Fly Leasing Ltd. (FLY) Stock Rating Upgraded by Zacks Investment Research
Fly Leasing Ltd. (NYSE:FLY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Friday.
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. “
FLY has been the topic of several other research reports. TheStreet upgraded Fly Leasing from a “sell” rating to a “hold” rating in a research report on Monday, August 22nd. Cowen and Company upped their target price on Fly Leasing from $14.00 to $16.00 and gave the company an “outperform” rating in a research report on Friday, July 29th. Citigroup Inc. cut their target price 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. Finally, Deutsche Bank AG upped their target price on Fly Leasing from $18.00 to $19.00 and gave the company a “buy” rating in a research report on Friday, July 29th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $16.00.
Fly Leasing (NYSE:FLY) opened at 13.78 on Friday. The firm has a market cap of $447.20 million, a price-to-earnings ratio of 9.21 and a beta of 0.88. Fly Leasing has a 52-week low of $9.54 and a 52-week high of $14.03. The firm’s 50 day moving average price is $12.29 and its 200 day moving average price is $11.66.
Fly Leasing (NYSE:FLY) last announced its earnings results on Thursday, November 17th. The company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.37 by $0.16. Fly Leasing had a return on equity of 17.29% and a net margin of 16.48%. The company had revenue of $85.30 million for the quarter, compared to analyst estimates of $84.40 million. During the same quarter in the prior year, the company earned $0.99 EPS. The firm’s revenue for the quarter was down 24.3% compared to the same quarter last year. Equities research analysts anticipate that Fly Leasing will post $1.25 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently made changes to their positions in FLY. Telemus Capital LLC bought a new position in Fly Leasing during the third quarter worth $116,000. Ameriprise Financial Inc. bought a new position in Fly Leasing during the third quarter worth $132,000. Cubist Systematic Strategies LLC raised its position in Fly Leasing by 1.5% in the second quarter. Cubist Systematic Strategies LLC now owns 13,859 shares of the company’s stock worth $138,000 after buying an additional 201 shares in the last quarter. Westport Resources Management Inc. raised its position in Fly Leasing by 25.2% in the second quarter. Westport Resources Management Inc. now owns 15,900 shares of the company’s stock worth $158,000 after buying an additional 3,200 shares in the last quarter. Finally, Commonwealth Equity Services Inc raised 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 worth $176,000 after buying an additional 113 shares in the last quarter. Institutional investors and hedge funds own 55.16% of the company’s stock.
About Fly Leasing
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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