Zacks Investment Research upgraded shares of Fly Leasing (NYSE:FLY) from a hold rating to a buy rating in a research report sent to investors on Friday, August 24th. They currently have $17.00 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. “
A number of other equities research analysts have also recently weighed in on the company. ValuEngine cut Fly Leasing from a buy rating to a hold rating in a report on Monday, June 4th. Citigroup upped their price target on Fly Leasing from $14.00 to $14.50 and gave the stock a sell rating in a report on Friday, August 24th. Finally, Royal Bank of Canada upped their price target on Fly Leasing to $30.00 and gave the stock an outperform rating in a report on Monday, May 7th. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $18.58.
FLY traded up $0.18 on Friday, hitting $14.64. 61,107 shares of the company traded hands, compared to its average volume of 127,118. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 4.29. The company has a market cap of $417.55 million, a PE ratio of 12.54, a P/E/G ratio of 0.63 and a beta of 1.05. Fly Leasing has a 12-month low of $11.54 and a 12-month high of $15.32.
Fly Leasing (NYSE:FLY) last posted its quarterly earnings data on Thursday, August 23rd. The transportation company reported $0.87 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.18. Fly Leasing had a return on equity of 5.79% and a net margin of 7.43%. The firm had revenue of $99.30 million during the quarter, compared to the consensus estimate of $98.62 million. During the same period in the prior year, the business earned $0.31 EPS. The firm’s revenue was up 25.4% compared to the same quarter last year. sell-side analysts expect that Fly Leasing will post 2.3 EPS for the current fiscal year.
Several institutional investors have recently modified their holdings of the business. Citadel Advisors LLC lifted its stake in shares of Fly Leasing by 27.0% during the 2nd quarter. Citadel Advisors LLC now owns 25,715 shares of the transportation company’s stock worth $363,000 after purchasing an additional 5,468 shares during the period. US Bancorp DE raised its position in shares of Fly Leasing by 2.1% in the 2nd quarter. US Bancorp DE now owns 349,179 shares of the transportation company’s stock worth $4,920,000 after buying an additional 7,050 shares during the period. Uniplan Investment Counsel Inc. raised its position in shares of Fly Leasing by 1.5% in the 1st quarter. Uniplan Investment Counsel Inc. now owns 543,957 shares of the transportation company’s stock worth $7,240,000 after buying an additional 7,815 shares during the period. Campbell & CO Investment Adviser LLC raised its position in shares of Fly Leasing by 67.2% in the 2nd quarter. Campbell & CO Investment Adviser LLC now owns 22,467 shares of the transportation company’s stock worth $317,000 after buying an additional 9,028 shares during the period. Finally, Trexquant Investment LP purchased a new position in shares of Fly Leasing in the 1st quarter worth $286,000. 49.15% 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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