Air Lease (NYSE:AL) released its quarterly earnings data on Thursday. The transportation company reported $1.32 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.23 by $0.09, Morningstar.com reports. Air Lease had a return on equity of 10.85% and a net margin of 51.22%. The company had revenue of $450.70 million during the quarter, compared to analysts’ expectations of $443.01 million. During the same period last year, the firm posted $1.50 earnings per share. The business’s revenue was up 19.6% on a year-over-year basis.
AL traded up $0.54 during midday trading on Friday, reaching $40.32. 58,978 shares of the company were exchanged, compared to its average volume of 890,070. The company has a debt-to-equity ratio of 2.53, a quick ratio of 0.85 and a current ratio of 0.85. The firm has a market capitalization of $4.15 billion, a P/E ratio of 11.05, a P/E/G ratio of 1.05 and a beta of 1.85. Air Lease has a one year low of $36.46 and a one year high of $50.70.
A number of brokerages have recently weighed in on AL. ValuEngine upgraded Air Lease from a “sell” rating to a “hold” rating in a research note on Tuesday, October 2nd. Citigroup boosted their target price on Air Lease from $49.00 to $50.00 and gave the company a “neutral” rating in a research report on Wednesday, August 15th. Seaport Global Securities initiated coverage on Air Lease in a report on Wednesday, October 10th. They set a “buy” rating for the company. Compass Point reissued a “buy” rating and set a $58.00 price objective on shares of Air Lease in a report on Sunday, August 12th. Finally, Royal Bank of Canada boosted their price objective on Air Lease from $91.00 to $93.00 and gave the stock a “top pick” rating in a report on Friday, August 10th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Air Lease has a consensus rating of “Hold” and a consensus price target of $55.85.
Several hedge funds and other institutional investors have recently made changes to their positions in AL. Envestnet Asset Management Inc. lifted its stake in Air Lease by 224.2% in the second quarter. Envestnet Asset Management Inc. now owns 3,618 shares of the transportation company’s stock valued at $153,000 after purchasing an additional 2,502 shares during the last quarter. Meadow Creek Investment Management LLC purchased a new position in Air Lease in the second quarter valued at approximately $173,000. Trilogy Capital Inc. purchased a new position in Air Lease in the third quarter valued at approximately $215,000. Glen Harbor Capital Management LLC purchased a new position in Air Lease in the second quarter valued at approximately $210,000. Finally, Paloma Partners Management Co purchased a new position in Air Lease in the second quarter valued at approximately $222,000. Hedge funds and other institutional investors own 86.41% of the company’s stock.
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Air Lease Company Profile
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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