Fly Leasing Ltd (FLY) Receives Consensus Rating of “Buy” from Brokerages
Shares of Fly Leasing Ltd (NYSE:FLY) have received an average recommendation of “Buy” from the nine analysts that are covering the firm. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $16.50.
FLY has been the topic of a number of analyst reports. Zacks Investment Research cut Fly Leasing from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 17th. Compass Point raised Fly Leasing from a “neutral” rating to a “buy” rating and set a $16.50 target price on the stock in a research note on Friday, March 10th. TheStreet cut Fly Leasing from a “c” rating to a “d” rating in a research note on Thursday, March 9th. Finally, Royal Bank of Canada cut their target price on Fly Leasing from $24.00 to $22.00 and set an “outperform” rating on the stock in a research note on Friday, March 10th.
Shares of Fly Leasing (NYSE:FLY) traded up 0.16% during midday trading on Friday, hitting $12.73. The stock had a trading volume of 208,638 shares. Fly Leasing has a 52-week low of $9.54 and a 52-week high of $14.45. The company’s 50 day moving average is $12.84 and its 200 day moving average is $13.38. The company’s market cap is $409.35 million.
Fly Leasing (NYSE:FLY) last released its earnings results on Thursday, May 11th. The transportation company reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.05. The firm had revenue of $79.27 million for the quarter, compared to analysts’ expectations of $83.27 million. Fly Leasing had a return on equity of 17.29% and a net margin of 16.48%. The company’s quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.47 earnings per share. On average, analysts anticipate that Fly Leasing will post $1.27 earnings per share for the current year.
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Hedge funds and other institutional investors have recently made changes to their positions in the company. Trent Capital Management Inc. NC purchased a new position in shares of Fly Leasing during the fourth quarter valued at about $3,315,000. Renaissance Technologies LLC boosted its position in shares of Fly Leasing by 181.9% in the fourth quarter. Renaissance Technologies LLC now owns 350,084 shares of the transportation company’s stock valued at $4,656,000 after buying an additional 225,884 shares during the period. Russell Investments Group Ltd. purchased a new position in shares of Fly Leasing during the fourth quarter valued at about $2,495,000. Numeric Investors LLC boosted its position in shares of Fly Leasing by 96.4% in the fourth quarter. Numeric Investors LLC now owns 259,323 shares of the transportation company’s stock valued at $3,449,000 after buying an additional 127,276 shares during the period. Finally, Karp Capital Management Corp purchased a new position in shares of Fly Leasing during the first quarter valued at about $1,628,000. 52.70% of the stock is currently owned by institutional investors.
About Fly Leasing
Fly Leasing Limited is engaged in purchasing commercial aircraft, which it leases under multi-year contracts to a range of airlines throughout the world. The Company primarily acquires aircraft by entering into purchase and leaseback transactions with airlines for new aircraft; purchasing portfolios, which consists of aircraft of various types and ages, and acquiring individual aircraft.
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