Air Lease (NYSE:AL) Lowered to Sell at Zacks Investment Research

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Zacks Investment Research lowered shares of Air Lease (NYSE:AL) from a hold rating to a sell rating in a research note issued to investors on Friday, Zacks.com reports. Zacks Investment Research currently has $43.00 target price on the transportation company’s stock.

According to Zacks, “Shares of Air Lease have outperformed its industry on a year-to-date basis. Demand for the company's aircraft remains strong with passenger traffic rising. The robust aircraft repalcement market is another positive as Air Lease primarily focuses on this business. We are also impressed by the company's efforts to upgrade its fleet. The company's efforts to reward its shareholders are also commendable. Its strong cash flow is anticipated to support such shareholder-friendly measures going forward. However, the company's high operating expenses are concerning. Delivery delays from Airbus and Boeing are added concerns. We expect high costs to hurt its second-quarter 2019 results, scheduled to be revealed on Aug 8. Due to the delays Air Lease lowered its 2019 estimate for aircraft investments to $5.8 billion from $6.5 billion.”

Several other analysts have also commented on AL. ValuEngine lowered Air Lease from a hold rating to a sell rating in a report on Thursday, August 1st. Goldman Sachs Group began coverage on Air Lease in a research report on Monday, April 8th. They set a buy rating and a $52.00 price target on the stock. Two analysts have rated the stock with a sell rating, two have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus price target of $55.78.

Air Lease stock opened at $38.36 on Friday. The firm has a market capitalization of $4.29 billion, a price-to-earnings ratio of 8.34, a price-to-earnings-growth ratio of 1.13 and a beta of 1.95. Air Lease has a 52 week low of $28.13 and a 52 week high of $47.34. The business’s 50-day moving average is $40.96. The company has a debt-to-equity ratio of 2.29, a quick ratio of 0.81 and a current ratio of 0.81.

Air Lease (NYSE:AL) last posted its earnings results on Thursday, May 9th. The transportation company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.22 by $0.01. The firm had revenue of $466.00 million for the quarter, compared to analyst estimates of $456.91 million. Air Lease had a return on equity of 11.45% and a net margin of 30.50%. Air Lease’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same period last year, the company earned $1.38 earnings per share. On average, sell-side analysts anticipate that Air Lease will post 5.37 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 11th. Shareholders of record on Wednesday, June 5th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Tuesday, June 4th. This represents a $0.52 dividend on an annualized basis and a yield of 1.36%. Air Lease’s dividend payout ratio is currently 11.30%.

In other Air Lease news, CEO John L. Plueger sold 50,671 shares of the stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $38.59, for a total transaction of $1,955,393.89. Following the transaction, the chief executive officer now owns 914,145 shares in the company, valued at $35,276,855.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Marc H. Baer sold 130,000 shares of the stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $36.80, for a total value of $4,784,000.00. Following the transaction, the executive vice president now owns 275,008 shares in the company, valued at approximately $10,120,294.40. The disclosure for this sale can be found here. Insiders have sold 576,477 shares of company stock worth $21,843,351 in the last quarter. 8.76% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sageworth Trust Co purchased a new position in shares of Air Lease in the first quarter valued at approximately $26,000. Permanens Capital L.P. purchased a new position in shares of Air Lease in the first quarter valued at approximately $26,000. Parallel Advisors LLC lifted its position in shares of Air Lease by 1,196.6% in the second quarter. Parallel Advisors LLC now owns 765 shares of the transportation company’s stock valued at $32,000 after acquiring an additional 706 shares in the last quarter. Osborn Williams & Donohoe LLC purchased a new position in shares of Air Lease in the first quarter valued at approximately $38,000. Finally, SeaBridge Investment Advisors LLC lifted its position in shares of Air Lease by 50.0% in the second quarter. SeaBridge Investment Advisors LLC now owns 1,500 shares of the transportation company’s stock valued at $62,000 after acquiring an additional 500 shares in the last quarter. Institutional investors and hedge funds own 85.54% of the company’s stock.

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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