Fly Leasing Ltd. (FLY) Releases Quarterly Earnings Results, Beats Estimates By $0.16 EPS
Fly Leasing Ltd. (NYSE:FLY) released its quarterly earnings results on Thursday. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.16. The firm had revenue of $85.30 million for the quarter, compared to analysts’ expectations of $84.40 million. Fly Leasing had a return on equity of 19.23% and a net margin of 14.69%. The company’s revenue was down 24.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.99 EPS.
Shares of Fly Leasing (NYSE:FLY) opened at 13.73 on Friday. The firm’s 50-day moving average price is $12.17 and its 200-day moving average price is $11.64. Fly Leasing has a 12-month low of $9.54 and a 12-month high of $14.03. The company has a market capitalization of $457.85 million, a PE ratio of 8.92 and a beta of 0.88.
FLY has been the topic of several research analyst reports. Zacks Investment Research raised Fly Leasing from a “sell” rating to a “hold” rating in a report on Monday, August 1st. Deutsche Bank AG raised their target price on Fly Leasing from $18.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, July 29th. Citigroup Inc. decreased their target price on Fly Leasing from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Friday, August 19th. Cowen and Company raised their target price on Fly Leasing from $14.00 to $16.00 and gave the stock an “outperform” rating in a report on Friday, July 29th. Finally, TheStreet raised Fly Leasing from a “sell” rating to a “hold” rating in a report on Monday, August 22nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. Fly Leasing has a consensus rating of “Buy” and an average target price of $16.00.
A number of institutional investors have recently added to or reduced their stakes in the company. Donald Smith & CO. Inc. raised its position in Fly Leasing by 30.8% in the third quarter. Donald Smith & CO. Inc. now owns 3,217,641 shares of the company’s stock valued at $37,292,000 after buying an additional 757,738 shares in the last quarter. Hawkeye Capital Management LLC bought a new stake in shares of Fly Leasing during the second quarter worth $17,402,000. FMR LLC raised its stake in shares of Fly Leasing by 10.1% in the second quarter. FMR LLC now owns 1,125,270 shares of the company’s stock worth $11,174,000 after buying an additional 102,780 shares during the period. Morgan Stanley raised its stake in shares of Fly Leasing by 20.1% in the third quarter. Morgan Stanley now owns 896,858 shares of the company’s stock worth $10,394,000 after buying an additional 150,091 shares during the period. Finally, US Bancorp DE raised its stake in shares of Fly Leasing by 13.8% in the second quarter. US Bancorp DE now owns 747,948 shares of the company’s stock worth $7,428,000 after buying an additional 90,744 shares during the period. 54.96% of the stock is currently owned by institutional investors and hedge funds.
Fly Leasing Company Profile
Fly Leasing Limited is engaged in purchasing commercial aircraft, which it leases under multi-year contracts to a range of airlines. The Company operates through aircraft leasing segment. 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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