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

Air Lease Co. (NYSE:AL)’s stock price gapped down before the market opened on Tuesday following a dissappointing 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 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.43). The firm had revenue of $663.31 million during the quarter, compared to analysts’ expectations of $677.26 million. Air Lease had a return on equity of 8.87% and a net margin of 22.89%. The company’s revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the company posted $1.06 earnings per share.

Air Lease Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 8th. Investors of record on Tuesday, June 4th will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.76%. The ex-dividend date of this dividend is Tuesday, June 4th. Air Lease’s dividend payout ratio is currently 16.31%.

Analyst Upgrades and Downgrades

AL has been the topic of several research analyst reports. Barclays boosted their price objective on 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 downgraded Air Lease from a “buy” rating to a “hold” rating in a research note on Friday, March 29th. TD Cowen reduced their price objective 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, BMO Capital Markets upped their target price on shares of Air Lease from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 20th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Air Lease presently has a consensus rating of “Moderate Buy” and an average price target of $53.80.

Insider Buying and Selling at Air Lease

In related news, EVP Alex A. Khatibi sold 11,199 shares of the business’s stock in a transaction 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 sale, the executive vice president now owns 76,300 shares in the company, valued at $3,614,331. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Alex A. Khatibi sold 11,199 shares of the stock in a transaction dated 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 transaction, the executive vice president now owns 76,300 shares of the company’s stock, valued at approximately $3,614,331. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO John L. Plueger sold 19,095 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $40.27, for a total value of $768,955.65. Following the sale, the chief executive officer now directly owns 859,153 shares in the company, valued at $34,598,091.31. The disclosure for this sale can be found here. Insiders sold 89,646 shares of company stock worth $3,705,152 in the last quarter. 6.64% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Mather Group LLC. bought a new position in shares of Air Lease during the first quarter valued at approximately $31,000. Neo Ivy Capital Management purchased a new position in Air Lease during the 3rd quarter valued at $40,000. Quantbot Technologies LP bought a new position in Air Lease in the 3rd quarter valued at $48,000. Hexagon Capital Partners LLC increased its stake in Air Lease by 1,341.4% in the fourth quarter. Hexagon Capital Partners LLC now owns 1,254 shares of the transportation company’s stock worth $53,000 after purchasing an additional 1,167 shares during the period. Finally, Principal Securities Inc. bought a new stake in shares of Air Lease during the fourth quarter worth $77,000. 94.59% of the stock is owned by hedge funds and other institutional investors.

Air Lease Price Performance

The stock has a market capitalization of $5.32 billion, a PE ratio of 9.28, a price-to-earnings-growth ratio of 0.64 and a beta of 1.63. The stock’s 50 day moving average price is $48.09 and its 200-day moving average price is $42.61. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 2.68.

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.