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LOS ANGELES—Korde Kishore, the Executive Vice President of Air Lease Corp (NYSE:AL), recently sold 14,661 shares of the company's Class A common stock. The shares were sold at a weighted average price of $50.48, with transaction prices ranging from $50.34 to $50.77. Following the sale, Kishore retains ownership of 97,714 shares. The transaction, which took place on November 22, 2024, was disclosed in a filing with the Securities and Exchange Commission.
In other recent news, Air Lease Corporation has been the subject of several noteworthy developments. The company reported a robust growth in its Q3 earnings, with revenues reaching $690 million, marking a 5% increase year-over-year, and earnings per share standing at $0.82. Despite industry challenges such as the Boeing (NYSE:BA) labor strike and aircraft delivery delays, Air Lease Corporation maintains an optimistic outlook for the rest of the year, expecting substantial deliveries in the fourth quarter.
Adding to these developments, Goldman Sachs resumed coverage on Air Lease Corp with a Buy rating and a price target of $65.00. The firm's outlook is based on the anticipation of expanding net spreads for the company in 2025 and beyond, driven by a robust orderbook of in-demand aircraft and favorable lease terms set against a strong industry backdrop.
Air Lease also expanded its fleet with 20 new aircraft valued at $1.9 billion and sold nine aircraft for an estimated $340 million. The company anticipates $900 million in aircraft deliveries in Q4 2024 and projects total 2024 deliveries to be approximately $4.6 billion. Despite a $12 million decrease in end-of-lease revenue for Q3, Air Lease Corporation maintains a strong liquidity position of $7.5 billion and a healthy debt-to-equity ratio of 2.63 times. These are the recent developments for Air Lease Corporation.
InvestingPro Insights
As Air Lease Corp's Executive Vice President Korde Kishore reduces his stake, investors might be curious about the company's financial health and market position. According to InvestingPro data, Air Lease Corp currently boasts a market capitalization of $5.83 billion and trades at a price-to-earnings ratio of 11.83, suggesting a potentially attractive valuation relative to earnings.
The company's financial performance shows some strengths, with a robust gross profit margin of 58.99% for the last twelve months as of Q3 2024. This aligns with one of the InvestingPro Tips highlighting Air Lease Corp's impressive gross profit margins. Additionally, the company has demonstrated a commitment to shareholder returns, with an InvestingPro Tip noting that it has raised its dividend for 12 consecutive years.
However, investors should be aware that Air Lease Corp operates with a significant debt burden, as pointed out by another InvestingPro Tip. This factor could be influencing executive decisions, including the recent stock sale by Kishore.
The stock's recent performance has been strong, with a 13.57% price total return over the past month and a year-to-date return of 22.42%. This upward momentum has brought the stock price to 99.71% of its 52-week high, which may explain why the RSI suggests the stock is in overbought territory, according to an InvestingPro Tip.
For investors seeking a more comprehensive analysis, InvestingPro offers 14 additional tips for Air Lease Corp, providing a deeper understanding of the company's financial position and market outlook.
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