Levy Grant A, Executive Vice President of Air Lease Corp (NYSE:AL), recently sold 7,500 shares of the company's Class A Common Stock. The company, currently valued at $5.6 billion with a P/E ratio of 11.4, has seen its stock climb nearly 30% over the past year, trading close to its 52-week high of $52.31. The shares were sold at an average price of $51.10, amounting to a total transaction value of $383,254. Following this sale, Grant holds 143,315 shares directly. Additionally, Grant holds 4,100 shares indirectly, which are owned by one of his sons. Grant disclaims beneficial ownership of these shares, except to the extent of his pecuniary interest. According to InvestingPro analysis, Air Lease operates with a significant debt burden, and its stock price movements have been notably volatile. For deeper insights into AL's financial health and 13 additional exclusive ProTips, explore the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Air Lease Corporation displayed robust growth in its Q3 earnings, with revenues reaching $690 million, a 5% increase year-over-year, and earnings per share at $0.82. The company expanded its fleet with 20 new aircraft valued at $1.9 billion and sold nine aircraft for an estimated $340 million. Air Lease Corporation 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, the company maintains a strong liquidity position of $7.5 billion and a healthy debt-to-equity ratio of 2.63 times.
Goldman Sachs (NYSE:GS) resumed coverage on Air Lease Corp with a Buy rating and a price target of $65.00, based on the anticipation of expanding net spreads for the company in 2025 and beyond, driven by a robust orderbook of in-demand aircraft. The firm expects the net spread compression Air Lease has experienced over the last two years to reverse as the company takes delivery of new aircraft with more advantageous lease terms.
Despite challenges such as the Boeing (NYSE:BA) labor strike and aircraft delivery delays, Air Lease Corporation maintains an optimistic outlook for the remainder of the year. The company's strategic fleet management and focus on maintaining a young and technologically advanced fleet have been key to its success, with future lease rates expected to increase and a strong demand for new aircraft continuing amid supply constraints. These are the recent developments for Air Lease Corporation.
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