Zacks Investment Research Downgrades JetBlue Airways Corporation (JBLU) to Hold
JetBlue Airways Corporation (NASDAQ:JBLU) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Monday.
According to Zacks, “Even though shares of JetBlue Airways have underperformed its industry so far this year, the carrier received good news when it reported better-than-expected revenues and earnings per share in the second quarter of 2017. The carrier performed well with respect to unit revenues in the second quarter of 2017. PRASM increased 5.9% , while RASM climbed 7% . Yield per passenger mile improved 5.7%. JetBlue's efforts to expand its popular premium service (Mint) and reduce debt levels are also encouraging. The carrier's deal with Goldman Sachs for implementing an accelerated share buyback program is another positive. However, high costs are likely to continue hurting bottom-line growth.”
A number of other equities analysts have also recently issued reports on the company. Bank of America Corporation increased their target price on JetBlue Airways Corporation from $27.00 to $28.00 and gave the stock a “buy” rating in a report on Friday, June 30th. BidaskClub cut JetBlue Airways Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, June 20th. Morgan Stanley increased their target price on JetBlue Airways Corporation from $23.00 to $24.00 and gave the stock an “equal weight” rating in a report on Monday, July 17th. Vetr upgraded JetBlue Airways Corporation from a “buy” rating to a “strong-buy” rating and set a $25.22 target price on the stock in a report on Wednesday, April 26th. Finally, Imperial Capital reiterated an “outperform” rating on shares of JetBlue Airways Corporation in a report on Friday, May 19th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $25.69.
JetBlue Airways Corporation (NASDAQ JBLU) traded down 1.29% during mid-day trading on Monday, hitting $22.14. 4,717,903 shares of the stock were exchanged. The company has a market capitalization of $7.28 billion, a PE ratio of 11.24 and a beta of 0.53. JetBlue Airways Corporation has a 1-year low of $15.70 and a 1-year high of $24.13. The stock has a 50 day moving average price of $22.85 and a 200 day moving average price of $21.39.
JetBlue Airways Corporation (NASDAQ:JBLU) last issued its earnings results on Tuesday, July 25th. The transportation company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. JetBlue Airways Corporation had a return on equity of 16.75% and a net margin of 9.78%. The company had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.82 billion. During the same period last year, the business earned $0.53 EPS. JetBlue Airways Corporation’s quarterly revenue was up 12.1% compared to the same quarter last year. On average, equities analysts anticipate that JetBlue Airways Corporation will post $2.03 earnings per share for the current fiscal year.
In other news, EVP George Martin J. St sold 2,500 shares of the firm’s stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $23.00, for a total transaction of $57,500.00. Following the completion of the sale, the executive vice president now directly owns 28,457 shares of the company’s stock, valued at approximately $654,511. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP James G. Hnat sold 15,000 shares of the firm’s stock in a transaction on Thursday, May 11th. The shares were sold at an average price of $21.67, for a total value of $325,050.00. Following the sale, the executive vice president now directly owns 48,992 shares of the company’s stock, valued at $1,061,656.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 43,740 shares of company stock valued at $972,026. Insiders own 0.60% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. Prudential Financial Inc. raised its stake in shares of JetBlue Airways Corporation by 135.1% in the second quarter. Prudential Financial Inc. now owns 2,454,990 shares of the transportation company’s stock valued at $56,048,000 after buying an additional 1,410,594 shares in the last quarter. Usca Ria LLC raised its stake in shares of JetBlue Airways Corporation by 5.7% in the second quarter. Usca Ria LLC now owns 44,375 shares of the transportation company’s stock valued at $1,013,000 after buying an additional 2,375 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of JetBlue Airways Corporation by 35.0% in the second quarter. Victory Capital Management Inc. now owns 3,707,811 shares of the transportation company’s stock valued at $84,649,000 after buying an additional 961,535 shares in the last quarter. Lincoln National Corp acquired a new stake in shares of JetBlue Airways Corporation during the second quarter valued at about $210,000. Finally, Cadence Capital Management LLC raised its stake in shares of JetBlue Airways Corporation by 1,166.1% in the second quarter. Cadence Capital Management LLC now owns 152,038 shares of the transportation company’s stock valued at $3,471,000 after buying an additional 140,030 shares in the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.
JetBlue Airways Corporation Company Profile
JetBlue Airways Corporation is a passenger carrier company. The Company provides air transportation services across the United States, the Caribbean and Latin America. Its segments include Domestic, and Caribbean & Latin America. It operates various kinds of aircrafts, including Airbus A321, Airbus A320 and Embraer E190.
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