Reinhart Partners LLC. Trims Stake in Air Lease Corporation $AL

Reinhart Partners LLC. lessened its position in Air Lease Corporation (NYSE:AL) by 37.3% in the 3rd quarter, Holdings Channel.com reports. The fund owned 679,191 shares of the transportation company’s stock after selling 403,669 shares during the period. Reinhart Partners LLC.’s holdings in Air Lease were worth $43,231,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC lifted its holdings in shares of Air Lease by 7.9% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 3,619,226 shares of the transportation company’s stock worth $211,797,000 after buying an additional 265,423 shares during the period. State Street Corp raised its holdings in shares of Air Lease by 0.8% in the second quarter. State Street Corp now owns 3,459,048 shares of the transportation company’s stock valued at $203,084,000 after acquiring an additional 28,227 shares in the last quarter. Bank of America Corp DE lifted its stake in Air Lease by 4.1% in the second quarter. Bank of America Corp DE now owns 1,235,262 shares of the transportation company’s stock worth $72,250,000 after acquiring an additional 48,413 shares during the period. Norges Bank bought a new position in Air Lease during the 2nd quarter worth about $71,910,000. Finally, Gagnon Securities LLC increased its position in Air Lease by 0.7% during the 2nd quarter. Gagnon Securities LLC now owns 736,437 shares of the transportation company’s stock valued at $43,074,000 after purchasing an additional 5,354 shares during the period. 94.59% of the stock is currently owned by institutional investors.

Air Lease Stock Down 0.0%

Shares of Air Lease stock opened at $64.32 on Friday. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 2.42. The company has a market cap of $7.19 billion, a P/E ratio of 7.45, a PEG ratio of 0.56 and a beta of 1.15. The firm’s 50 day moving average price is $64.06 and its 200-day moving average price is $62.00. Air Lease Corporation has a 52-week low of $38.25 and a 52-week high of $64.40.

Air Lease (NYSE:AL) last posted its earnings results on Monday, November 3rd. The transportation company reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.13. Air Lease had a net margin of 35.08% and a return on equity of 7.84%. The company had revenue of $725.39 million during the quarter, compared to analysts’ expectations of $744.59 million. During the same quarter in the prior year, the company posted $0.82 earnings per share. Air Lease’s revenue for the quarter was up 5.1% compared to the same quarter last year. On average, sell-side analysts predict that Air Lease Corporation will post 5.16 EPS for the current fiscal year.

Air Lease Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Thursday, December 4th were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.4%. The ex-dividend date was Thursday, December 4th. Air Lease’s payout ratio is 10.20%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Barclays reaffirmed an “equal weight” rating and issued a $65.00 price target (down previously from $68.00) on shares of Air Lease in a research report on Tuesday, January 6th. Weiss Ratings restated a “buy (b)” rating on shares of Air Lease in a report on Wednesday, October 8th. Finally, Zacks Research raised Air Lease from a “strong sell” rating to a “hold” rating in a research report on Monday, January 5th. Three investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Air Lease has a consensus rating of “Hold” and an average target price of $59.17.

Insiders Place Their Bets

In other Air Lease news, EVP Kishore Korde sold 30,160 shares of the firm’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $63.90, for a total value of $1,927,224.00. Following the completion of the sale, the executive vice president owned 79,263 shares of the company’s stock, valued at approximately $5,064,905.70. This trade represents a 27.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John L. Plueger sold 155,821 shares of the business’s stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $64.03, for a total value of $9,977,218.63. Following the sale, the chief executive officer owned 725,941 shares in the company, valued at $46,482,002.23. The trade was a 17.67% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 760,593 shares of company stock valued at $48,668,588. 6.64% of the stock is currently owned by corporate insiders.

About Air Lease

Air Lease Corporation (NYSE: AL) is a leading aircraft leasing company that acquires commercial jet aircraft and leases them to airlines worldwide. The firm’s core business activities include direct aircraft acquisition, lease management and portfolio remarketing. By structuring sale?and?leaseback transactions, operating leases and secured loans, Air Lease provides flexible financing solutions that enable carriers to modernize their fleets without committing large amounts of capital to ownership.

Founded in 2010 and headquartered in Los Angeles, Air Lease Corporation serves a diverse customer base spanning North America, Europe, Asia, Latin America and the Middle East.