AeroCentury Corp. (ACY) Cut to Hold at Zacks Investment Research
AeroCentury Corp. (NYSEMKT:ACY) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued 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) “
Separately, ValuEngine lowered shares of AeroCentury Corp. from a “strong-buy” rating to a “buy” rating in a research note on Monday, September 11th.
AeroCentury Corp. (ACY) traded down 3.38% during midday trading on Tuesday, hitting $12.85. 15,813 shares of the stock traded hands. The stock has a 50-day moving average of $13.77 and a 200 day moving average of $12.03. The firm has a market cap of $18.20 million, a PE ratio of 13.25 and a beta of 0.15. AeroCentury Corp. has a 52-week low of $8.50 and a 52-week high of $16.10.
AeroCentury Corp. (NYSEMKT:ACY) last announced its quarterly earnings data on Thursday, August 10th. The financial services provider reported $0.25 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.25. AeroCentury Corp. had a net margin of 4.32% and a return on equity of 3.50%. The firm had revenue of $7.11 million during the quarter, compared to analyst estimates of $7.84 million. Equities analysts forecast that AeroCentury Corp. will post $1.77 EPS 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 7.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,000 shares of the financial services provider’s stock after acquiring an additional 1,300 shares during the quarter. Renaissance Technologies LLC’s holdings in AeroCentury Corp. were worth $176,000 at the end of the most recent quarter.
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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