Envestnet Asset Management Inc. Cuts Stake in Air Lease Corporation $AL

Envestnet Asset Management Inc. decreased its position in Air Lease Corporation (NYSE:AL) by 14.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 646,327 shares of the transportation company’s stock after selling 110,363 shares during the period. Envestnet Asset Management Inc. owned about 0.58% of Air Lease worth $41,139,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. State Street Corp increased its position in Air Lease by 0.8% during the 2nd quarter. State Street Corp now owns 3,459,048 shares of the transportation company’s stock worth $203,084,000 after purchasing an additional 28,227 shares during the period. Bank of America Corp DE grew its holdings in Air Lease by 4.1% during 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 purchased a new position in Air Lease in the second quarter worth $71,910,000. Boston Partners raised its position in Air Lease by 104.4% in the second quarter. Boston Partners now owns 648,679 shares of the transportation company’s stock worth $37,938,000 after acquiring an additional 331,291 shares in the last quarter. Finally, Sei Investments Co. lifted its holdings in Air Lease by 26.8% in the second quarter. Sei Investments Co. now owns 492,151 shares of the transportation company’s stock valued at $28,786,000 after acquiring an additional 104,085 shares during the period. 94.59% of the stock is owned by hedge funds and other institutional investors.

Air Lease Trading Up 0.1%

Shares of Air Lease stock opened at $64.66 on Wednesday. Air Lease Corporation has a 1 year low of $38.25 and a 1 year high of $64.71. The company has a debt-to-equity ratio of 2.42, a current ratio of 0.43 and a quick ratio of 0.43. The business has a 50 day moving average price of $64.28 and a 200 day moving average price of $62.78. The company has a market capitalization of $7.23 billion, a P/E ratio of 7.49, a P/E/G ratio of 0.56 and a beta of 1.13.

Analysts Set New Price Targets

AL has been the subject of a number of research analyst reports. Barclays reiterated an “equal weight” rating and issued a $65.00 price target (down previously from $68.00) on shares of Air Lease in a report on Tuesday, January 6th. Zacks Research raised shares of Air Lease from a “strong sell” rating to a “hold” rating in a report on Monday, January 5th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Air Lease in a research note on Wednesday, January 21st. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $59.17.

Insider Activity at Air Lease

In related news, EVP Grant A. Levy sold 1,000 shares of Air Lease stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $64.30, for a total transaction of $64,300.00. Following the completion of the sale, the executive vice president owned 137,206 shares in the company, valued at approximately $8,822,345.80. This trade represents a 0.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Steven F. Udvar-Hazy sold 19,000 shares of the company’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $64.12, for a total transaction of $1,218,280.00. Following the completion of the transaction, the director owned 1,391,366 shares in the company, valued at approximately $89,214,387.92. This trade represents a 1.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 692,185 shares of company stock valued at $44,301,155 over the last quarter. Insiders own 6.80% of the company’s stock.

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.