Zacks Investment Research Lowers Fly Leasing (FLY) to Strong Sell

Zacks Investment Research lowered shares of Fly Leasing (NYSE:FLY) from a hold rating to a strong sell rating in a research report released on Monday, November 13th.

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 research firms also recently issued reports on FLY. BidaskClub upgraded Fly Leasing from a hold rating to a buy rating in a research note on Wednesday, July 19th. ValuEngine upgraded Fly Leasing from a buy rating to a strong-buy rating in a research note on Friday, October 6th. Compass Point restated a buy rating and set a $19.00 price target (up previously from $17.00) on shares of Fly Leasing in a research note on Tuesday, October 3rd. Finally, Cowen restated a buy rating and set a $16.00 price target on shares of Fly Leasing in a research note on Tuesday, September 19th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock has an average rating of Buy and a consensus price target of $18.00.

Fly Leasing (FLY) traded up $0.05 on Monday, hitting $13.71. The stock had a trading volume of 58,242 shares, compared to its average volume of 88,442. The stock has a market cap of $393.45, a P/E ratio of 11.70, a P/E/G ratio of 8.74 and a beta of 1.10. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 4.74. Fly Leasing has a fifty-two week low of $11.91 and a fifty-two week high of $14.65.

Hedge funds have recently made changes to their positions in the business. Ameriprise Financial Inc. grew its stake in shares of Fly Leasing by 6.7% in the 1st quarter. Ameriprise Financial Inc. now owns 12,994 shares of the transportation company’s stock valued at $170,000 after purchasing an additional 817 shares during the last quarter. Monarch Partners Asset Management LLC purchased a new position in shares of Fly Leasing in the 3rd quarter valued at approximately $479,000. Russell Investments Group Ltd. grew its stake in shares of Fly Leasing by 44.1% in the 2nd quarter. Russell Investments Group Ltd. now owns 247,957 shares of the transportation company’s stock valued at $3,335,000 after purchasing an additional 75,926 shares during the last quarter. Morgan Stanley lifted its holdings in shares of Fly Leasing by 9.0% in the 1st quarter. Morgan Stanley now owns 1,167,042 shares of the transportation company’s stock valued at $15,312,000 after buying an additional 96,040 shares during the period. Finally, Dalton Greiner Hartman Maher & Co. lifted its holdings in shares of Fly Leasing by 9.9% in the 2nd quarter. Dalton Greiner Hartman Maher & Co. now owns 159,183 shares of the transportation company’s stock valued at $2,141,000 after buying an additional 14,403 shares during the period. Institutional investors own 45.02% of the company’s stock.

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Fly Leasing 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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