Fly Leasing Limited (NYSE:FLY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Monday.

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 analysts have also recently issued reports on the stock. ValuEngine cut shares of Fly Leasing Limited from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 2nd. Royal Bank Of Canada restated a “buy” rating on shares of Fly Leasing Limited in a research report on Friday, April 21st. Two investment analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Fly Leasing Limited presently has an average rating of “Buy” and an average price target of $17.21.

Fly Leasing Limited (FLY) traded down 0.22% during midday trading on Monday, reaching $13.85. The company’s stock had a trading volume of 108,225 shares. Fly Leasing Limited has a one year low of $10.81 and a one year high of $14.45. The firm’s market cap is $445.36 million. The firm has a 50 day moving average price of $13.11 and a 200 day moving average price of $13.38.

Fly Leasing Limited (NYSE:FLY) last announced its earnings results on Thursday, May 11th. The transportation company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate 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 Limited had a negative net margin of 9.21% and a positive return on equity of 11.96%. The business’s revenue was down 2.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.47 EPS. Equities research analysts forecast that Fly Leasing Limited will post $1.31 EPS for the current fiscal year.

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Several hedge funds have recently made changes to their positions in the stock. Hawkeye Capital Management LLC purchased a new stake in Fly Leasing Limited during the second quarter worth $17,402,000. Donald Smith & CO. Inc. raised its stake in Fly Leasing Limited by 30.8% in the third quarter. Donald Smith & CO. Inc. now owns 3,217,641 shares of the transportation company’s stock worth $37,292,000 after buying an additional 757,738 shares during the period. Seawolf Capital LLC raised its stake in Fly Leasing Limited by 26.0% in the fourth quarter. Seawolf Capital LLC now owns 2,351,799 shares of the transportation company’s stock worth $32,102,000 after buying an additional 485,034 shares during the period. Trent Capital Management Inc. NC purchased a new stake in Fly Leasing Limited during the fourth quarter worth $3,315,000. Finally, Renaissance Technologies LLC raised its stake in Fly Leasing Limited by 181.9% in the fourth quarter. Renaissance Technologies LLC now owns 350,084 shares of the transportation company’s stock worth $4,656,000 after buying an additional 225,884 shares during the period. Hedge funds and other institutional investors own 51.68% of the company’s stock.

About Fly Leasing Limited

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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Analyst Recommendations for Fly Leasing Limited (NYSE:FLY)

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