Gabelli Funds LLC Makes New $7.47 Million Investment in Air Lease Corporation $AL

Gabelli Funds LLC acquired a new position in shares of Air Lease Corporation (NYSE:AL) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 127,769 shares of the transportation company’s stock, valued at approximately $7,473,000. Gabelli Funds LLC owned approximately 0.11% of Air Lease as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Dimensional Fund Advisors LP raised its position in Air Lease by 0.5% during the first quarter. Dimensional Fund Advisors LP now owns 6,592,510 shares of the transportation company’s stock worth $318,479,000 after acquiring an additional 31,274 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Air Lease by 1.3% in the 1st quarter. Wellington Management Group LLP now owns 5,453,859 shares of the transportation company’s stock valued at $263,476,000 after acquiring an additional 69,629 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Air Lease by 1.2% during the 1st quarter. JPMorgan Chase & Co. now owns 5,025,421 shares of the transportation company’s stock worth $242,778,000 after purchasing an additional 60,216 shares during the last quarter. Allspring Global Investments Holdings LLC raised 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 valued at $211,797,000 after purchasing an additional 265,423 shares during the period. Finally, American Century Companies Inc. raised its holdings in shares of Air Lease by 10.4% in the 1st quarter. American Century Companies Inc. now owns 3,563,297 shares of the transportation company’s stock valued at $172,143,000 after purchasing an additional 336,376 shares during the period. 94.59% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director Matthew J. Hart sold 19,627 shares of the business’s stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $63.78, for a total value of $1,251,810.06. Following the completion of the transaction, the director directly owned 40,587 shares in the company, valued at approximately $2,588,638.86. The trade was a 32.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Gregory B. Willis sold 23,481 shares of the company’s stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $63.83, for a total transaction of $1,498,792.23. Following the sale, the chief financial officer directly owned 56,408 shares of the company’s stock, valued at approximately $3,600,522.64. This trade represents a 29.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 330,168 shares of company stock worth $21,099,874 in the last ninety days. 6.80% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on AL shares. TD Cowen downgraded Air Lease from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 3rd. Deutsche Bank Aktiengesellschaft lowered Air Lease from a “buy” rating to a “hold” rating and set a $65.00 target price on the stock. in a report on Wednesday, September 3rd. Zacks Research cut shares of Air Lease from a “hold” rating to a “strong sell” rating in a research report on Wednesday, November 5th. Cowen lowered shares of Air Lease from a “buy” rating to a “hold” rating in a research report on Wednesday, September 3rd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Air Lease in a report on Wednesday, October 8th. Four equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Air Lease currently has an average rating of “Hold” and an average target price of $59.50.

Air Lease Stock Down 0.2%

Shares of AL opened at $63.99 on Wednesday. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 2.42. Air Lease Corporation has a 12 month low of $38.25 and a 12 month high of $64.30. The firm’s 50 day moving average is $63.76 and its 200-day moving average is $60.71. The stock has a market capitalization of $7.15 billion, a PE ratio of 7.41 and a beta of 1.19.

Air Lease (NYSE:AL) last issued its quarterly earnings results on Monday, November 3rd. The transportation company reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.13. Air Lease had a return on equity of 7.84% and a net margin of 35.08%.The business had revenue of $725.39 million for the quarter, compared to the consensus estimate of $744.59 million. During the same quarter in the prior year, the business posted $0.82 earnings per share. The firm’s quarterly revenue was up 5.1% compared to the same quarter last year. Equities research analysts forecast that Air Lease Corporation will post 5.16 EPS for the current year.

Air Lease Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 8th. Investors of record on Thursday, December 4th will be given a $0.22 dividend. The ex-dividend date is Thursday, December 4th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.4%. Air Lease’s dividend payout ratio (DPR) is presently 10.20%.

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.