Zacks Investment Research upgraded shares of Fly Leasing Limited (NYSE:FLY) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. The brokerage currently has $15.00 price objective on the transportation company’s stock.
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 subject of a number of other reports. ValuEngine upgraded shares of Fly Leasing Limited from a buy rating to a strong-buy rating in a research report on Tuesday, June 27th. Royal Bank Of Canada reiterated a buy rating on shares of Fly Leasing Limited in a research report on Friday, April 21st. Finally, BidaskClub downgraded shares of Fly Leasing Limited from a buy rating to a hold rating in a research report on Thursday, August 10th. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $16.90.
Shares of Fly Leasing Limited (NYSE:FLY) opened at 13.13 on Tuesday. Fly Leasing Limited has a 52-week low of $11.41 and a 52-week high of $14.45. The firm’s 50-day moving average is $13.72 and its 200-day moving average is $13.36. The firm’s market cap is $396.18 million.
Fly Leasing Limited (NYSE:FLY) last posted its quarterly earnings results on Thursday, August 10th. The transportation company reported $0.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.02. Fly Leasing Limited had a negative net margin of 9.68% and a positive return on equity of 11.37%. The company had revenue of $79.21 million during the quarter, compared to the consensus estimate of $83.17 million. During the same period last year, the firm earned $0.45 EPS. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. Analysts anticipate that Fly Leasing Limited will post $1.12 earnings per share for the current year.
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Several hedge funds and other institutional investors have recently modified their holdings of the company. Ameriprise Financial Inc. increased its position in shares of Fly Leasing Limited by 6.7% in the first quarter. Ameriprise Financial Inc. now owns 12,994 shares of the transportation company’s stock valued at $170,000 after buying an additional 817 shares in the last quarter. Parametric Portfolio Associates LLC boosted its stake in Fly Leasing Limited by 31.5% in the first quarter. Parametric Portfolio Associates LLC now owns 17,394 shares of the transportation company’s stock valued at $228,000 after buying an additional 4,163 shares during the last quarter. Trexquant Investment LP purchased a new stake in Fly Leasing Limited during the first quarter valued at approximately $234,000. Raymond James Financial Services Advisors Inc. boosted its stake in Fly Leasing Limited by 4.9% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 20,654 shares of the transportation company’s stock valued at $271,000 after buying an additional 966 shares during the last quarter. Finally, Atlantic Trust Group LLC boosted its stake in Fly Leasing Limited by 13.9% in the first quarter. Atlantic Trust Group LLC now owns 23,350 shares of the transportation company’s stock valued at $306,000 after buying an additional 2,850 shares during the last quarter. Hedge funds and other institutional investors own 50.48% of the company’s stock.
Fly Leasing Limited Company Profile
Fly Leasing Limited is engaged in purchasing commercial aircraft, which it leases under multi-year contracts to a range of airlines throughout the world. 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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