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

Air Lease Co. (NYSE:AL) shares gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. 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.

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

Air Lease Dividend Announcement

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

Analysts Set New Price Targets

Several brokerages recently commented on AL. Barclays increased their price objective on shares of Air Lease from $48.00 to $55.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. StockNews.com lowered shares of Air Lease from a “buy” rating to a “hold” rating in a research note on Friday, March 29th. TD Cowen lowered their price target on shares of Air Lease from $59.00 to $56.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, BMO Capital Markets lifted their price objective on Air Lease from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $53.80.

Insider Buying and Selling

In other Air Lease news, EVP Alex A. Khatibi sold 11,198 shares of Air Lease stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $43.11, for a total value of $482,745.78. Following the completion of the transaction, the executive vice president now owns 87,499 shares of the company’s stock, valued at $3,772,081.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Air Lease news, EVP Alex A. Khatibi sold 11,198 shares of the stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $43.11, for a total transaction of $482,745.78. Following the transaction, the executive vice president now owns 87,499 shares in the company, valued at $3,772,081.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Alex A. Khatibi sold 11,199 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $47.37, for a total value of $530,496.63. Following the completion of the sale, the executive vice president now owns 76,300 shares of the company’s stock, valued at $3,614,331. The disclosure for this sale can be found here. Over the last three months, insiders have sold 89,646 shares of company stock valued at $3,705,152. Corporate insiders own 6.64% of the company’s stock.

Hedge Funds Weigh In On Air Lease

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AL. Mather Group LLC. purchased a new stake in shares of Air Lease during the first quarter worth approximately $31,000. Neo Ivy Capital Management acquired a new stake in shares of Air Lease in the third quarter valued at about $40,000. Quantbot Technologies LP purchased a new position in shares of Air Lease in the third quarter worth about $48,000. Hexagon Capital Partners LLC grew its stake in Air Lease by 1,341.4% during the 4th quarter. Hexagon Capital Partners LLC now owns 1,254 shares of the transportation company’s stock valued at $53,000 after acquiring an additional 1,167 shares in the last quarter. Finally, Principal Securities Inc. acquired a new stake in Air Lease in the 4th quarter valued at about $77,000. 94.59% of the stock is owned by hedge funds and other institutional investors.

Air Lease Price Performance

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

About Air Lease

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.