Fly Leasing Limited (NYSE:FLY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

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. “

Other research analysts have also recently issued reports about the company. ValuEngine cut Fly Leasing Limited from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 2nd. Royal Bank Of Canada reissued a “buy” rating on shares of Fly Leasing Limited in a research note on Friday, April 21st. Finally, BidaskClub raised Fly Leasing Limited from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Three investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $16.90.

Shares of Fly Leasing Limited (NYSE FLY) traded down 0.67% during midday trading on Wednesday, reaching $13.41. The company’s stock had a trading volume of 93,651 shares. The stock has a 50-day moving average of $13.75 and a 200 day moving average of $13.37. Fly Leasing Limited has a 12 month low of $11.41 and a 12 month high of $14.45. The company’s market cap is $404.63 million.

Fly Leasing Limited (NYSE:FLY) last posted its earnings results on Thursday, August 10th. The transportation company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.02. Fly Leasing Limited had a positive return on equity of 11.37% and a negative net margin of 9.68%. The firm had revenue of $79.21 million during the quarter, compared to analysts’ expectations of $83.17 million. During the same period in the previous year, the firm earned $0.45 earnings per share. The company’s revenue was up 3.8% on a year-over-year basis. On average, analysts predict that Fly Leasing Limited will post $1.12 earnings per share for the current fiscal year.

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Several hedge funds and other institutional investors have recently bought and sold shares of the company. Ameriprise Financial Inc. boosted its position in Fly Leasing Limited by 6.7% in the first quarter. Ameriprise Financial Inc. now owns 12,994 shares of the transportation company’s stock valued at $170,000 after buying an additional 817 shares in the last quarter. Parametric Portfolio Associates LLC boosted its position in Fly Leasing Limited by 31.5% in the first quarter. Parametric Portfolio Associates LLC now owns 17,394 shares of the transportation company’s stock valued at $228,000 after buying an additional 4,163 shares in the last quarter. Trexquant Investment LP purchased a new position in Fly Leasing Limited during the first quarter valued at $234,000. Raymond James Financial Services Advisors Inc. boosted its position in Fly Leasing Limited by 4.9% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 20,654 shares of the transportation company’s stock valued at $271,000 after buying an additional 966 shares in the last quarter. Finally, Atlantic Trust Group LLC boosted its position in Fly Leasing Limited by 13.9% in the first quarter. Atlantic Trust Group LLC now owns 23,350 shares of the transportation company’s stock valued at $306,000 after buying an additional 2,850 shares in the last quarter. 50.48% of the stock is owned by institutional investors.

Fly Leasing Limited Company Profile

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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