Air Lease Corporation $AL Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D cut its stake in shares of Air Lease Corporation (NYSE:AL) by 14.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 35,058 shares of the transportation company’s stock after selling 5,694 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Air Lease were worth $2,051,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in AL. Brooklyn Investment Group grew its stake in shares of Air Lease by 152.4% during the 1st quarter. Brooklyn Investment Group now owns 588 shares of the transportation company’s stock worth $28,000 after purchasing an additional 355 shares during the period. Geneos Wealth Management Inc. grew its stake in Air Lease by 264.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 892 shares of the transportation company’s stock valued at $43,000 after acquiring an additional 647 shares during the last quarter. SVB Wealth LLC acquired a new stake in Air Lease in the 1st quarter valued at about $52,000. Hilltop National Bank acquired a new stake in Air Lease in the 2nd quarter valued at about $127,000. Finally, Archer Investment Corp acquired a new stake in Air Lease in the 1st quarter valued at about $147,000. 94.59% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on AL shares. Cowen cut shares of Air Lease from a “buy” rating to a “hold” rating in a research note on Wednesday, September 3rd. TD Cowen cut shares of Air Lease from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 3rd. Deutsche Bank Aktiengesellschaft cut shares of Air Lease from a “buy” rating to a “hold” rating and set a $65.00 price objective on the stock. in a research note on Wednesday, September 3rd. Weiss Ratings reissued a “buy (b)” rating on shares of Air Lease in a research note on Wednesday, October 8th. Finally, Barclays reissued an “overweight” rating and issued a $67.00 price objective (up from $56.00) on shares of Air Lease in a research note on Thursday, July 10th. Five investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $60.29.

Insider Activity

In other news, EVP Grant A. Levy sold 5,000 shares of the stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $63.57, for a total transaction of $317,850.00. Following the transaction, the executive vice president directly owned 141,316 shares in the company, valued at $8,983,458.12. This represents a 3.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP David Beker sold 5,000 shares of the stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $63.53, for a total transaction of $317,650.00. Following the transaction, the executive vice president owned 13,970 shares in the company, valued at approximately $887,514.10. The trade was a 26.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 12,000 shares of company stock worth $746,380 over the last ninety days. 6.64% of the stock is owned by corporate insiders.

Air Lease Price Performance

Air Lease stock opened at $63.72 on Thursday. Air Lease Corporation has a 12-month low of $38.25 and a 12-month high of $64.30. The stock has a market capitalization of $7.12 billion, a P/E ratio of 7.73, a P/E/G ratio of 0.66 and a beta of 1.37. The firm’s 50-day moving average is $63.04 and its two-hundred day moving average is $57.81. The company has a debt-to-equity ratio of 2.47, a current ratio of 0.42 and a quick ratio of 0.42.

Air Lease (NYSE:AL) last released its quarterly earnings results on Monday, August 4th. The transportation company reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.07. Air Lease had a net margin of 34.04% and a return on equity of 7.99%. The company had revenue of $731.70 million for the quarter, compared to analysts’ expectations of $723.35 million. During the same period last year, the company earned $1.23 EPS. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year. Equities analysts predict that Air Lease Corporation will post 5.16 earnings per share for the current year.

Air Lease 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.