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Fly Leasing Ltd. (NYSE:FLY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.
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. “
Other hedge funds have modified their holdings of the company. State Street Corp raised its stake in shares of Fly Leasing by 22.4% in the first quarter. State Street Corp now owns 20,119 shares of the company’s stock worth $256,000 after buying an additional 3,687 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Fly Leasing by 424.8% in the first quarter. JPMorgan Chase & Co. now owns 134,131 shares of the company’s stock worth $1,705,000 after buying an additional 108,571 shares during the period. Aperio Group LLC raised its stake in shares of Fly Leasing by 26.7% in the first quarter. Aperio Group LLC now owns 168,758 shares of the company’s stock worth $2,145,000 after buying an additional 35,577 shares during the period. Credit Suisse AG raised its stake in shares of Fly Leasing by 37.4% in the fourth quarter. Credit Suisse AG now owns 123,077 shares of the company’s stock worth $1,680,000 after buying an additional 33,496 shares during the period. Finally, Two Sigma Advisers LLC raised its stake in shares of Fly Leasing by 58.9% in the fourth quarter. Two Sigma Advisers LLC now owns 264,568 shares of the company’s stock worth $3,611,000 after buying an additional 98,100 shares during the period.
Fly Leasing (NYSE:FLY) last announced its quarterly earnings data on Wednesday, May 18th. The company reported $0.47 EPS for the quarter, missing the Zacks’ consensus estimate of $0.50 by $0.03. The business earned $81.20 million during the quarter, compared to analysts’ expectations of $92.73 million. During the same period in the previous year, the business earned $0.41 earnings per share. The business’s revenue for the quarter was down 34.1% on a year-over-year basis. On average, analysts predict that Fly Leasing will post $1.47 earnings per share for the current year.
Separately, Wells Fargo & Co. restated a “buy” rating on shares of Fly Leasing in a report on Thursday, May 19th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $16.92.
Fly Leasing Limited (Fly) is engaged in purchasing commercial aircraft which it leases under multi-year contracts to a range of airlines throughout the world. As of December 31, 2014, the Company’s aircraft portfolio consisted of 127 commercial jet aircraft, consisting of 116 narrow-body passenger aircraft, including two freighters, and 11 wide-body passenger aircraft.
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