Neo Ivy Capital Management Takes $1.35 Million Position in Air Lease Corporation (NYSE:AL)

Key Points

• Neo Ivy Capital Management has acquired 27,874 shares of Air Lease Corporation, valued at approximately $1,347,000, as indicated in their latest 13F filing.
• Air Lease recently reported $1.51 earnings per share (EPS) for the quarter, exceeding analysts' expectations of $1.24 by $0.27.
• Analysts have set a new price target for Air Lease, with Barclays increasing its target to $67.00 and Citigroup raising it to $68.00, reflecting positive sentiment towards the stock.

Neo Ivy Capital Management bought a new stake in Air Lease Corporation (NYSE:AL - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 27,874 shares of the transportation company's stock, valued at approximately $1,347,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AL. Alpine Bank Wealth Management purchased a new position in Air Lease in the first quarter valued at $25,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Air Lease during the fourth quarter worth about $28,000. Engine Capital Management LP acquired a new stake in shares of Air Lease during the fourth quarter worth about $36,000. Versant Capital Management Inc increased its position in shares of Air Lease by 88.1% during the first quarter. Versant Capital Management Inc now owns 743 shares of the transportation company's stock worth $36,000 after purchasing an additional 348 shares in the last quarter. Finally, Brown Brothers Harriman & Co. increased its position in shares of Air Lease by 5,245.0% during the fourth quarter. Brown Brothers Harriman & Co. now owns 1,069 shares of the transportation company's stock worth $52,000 after purchasing an additional 1,049 shares in the last quarter. 94.59% of the stock is currently owned by hedge funds and other institutional investors.

Air Lease Stock Performance

Shares of AL stock traded down $0.24 during trading hours on Tuesday, reaching $57.09. 183,839 shares of the company's stock were exchanged, compared to its average volume of 836,848. Air Lease Corporation has a 1 year low of $38.25 and a 1 year high of $60.41. The company has a debt-to-equity ratio of 2.53, a current ratio of 0.39 and a quick ratio of 0.39. The company's 50 day moving average is $57.72 and its two-hundred day moving average is $50.78. The company has a market cap of $6.38 billion, a P/E ratio of 9.98, a price-to-earnings-growth ratio of 0.63 and a beta of 1.35.

Air Lease (NYSE:AL - Get Free Report) last issued its earnings results on Monday, May 5th. The transportation company reported $1.51 EPS for the quarter, topping the consensus estimate of $1.24 by $0.27. The company had revenue of $738.28 million for the quarter, compared to analyst estimates of $709.70 million. Air Lease had a net margin of 24.77% and a return on equity of 8.04%. The business's revenue was up 11.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.87 EPS. Equities research analysts anticipate that Air Lease Corporation will post 5.16 EPS for the current fiscal year.

Air Lease Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 9th. Shareholders of record on Wednesday, June 4th were issued a dividend of $0.22 per share. The ex-dividend date was Wednesday, June 4th. This represents a $0.88 annualized dividend and a yield of 1.54%. Air Lease's dividend payout ratio (DPR) is currently 15.38%.

Analysts Set New Price Targets

AL has been the topic of a number of research analyst reports. Citigroup upgraded Air Lease from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $45.00 to $68.00 in a research report on Tuesday, May 20th. Wall Street Zen upgraded Air Lease from a "hold" rating to a "buy" rating in a research report on Wednesday, May 7th. Finally, Barclays reissued an "overweight" rating and issued a $67.00 target price (up previously from $56.00) on shares of Air Lease in a report on Thursday, July 10th. One analyst has rated the stock with a sell rating and six have issued a buy rating to the stock. According to data from MarketBeat, Air Lease has an average rating of "Moderate Buy" and a consensus price target of $59.29.

Insider Transactions at Air Lease

In related news, EVP Grant A. Levy sold 10,000 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $56.85, for a total value of $568,500.00. Following the completion of the sale, the executive vice president directly owned 146,316 shares in the company, valued at approximately $8,318,064.60. This represents a 6.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 6.80% of the company's stock.

Air Lease Profile

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.