Fly Leasing Ltd. (FLY) Rating Lowered to Sell at Zacks Investment Research
Fly Leasing Ltd. (NYSE:FLY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.
According to Zacks, “Fly Leasing Limited, formerly known as Babcock & Brown Air Limited, is engaged in acquiring and leasing modern, high-demand and fuel-efficient commercial jet aircraft under long-term contracts to a diverse group of airlines throughout the world. The Company’s strategy is to effectively manage its fleet and grow its portfolio through accretive acquisitions of aircraft. FLY Leasing is managed and serviced by BBAM L.P., an aircraft leasing company. BBAM acts as manager of FLY Leasing and servicer of the aircraft portfolio under multi-year management and servicing agreements. In addition to arranging for the leasing of the fleet, BBAM assists in the acquiring and disposing of aircraft, marketeering aircraft for lease and release, collecting rents and other payments from the lessees of aircraft, monitoring maintenance, insurance and other obligations under leases, and enforcing FLY Leasing’s rights against lessees. BBAM is an independent company. FLY Leasing Limited is headquartered in Dublin, Ireland. “
A number of other research firms have also recently commented on FLY. Citigroup Inc. lowered their price target on Fly Leasing from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Friday, August 19th. TheStreet raised Fly Leasing from a “sell” rating to a “hold” rating in a report on Monday, August 22nd. Cowen and Company boosted their price target on Fly Leasing from $14.00 to $16.00 and gave the stock an “outperform” rating in a report on Friday, July 29th. Finally, Deutsche Bank AG boosted their price target on Fly Leasing from $18.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, July 29th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $15.60.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/18/fly-leasing-ltd-fly-rating-lowered-to-sell-at-zacks-investment-research.html
Fly Leasing (NYSE:FLY) traded up 2.27% during mid-day trading on Tuesday, hitting $12.18. The stock had a trading volume of 104,588 shares. The stock’s 50-day moving average price is $11.85 and its 200-day moving average price is $11.55. Fly Leasing has a 12 month low of $9.54 and a 12 month high of $14.03. The stock has a market cap of $406.17 million, a price-to-earnings ratio of 7.91 and a beta of 1.03.
Fly Leasing (NYSE:FLY) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.45 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.12. Fly Leasing had a return on equity of 19.23% and a net margin of 14.69%. The firm had revenue of $76.34 million for the quarter, compared to analysts’ expectations of $80.88 million. During the same period in the previous year, the firm earned $0.23 EPS. The business’s quarterly revenue was down 25.0% on a year-over-year basis. On average, analysts predict that Fly Leasing will post $1.26 earnings per share for the current year.
A number of hedge funds have recently added to or reduced their stakes in the company. Telemus Capital LLC purchased a new stake in Fly Leasing during the third quarter worth about $116,000. Cubist Systematic Strategies LLC increased its position in Fly Leasing by 1.5% in the second quarter. Cubist Systematic Strategies LLC now owns 13,859 shares of the company’s stock valued at $138,000 after buying an additional 201 shares in the last quarter. Westport Resources Management Inc. increased its position in Fly Leasing by 25.2% in the second quarter. Westport Resources Management Inc. now owns 15,900 shares of the company’s stock valued at $158,000 after buying an additional 3,200 shares in the last quarter. Commonwealth Equity Services Inc increased its position in Fly Leasing by 0.6% in the second quarter. Commonwealth Equity Services Inc now owns 17,700 shares of the company’s stock valued at $176,000 after buying an additional 113 shares in the last quarter. Finally, Nuveen Fund Advisors LLC bought a new position in Fly Leasing during the second quarter valued at $220,000. 52.91% of the stock is currently owned by institutional investors and hedge funds.
About Fly Leasing
Fly Leasing Limited (Fly) is engaged in purchasing commercial aircraft which it leases under multi-year contracts to a range of airlines throughout the world. As of December 31, 2014, the Company’s aircraft portfolio consisted of 127 commercial jet aircraft, consisting of 116 narrow-body passenger aircraft, including two freighters, and 11 wide-body passenger aircraft.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Fly Leasing Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fly Leasing Ltd. and related companies with MarketBeat.com's FREE daily email newsletter.