Zacks Investment Research Downgrades Fly Leasing (FLY) to Hold

Fly Leasing (NYSE:FLY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors 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. “

Separately, ValuEngine lowered Fly Leasing from a “hold” rating to a “sell” rating in a research report on Thursday, November 1st. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and one has issued a buy rating to the stock. Fly Leasing has a consensus rating of “Hold” and a consensus target price of $18.63.

Shares of FLY traded down $0.03 during trading hours on Friday, hitting $10.99. The company had a trading volume of 49,599 shares, compared to its average volume of 118,938. The company has a debt-to-equity ratio of 4.44, a current ratio of 0.66 and a quick ratio of 0.66. The firm has a market cap of $317.97 million, a PE ratio of 122.11, a P/E/G ratio of 0.40 and a beta of 1.02. Fly Leasing has a 52-week low of $10.42 and a 52-week high of $15.32.

Fly Leasing (NYSE:FLY) last posted its quarterly earnings results on Thursday, November 8th. The transportation company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.28. The firm had revenue of $104.60 million during the quarter, compared to analyst estimates of $100.68 million. Fly Leasing had a return on equity of 11.41% and a net margin of 15.32%. Fly Leasing’s quarterly revenue was up 21.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.34) EPS. As a group, sell-side analysts anticipate that Fly Leasing will post 2.69 EPS for the current year.

A number of large investors have recently modified their holdings of the business. Citadel Advisors LLC raised its position in Fly Leasing by 27.0% in the 2nd quarter. Citadel Advisors LLC now owns 25,715 shares of the transportation company’s stock worth $363,000 after buying an additional 5,468 shares during the last quarter. Aperio Group LLC raised its position in Fly Leasing by 6.7% in the 3rd quarter. Aperio Group LLC now owns 102,977 shares of the transportation company’s stock worth $1,452,000 after buying an additional 6,435 shares during the last quarter. Panagora Asset Management Inc. purchased a new position in Fly Leasing in the 3rd quarter worth about $114,000. Dynamic Technology Lab Private Ltd purchased a new position in Fly Leasing in the 3rd quarter worth about $218,000. Finally, Russell Investments Group Ltd. raised its position in Fly Leasing by 9.4% in the 3rd quarter. Russell Investments Group Ltd. now owns 197,575 shares of the transportation company’s stock worth $2,787,000 after buying an additional 16,951 shares during the last quarter. 50.26% of the stock is owned by institutional investors and hedge funds.

About Fly Leasing

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 passenger aircrafts and 12 wide-body passenger aircrafts. Fly Leasing Limited was founded in 2007 and is headquartered in Dún Laoghaire, Ireland.

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