Fly Leasing (NYSE:FLY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday. The brokerage currently has a $15.00 price target on the transportation company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 12.44% from the stock’s previous close.
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 a number of other reports. ValuEngine lowered shares of Fly Leasing from a “hold” rating to a “sell” rating in a research report on Thursday, November 1st. TheStreet raised shares of Fly Leasing from a “d+” rating to a “c-” rating in a research report on Wednesday, September 19th. Finally, Citigroup increased their price objective on shares of Fly Leasing from $14.00 to $14.50 and gave the stock a “sell” rating in a research report on Friday, August 24th. Three analysts have rated the stock with a sell rating and two have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $18.63.
Shares of NYSE:FLY traded down $0.10 during trading on Friday, reaching $13.34. The company’s stock had a trading volume of 142,204 shares, compared to its average volume of 106,832. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 4.29. Fly Leasing has a 12 month low of $11.54 and a 12 month high of $15.32. The company has a market cap of $377.38 million, a price-to-earnings ratio of 148.22, a PEG ratio of 0.56 and a beta of 1.01.
Fly Leasing (NYSE:FLY) last announced its quarterly earnings results on Thursday, November 8th. The transportation company reported $0.75 EPS for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.28. Fly Leasing had a net margin of 7.43% and a return on equity of 5.79%. The firm had revenue of $104.60 million during the quarter, compared to the consensus estimate of $100.68 million. During the same quarter last year, the firm earned ($0.34) EPS. The firm’s revenue for the quarter was up 21.3% compared to the same quarter last year. As a group, equities analysts forecast that Fly Leasing will post 2.36 EPS for the current year.
A number of institutional investors have recently bought and sold shares of the stock. Dalton Greiner Hartman Maher & Co. raised its position in Fly Leasing by 42.9% in the 2nd quarter. Dalton Greiner Hartman Maher & Co. now owns 408,329 shares of the transportation company’s stock worth $5,753,000 after purchasing an additional 122,631 shares during the period. US Bancorp DE increased its position in shares of Fly Leasing by 2.1% during the second quarter. US Bancorp DE now owns 349,179 shares of the transportation company’s stock worth $4,920,000 after acquiring an additional 7,050 shares during the period. Acadian Asset Management LLC increased its position in shares of Fly Leasing by 74.9% during the third quarter. Acadian Asset Management LLC now owns 341,216 shares of the transportation company’s stock worth $4,812,000 after acquiring an additional 146,106 shares during the period. 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 during the period. Finally, Renaissance Technologies LLC increased its position in shares of Fly Leasing by 39.7% during the second quarter. Renaissance Technologies LLC now owns 274,280 shares of the transportation company’s stock worth $3,865,000 after acquiring an additional 77,931 shares during the period. 49.12% of the stock is currently 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 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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