Fly Leasing Ltd. (FLY) Downgraded to “Sell” at Zacks Investment Research
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 equities analysts have also recently issued reports on the company. Citigroup Inc. lowered their price objective on Fly Leasing from $17.00 to $15.00 and set a buy rating on the stock in a research report on Friday, August 19th. Deutsche Bank AG increased their price target on Fly Leasing from $18.00 to $19.00 and gave the company a buy rating in a report on Friday, July 29th. TheStreet raised Fly Leasing from a sell rating to a hold rating in a report on Monday, August 22nd. Finally, Cowen and Company increased their price target on Fly Leasing from $14.00 to $16.00 and gave the company an outperform rating in a report on Friday, July 29th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $15.60.
Shares of Fly Leasing (NYSE:FLY) opened at 12.18 on Tuesday. Fly Leasing has a 52-week low of $9.54 and a 52-week high of $14.03. The firm has a 50-day moving average price of $11.85 and a 200-day moving average price of $11.55. The stock has a market capitalization of $406.17 million, a P/E ratio of 7.91 and a beta of 1.03.
Fly Leasing (NYSE:FLY) last posted its earnings results on Thursday, July 28th. The company reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.12. Fly Leasing had a return on equity of 19.23% and a net margin of 14.69%. The firm had revenue of $76.34 million for the quarter, compared to the consensus estimate of $80.88 million. During the same quarter in the prior year, the business earned $0.23 EPS. The business’s revenue for the quarter was down 25.0% on a year-over-year basis. On average, analysts predict that Fly Leasing will post $1.26 EPS for the current year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. US Bancorp DE increased its position in Fly Leasing by 13.8% in the second quarter. US Bancorp DE now owns 747,948 shares of the company’s stock valued at $7,428,000 after buying an additional 90,744 shares during the period. Adirondack Research & Management Inc. increased its position in Fly Leasing by 21.7% in the second quarter. Adirondack Research & Management Inc. now owns 596,254 shares of the company’s stock valued at $5,921,000 after buying an additional 106,388 shares during the period. GSA Capital Partners LLP increased its position in Fly Leasing by 11.7% in the second quarter. GSA Capital Partners LLP now owns 34,361 shares of the company’s stock valued at $341,000 after buying an additional 3,600 shares during the period. Commonwealth Equity Services Inc increased its position in Fly Leasing by 0.6% in the second quarter. Commonwealth Equity Services Inc now owns 17,700 shares of the company’s stock valued at $176,000 after buying an additional 113 shares during the period. Finally, Gabelli Funds LLC increased its position in Fly Leasing by 0.7% in the second quarter. Gabelli Funds LLC now owns 305,000 shares of the company’s stock valued at $3,029,000 after buying an additional 2,000 shares during the period. 52.91% of the stock is owned by institutional investors and hedge funds.
Fly Leasing Company Profile
Fly Leasing Limited (Fly) is engaged in purchasing commercial aircraft which it leases under multi-year contracts to a range of airlines throughout the world. As of December 31, 2014, the Company’s aircraft portfolio consisted of 127 commercial jet aircraft, consisting of 116 narrow-body passenger aircraft, including two freighters, and 11 wide-body passenger aircraft.
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