Thornburg Investment Management Inc. Boosts Stock Position in Air Lease Corporation (NYSE:AL)

Key Points

• Thornburg Investment Management Inc. increased its stake in Air Lease Corporation by 5.6% in the first quarter, acquiring an additional 9,298 shares, bringing its total ownership to 175,146 shares valued at approximately $8.46 million.
• Air Lease reported a Q1 EPS of $1.51, exceeding analysts' expectations of $1.24, with revenues of $738.28 million, reflecting an 11.3% year-over-year increase.
• The company declared a quarterly dividend of $0.22 per share, with a dividend yield of 1.53%, representing a payout ratio of 15.38%.

Thornburg Investment Management Inc. raised its position in Air Lease Corporation (NYSE:AL - Free Report) by 5.6% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 175,146 shares of the transportation company's stock after purchasing an additional 9,298 shares during the period. Thornburg Investment Management Inc. owned 0.16% of Air Lease worth $8,461,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its position in Air Lease by 7.2% during the fourth quarter. Wellington Management Group LLP now owns 5,384,230 shares of the transportation company's stock worth $259,574,000 after buying an additional 362,585 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in Air Lease by 19.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 3,353,803 shares of the transportation company's stock valued at $162,492,000 after purchasing an additional 553,080 shares during the period. Earnest Partners LLC raised its position in Air Lease by 0.4% in the fourth quarter. Earnest Partners LLC now owns 2,577,931 shares of the transportation company's stock valued at $124,282,000 after purchasing an additional 9,809 shares during the period. Capital Research Global Investors raised its position in Air Lease by 50.7% in the fourth quarter. Capital Research Global Investors now owns 2,050,000 shares of the transportation company's stock valued at $98,830,000 after purchasing an additional 690,000 shares during the period. Finally, Reinhart Partners LLC. raised its position in Air Lease by 11.9% in the first quarter. Reinhart Partners LLC. now owns 1,773,830 shares of the transportation company's stock valued at $85,694,000 after purchasing an additional 188,040 shares during the period. Hedge funds and other institutional investors own 94.59% of the company's stock.

Air Lease Stock Down 1.9%

NYSE AL traded down $1.07 during trading on Friday, reaching $54.33. 1,079,516 shares of the company's stock were exchanged, compared to its average volume of 845,953. The stock has a market cap of $6.07 billion, a P/E ratio of 9.50, a price-to-earnings-growth ratio of 0.61 and a beta of 1.35. The company has a debt-to-equity ratio of 2.53, a quick ratio of 0.39 and a current ratio of 0.39. The company has a 50 day moving average price of $57.65 and a two-hundred day moving average price of $50.93. Air Lease Corporation has a 1 year low of $38.25 and a 1 year high of $60.41.

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

Air Lease Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 9th. Investors of record on Wednesday, June 4th were given a $0.22 dividend. The ex-dividend date of this dividend was Wednesday, June 4th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.6%. Air Lease's dividend payout ratio is 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 company from $45.00 to $68.00 in a research report on Tuesday, May 20th. Barclays restated an "overweight" rating and issued a $67.00 target price (up previously from $56.00) on shares of Air Lease in a research report on Thursday, July 10th. Finally, Wall Street Zen raised Air Lease from a "hold" rating to a "buy" rating in a research note on Wednesday, May 7th. One analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $59.50.

Insider Activity

In related news, EVP Grant A. Levy sold 10,000 shares of the company's stock in a transaction dated 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 of the company's stock, valued at $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 available through the SEC website. 6.64% of the stock is currently owned by company insiders.

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.