Fly Leasing Ltd. (FLY) Stock Rating Lowered by Zacks Investment Research
Fly Leasing Ltd. (NYSE:FLY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a 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. “
Several other equities analysts also recently commented on FLY. Citigroup Inc. decreased their target price on Fly Leasing from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Friday, August 19th. TheStreet raised Fly Leasing from a “sell” rating to a “hold” rating in a research report on Monday, August 22nd. Cowen and Company upped their target price on Fly Leasing from $14.00 to $16.00 and gave the company an “outperform” rating in a research report on Friday, July 29th. Finally, Deutsche Bank AG upped their target price on Fly Leasing from $18.00 to $19.00 and gave the company a “buy” rating in a research report on Friday, July 29th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. Fly Leasing presently has a consensus rating of “Hold” and a consensus target price of $15.60.
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Fly Leasing (NYSE:FLY) traded up 2.27% during midday trading on Tuesday, reaching $12.18. The company had a trading volume of 104,588 shares. 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 P/E ratio of 7.91 and a beta of 1.03. The firm has a 50-day moving average of $11.85 and a 200-day moving average of $11.55.
Fly Leasing (NYSE:FLY) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.12. The firm had revenue of $76.34 million for the quarter, compared to the consensus estimate of $80.88 million. Fly Leasing had a return on equity of 19.23% and a net margin of 14.69%. The business’s revenue was down 25.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.23 earnings per share. On average, equities analysts expect that Fly Leasing will post $1.26 EPS for the current fiscal year.
Several large investors have recently modified their holdings of the stock. Hawkeye Capital Management LLC bought a new stake in shares of Fly Leasing during the second quarter valued at about $17,402,000. Donald Smith & CO. Inc. boosted its stake in shares of Fly Leasing by 56.7% in the second quarter. Donald Smith & CO. Inc. now owns 2,459,903 shares of the company’s stock valued at $24,427,000 after buying an additional 890,368 shares during the period. Mizuho Trust & Banking Co. Ltd. boosted its stake in shares of Fly Leasing by 588.4% in the second quarter. Mizuho Trust & Banking Co. Ltd. now owns 250,605 shares of the company’s stock valued at $2,489,000 after buying an additional 214,200 shares during the period. Bank of Montreal Can bought a new stake in shares of Fly Leasing during the second quarter valued at about $1,362,000. Finally, Numeric Investors LLC boosted its stake in shares of Fly Leasing by 71.7% in the second quarter. Numeric Investors LLC now owns 290,323 shares of the company’s stock valued at $2,883,000 after buying an additional 121,200 shares during the period. Institutional investors and hedge funds own 52.91% of the company’s stock.
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.
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