Air Lease Corp Trading Up 4.6% After Earnings Beat (AL)
Air Lease Corp (NYSE:AL)’s share price was up 4.6% during trading on Friday after the company announced better than expected quarterly earnings, AmericanBankingNews.com reports. The stock traded as high as $37.02 and last traded at $36.91, with a volume of 843,090 shares trading hands. The stock had previously closed at $35.30.
The company reported $0.58 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.52 by $0.06. The company had revenue of $256.30 million for the quarter, compared to the consensus estimate of $246.16 million. During the same quarter last year, the company posted $0.41 earnings per share. Air Lease Corp’s revenue was up 23.3% compared to the same quarter last year.
AL has been the subject of a number of recent research reports. Analysts at Zacks downgraded shares of Air Lease Corp from an “outperform” rating to a “neutral” rating in a research note on Friday. They now have a $43.20 price target on the stock. Separately, analysts at RBC Capital upgraded shares of Air Lease Corp from an “outperform” rating to a “top pick” rating in a research note on Monday. They now have a $49.00 price target on the stock. They noted that the move was a valuation call. Finally, analysts at RBC Capital raised their price target on shares of Air Lease Corp from $48.00 to $49.00 in a research note on Friday, July 18th. They now have an “outperform” rating on the stock. Three equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $42.36.
In other Air Lease Corp news, EVP Alex A. Khatibi sold 1,250 shares of Air Lease Corp stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $35.68, for a total value of $44,600.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
The stock has a 50-day moving average of $37.08 and a 200-day moving average of $36.65. The company has a market cap of $3.777 billion and a P/E ratio of 17.75. Air Lease Corp also was the recipient of unusually large options trading activity on Thursday. Stock investors acquired 461 call options on the stock. This represents an increase of approximately 469% compared to the average volume of 81 call options.
Air Lease Corporation is an aircraft leasing company. The Company is principally engaged in purchasing commercial aircraft which the Company, in turn, lease to airlines around the world.
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