Underhill Investment Management LLC decreased its stake in shares of Air Lease Corp. (NYSE:AL) by 2.3% during the second quarter, Holdings Channel reports. The firm owned 512,450 shares of the company’s stock after selling 12,000 shares during the period. Air Lease Corp. comprises approximately 7.4% of Underhill Investment Management LLC’s portfolio, making the stock its 6th largest position. Underhill Investment Management LLC’s holdings in Air Lease Corp. were worth $13,723,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in the stock. AMP Capital Investors Ltd acquired a new position in shares of Air Lease Corp. during the first quarter worth about $3,239,000. Geode Capital Management LLC boosted its position in shares of Air Lease Corp. by 3.2% in the first quarter. Geode Capital Management LLC now owns 581,848 shares of the company’s stock worth $18,688,000 after buying an additional 17,844 shares during the last quarter. Baker Avenue Asset Management LP acquired a new position in shares of Air Lease Corp. during the first quarter worth about $389,000. Quadrature Capital Ltd boosted its position in shares of Air Lease Corp. by 0.9% in the first quarter. Quadrature Capital Ltd now owns 14,900 shares of the company’s stock worth $479,000 after buying an additional 130 shares during the last quarter. Finally, State Street Corp boosted its position in shares of Air Lease Corp. by 1.9% in the first quarter. State Street Corp now owns 1,094,692 shares of the company’s stock worth $35,160,000 after buying an additional 20,554 shares during the last quarter. 91.53% of the stock is currently owned by institutional investors and hedge funds.
Shares of Air Lease Corp. (NYSE:AL) traded up 0.69% during midday trading on Tuesday, hitting $27.55. 956,008 shares of the company were exchanged. The firm’s 50 day moving average price is $28.40 and its 200 day moving average price is $29.36. The firm has a market capitalization of $2.83 billion, a price-to-earnings ratio of 8.75 and a beta of 1.63. Air Lease Corp. has a one year low of $22.47 and a one year high of $35.22.
Air Lease Corp. (NYSE:AL) last posted its earnings results on Thursday, August 4th. The company reported $0.84 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.02. Air Lease Corp. had a net margin of 25.70% and a return on equity of 14.72%. The firm had revenue of $350.10 million for the quarter, compared to analyst estimates of $349.19 million. During the same period in the previous year, the firm posted $0.70 EPS. The company’s revenue for the quarter was up 14.9% compared to the same quarter last year. Analysts forecast that Air Lease Corp. will post $3.39 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 6th. Shareholders of record on Monday, September 12th will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.73%. The ex-dividend date is Thursday, September 8th. Air Lease Corp.’s payout ratio is 6.37%.
A number of equities analysts have issued reports on AL shares. FBR & Co reaffirmed a “buy” rating and issued a $35.00 price objective on shares of Air Lease Corp. in a research note on Monday, September 19th. Zacks Investment Research upgraded shares of Air Lease Corp. from a “hold” rating to a “buy” rating and set a $30.00 target price on the stock in a report on Wednesday, June 29th. Finally, TheStreet lowered shares of Air Lease Corp. from a “buy” rating to a “hold” rating in a report on Monday, June 13th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Air Lease Corp. currently has an average rating of “Buy” and an average target price of $44.44.
About Air Lease Corp.
Air Lease Corporation is an aircraft leasing company. The Company is principally engaged in purchasing new commercial jet transport aircraft directly from aircraft manufacturers, such as The Boeing Company (Boeing) and Airbus SAS. (Airbus), and leasing those aircraft to airlines across the world. Along with its leasing activities, the Company sells aircraft from its operating lease portfolio to third parties, including other leasing companies, financial services companies and airlines.
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