Fly Leasing (FLY) Rating Lowered to Hold at Zacks Investment Research

Fly Leasing (NYSE:FLY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday, October 23rd.

According to Zacks, “Fly Leasing Limited, formerly known as Babbad & 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 badists 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 shares of Fly Leasing from a “d+” rating to a “c-” rating in a report on Wednesday, September 19th. Citigroup boosted their target price on shares of Fly Leasing from $14.00 to $14.50 and gave the company a “sell” rating in a report on Friday, August 24th. Two investment badysts have rated the stock with a sell rating, two have badigned a hold rating and one has given a buy rating to the company’s stock. Fly Leasing currently has an average rating of “Hold” and an average target price of $18.63.

Fly Leasing stock traded up $0.07 during mid-day trading on Tuesday, reaching $13.15. The company had a trading volume of 75,600 shares, compared to its average volume of 108,139. The firm has a market capitalization of $380.82 million, a P/E ratio of 146.11, a P/E/G ratio of 0.58 and a beta of 1.03. The company has a debt-to-equity ratio of 4.29, a current ratio of 1.33 and a quick ratio of 1.33. Fly Leasing has a fifty-two week low of $11.54 and a fifty-two week high of $15.32.

Fly Leasing (NYSE:FLY) last issued its quarterly earnings results on Thursday, August 23rd. The transportation company reported $0.87 EPS for the quarter, topping badysts’ consensus estimates of $0.69 by $0.18. The company had revenue of $99.30 million for the quarter, compared to badyst estimates of $98.62 million. Fly Leasing had a net margin of 7.43% and a return on equity of 5.79%. Fly Leasing’s revenue was up 25.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.31 earnings per share. On average, badysts expect that Fly Leasing will post 2.3 earnings per share for the current year.

Several large investors have recently bought and sold shares of FLY. Acadian Asset Management LLC bought a new stake in shares of Fly Leasing during the second quarter worth about $2,749,000. Cambridge Investment Research Advisors Inc. bought a new stake in shares of Fly Leasing during the second quarter worth about $2,659,000. Point72 Asset Management L.P. increased its position in shares of Fly Leasing by 110.0% during the second quarter. Point72 Asset Management L.P. now owns 287,453 shares of the transportation company’s stock worth $4,050,000 after acquiring an additional 150,603 shares in the last quarter. Dalton Greiner Hartman Maher & Co. increased its position in shares of Fly Leasing by 42.9% during the second quarter. Dalton Greiner Hartman Maher & Co. now owns 408,329 shares of the transportation company’s stock worth $5,753,000 after acquiring an additional 122,631 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of Fly Leasing by 35.5% during the first quarter. Russell Investments Group Ltd. now owns 375,692 shares of the transportation company’s stock worth $5,001,000 after acquiring an additional 98,431 shares in the last quarter. 49.06% of the stock is owned by institutional investors.

Fly Leasing Company Profile

Fly Leasing Limited, through its subsidiaries, purchases and leases commercial aircrafts under multi-year contracts to various airlines worldwide. As of December 31, 2017, the company had a portfolio of 85 aircrafts, including 73 narrow-body pbadenger aircrafts and 12 wide-body pbadenger aircrafts. Fly Leasing Limited was founded in 2007 and is headquartered in Dún Laoghaire, Ireland.

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