’s stock worth $1,119,000 after purchasing an additional 291 shares during the last quarter. Finally, Neo Ivy Capital Management raised its holdings in shares of Air Lease by 32.4% in the 4th quarter. Neo Ivy Capital Management now owns 1,350 shares of the transportation company’s stock worth $57,000 after purchasing an additional 330 shares in the last quarter. Institutional investors and hedge funds own 94.59% of the company’s stock.

Air Lease Trading Up 2.5 %

The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 2.68. The firm has a market capitalization of $5.45 billion, a price-to-earnings ratio of 9.51, a price-to-earnings-growth ratio of 0.64 and a beta of 1.63. The firm’s 50 day moving average is $48.28 and its 200 day moving average is $42.66.

Air Lease Company Profile

Air Lease Corporation, an aircraft leasing company, engages in the purchase and leasing of commercial jet aircraft to airlines worldwide. It sells aircraft from its fleet to third parties, including other leasing companies, financial services companies, airlines, and other investors. The company provides fleet management services to investors and owners of aircraft portfolios.