Fred Alger Management LLC Acquires 251,161 Shares of FTAI Aviation Ltd. $FTAI

Key Points

• Fred Alger Management LLC increased its stake in FTAI Aviation Ltd. by 85.0% during the first quarter, now owning approximately 546,765 shares valued at $60.7 million.
• FTAI Aviation reported a quarterly earnings of $1.57 per share, exceeding estimates of $1.33, with revenues of $676.24 million for the quarter.
• The company announced a quarterly dividend of $0.30 per share, resulting in an annualized dividend yield of 0.8% with a payout ratio of 29.70%.

Fred Alger Management LLC boosted its stake in FTAI Aviation Ltd. (NASDAQ:FTAI - Free Report) by 85.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 546,765 shares of the financial services provider's stock after purchasing an additional 251,161 shares during the period. Fred Alger Management LLC owned about 0.53% of FTAI Aviation worth $60,707,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Redwood Investments LLC increased its holdings in FTAI Aviation by 58.9% in the first quarter. Redwood Investments LLC now owns 70,082 shares of the financial services provider's stock valued at $7,781,000 after purchasing an additional 25,967 shares during the period. Goldman Sachs Group Inc. increased its holdings in FTAI Aviation by 23.0% in the first quarter. Goldman Sachs Group Inc. now owns 832,984 shares of the financial services provider's stock valued at $92,486,000 after purchasing an additional 156,019 shares during the period. Two Seas Capital LP acquired a new stake in FTAI Aviation in the first quarter valued at $12,842,000. Sessa Capital IM L.P. acquired a new stake in FTAI Aviation in the first quarter valued at $44,412,000. Finally, Paradoxiom Capital L.P. acquired a new stake in FTAI Aviation in the first quarter valued at $4,270,000. 88.96% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on FTAI shares. Zacks Research upgraded FTAI Aviation from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 20th. Wall Street Zen downgraded FTAI Aviation from a "buy" rating to a "hold" rating in a report on Saturday, August 30th. Citigroup reiterated a "buy" rating on shares of FTAI Aviation in a report on Thursday, July 10th. Morgan Stanley increased their price target on FTAI Aviation from $138.00 to $175.00 and gave the stock an "overweight" rating in a report on Wednesday, August 20th. Finally, JMP Securities increased their price target on FTAI Aviation from $180.00 to $205.00 and gave the stock a "market outperform" rating in a report on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $182.83.

FTAI Aviation Price Performance

Shares of FTAI stock traded up $1.81 on Friday, reaching $171.66. 1,015,616 shares of the company were exchanged, compared to its average volume of 1,131,772. The company has a market cap of $17.61 billion, a price-to-earnings ratio of 42.49 and a beta of 1.65. The company has a 50-day moving average of $136.58 and a 200-day moving average of $120.16. FTAI Aviation Ltd. has a one year low of $75.06 and a one year high of $181.64.

FTAI Aviation (NASDAQ:FTAI - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The financial services provider reported $1.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.33 by $0.24. The company had revenue of $676.24 million for the quarter, compared to analysts' expectations of $754.75 million. FTAI Aviation had a net margin of 21.31% and a return on equity of 465.13%. The business's revenue was up 52.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($2.26) EPS. As a group, sell-side analysts predict that FTAI Aviation Ltd. will post 2.2 EPS for the current year.

FTAI Aviation Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 19th. Stockholders of record on Tuesday, August 12th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend was Tuesday, August 12th. FTAI Aviation's dividend payout ratio is 29.70%.

FTAI Aviation Company Profile

FTAI Aviation Ltd. owns and acquires aviation and offshore energy equipment for the transportation of goods and people worldwide. It operates through two segments, Aviation Leasing and Aerospace Products. The Aviation Leasing segment owns and manages aviation assets, including aircraft and aircraft engines, which it leases and sells to customers.