Capital Research & Management Co. recently announced the acquisition of new stake in Air Lease Corporation (NYSE:AL). The institutional investor has increased its shareholding in the Industrials company by 15.22% to 12.11 million shares with purchase of 1.6 million shares. This fresh investment now brings its stake to 10.66% valued currently at $354.73 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.13 million to 9.47 million shares.
With over 0.71 million Air Lease Corporation (AL) shares trading Wednesday and a closing price of $27.39 on the day, the dollar volume was approximately $19.42 million. The shares have shown a negative weekly performance of -9.05% and its price on 07/22/20 gained nearly 0.51%. Currently, there are 113.47M common shares owned by the public and among those 106.46M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 9 analysts who have offered their price forecasts for AL have a consensus price objective of $38.50. The analysts have set the share’s price value over the next 12 months at a high of $50.00 and a low of $29.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Air Lease Corporation stock is 1.80 for the next 12 months. The average price target is 28.99% above its last price level and an upside to the estimated low will see the stock gain 5.55% over that period. But an upside of 45.22% will see the stock hit the forecast high price target while mean target price for the stock is $38.50.
Insiders at the company have transacted a total of 156 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 86 of these insider trades were purchases, accounting for 2,354,319 shares. Insider sales of the common stock occurred on 70 occasions, with total insider shares sold totaling 2,048,211 shares.
The top 3 mutual fund holders in Air Lease Corporation are Washington Mutual Investors Fund, American Funds AMCAP Fund, and Vanguard Total Stock Market Index. Washington Mutual Investors Fund owns 4.57 million shares of the company’s stock, all valued at over $133.79 million. The company bought an additional 1.02 million shares recently to bring their total holdings to about 4.02% of the shares outstanding. Vanguard Total Stock Market Index sold 14910.0 shares to bring its total holdings to over 3.07 million shares at a value of $89.95 million. Vanguard Total Stock Market Index now owns shares totaling to 2.70% of the shares outstanding.
Shares of Air Lease Corporation (NYSE: AL) opened at $27.24, down -$0.01 from a prior closing price of $27.25. However, the script later closed the day at $27.39, up 0.51%. The company’s stock has a 5-day price change of -9.05% and 36.18% over the past three months. AL shares are trading -42.66% year to date (YTD), with the 12-month market performance down to -34.81% lower. It has a 12-month low price of $8.41 and touched a high of $49.96 over the same period. Currently, 0.71 million shares have been traded, compared to an average intraday trading volume of 1.38 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -3.43%, -6.07%, and -23.65% respectively.
Institutional ownership of Air Lease Corporation (NYSE: AL) shares accounts for 96.70% of the company’s 113.47M shares outstanding. Mutual fund holders own 41.77%, while other institutional holders and individual stakeholders account for 52.79% and 28.81% respectively.
It has a market capitalization of $3.10B and a beta (3y monthly) value of 2.01. The stock’s trailing 12-month PE ratio is 5.42, while the earnings-per-share (ttm) stands at $5.03. The company has a PEG of 0.30 and the debt-to-equity ratio at 2.51. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.96% over the week and 5.18% over the month.
Analysts forecast that Air Lease Corporation (AL) will achieve an EPS of $1.02 for the current quarter, $0.99 for the next quarter and $5.29 for 2021. The lowest estimate earnings-per-share for the quarter is $0.47 while analysts give the company a high EPS estimate of $1.15. Comparatively, EPS for the current quarter was $1.1 a year ago. Earnings per share for the fiscal year are expected to increase by 10.50%, and 19.86% over the next financial year. EPS should grow at an annualized rate of 17.94% over the next five years, compared to 16.40% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 9 brokerage firm advisors rate Air Lease Corporation (AL) as a “Strong Buy” at a consensus score of 1.80. Specifically, 9 Wall Street analysts polled rate the stock as a buy, while 0 of the 9 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the AL, a number of firms have released research notes about the stock. Cowen stated their Outperform rating for the stock in a research note on February 18, 2020, with the firm’s price target at $50-$51. Cowen coverage for the Air Lease Corporation (AL) stock in a research note released on August 09, 2019 offered a Outperform rating with a price target of $49. Goldman was of a view on April 08, 2019 that the stock is Buy, while Macquarie gave the stock Outperform rating on March 14, 2018, issuing a price target of. BofA/Merrill on their part issued Buy rating on March 09, 2018.