While stocks in the sector such as Boeing (NYSE: BA), the biggest plane builder, and Southwest Airlines (NYSE: LUV), the biggest domestic passenger airline have done well, there are still opportunities in the industry with leasing companies such as Aircastle Ltd (NYSE: AYR).

Aircastle buys, sells, and leases commercial planes to airlines around the world.

Due to the nature of the industry, it is a very volatile stock.  Aircastle Ltd has a beta of 1.78.  The beta for the stock market as a whole is 1.  That means that the share price for for Aircastle Ltd moves up and down almost 80 percent as much as that for the stock market as a whole.  By contrast, Boeing has a beta of 1.11.  The beta for Southwest Airlines is 1.07.

For the long term investor who is patient and somewhat savvy, that is a tremendous opportunity to buy shares of Aircastle Ltd at a discount.

Due to price moving so much, the stock will dip lower.  That is when savvy investors should buy.  The major question  becomes when to buy.  No one wants to overpay for a stock.

That is where the robust dividend yield of Aircastle Ltd comes into play.

The dividend yield for Aircastle Ltd is 4.49 percent.  That is much higher than that for Boeing or Southwest Airlines.  It over twice as high as the average dividend yield for a member of the Standard & Poor’s (NYSE: SPY).  The lower the share price of Aircastle Ltd, the higher the dividend yield.

For 2014, Aircastle Ltd is off by 4 percent.

It is down for the last week, quarter, and last six months.  Over the past year, it has risen 7.55 percent (chart below).  Movement like that results in opportunities for savvy long term investors.