AeroCentury Corp. (NYSEMKT:ACY) Downgraded by Zacks Investment Research to “Hold”
AeroCentury Corp. (NYSEMKT:ACY) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “AeroCentury Corp. was formed to acquire JetFleet Aircraft, L.P. and JetFleet Aircraft II, L.P., in a statutory merger. The company is an operating lessor and finance company which specializes in leasing used turboprop aircraft and engines. The company’s aircraft and engines are on lease to regional airlines and commercial users in the U.S., Canada, the U.K., South America and Europe. (PRESS RELEASE) “
Several other analysts have also recently commented on ACY. TheStreet cut AeroCentury Corp. from a “c” rating to a “d” rating in a report on Wednesday, May 17th. ValuEngine cut AeroCentury Corp. from a “buy” rating to a “hold” rating in a report on Friday, June 2nd.
AeroCentury Corp. (ACY) traded down 4.70% on Tuesday, reaching $14.20. 8,513 shares of the company’s stock were exchanged. The company has a 50 day moving average price of $12.37 and a 200-day moving average price of $10.69. AeroCentury Corp. has a 1-year low of $8.50 and a 1-year high of $16.10. The company has a market capitalization of $20.11 million, a PE ratio of 15.64 and a beta of 0.15.
AeroCentury Corp. (NYSEMKT:ACY) last posted its quarterly earnings data on Thursday, May 11th. The financial services provider reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.11. The firm had revenue of $7.95 million during the quarter, compared to analysts’ expectations of $7.92 million. AeroCentury Corp. had a return on equity of 6.19% and a net margin of 8.39%. On average, equities research analysts anticipate that AeroCentury Corp. will post $1.61 earnings per share for the current year.
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A hedge fund recently raised its stake in AeroCentury Corp. stock. Renaissance Technologies LLC boosted its position in AeroCentury Corp. (NYSEMKT:ACY) by 2.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 16,700 shares of the financial services provider’s stock after buying an additional 400 shares during the period. Renaissance Technologies LLC owned about 1.07% of AeroCentury Corp. worth $158,000 as of its most recent filing with the SEC.
About AeroCentury Corp.
AeroCentury Corp. acquires used regional aircraft and aircraft engines for lease to regional carriers all over the world. The Company’s segment is leasing of regional aircraft to foreign and domestic regional airlines. The business of the Company is managed by JetFleet Management Corp. (JMC), an integrated aircraft management, marketing and financing business.
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