Fly Leasing (FLY) Upgraded to “Buy” by Zacks Investment Research

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Zacks Investment Research upgraded shares of Fly Leasing (NYSE:FLY) from a hold rating to a buy rating in a report published on Friday. The brokerage currently has $15.00 price target 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. “

Several other equities research analysts have also commented on the company. TheStreet upgraded Fly Leasing from a d+ rating to a c- rating in a research note on Wednesday, September 19th. Citigroup boosted their price objective on Fly Leasing from $14.00 to $14.50 and gave the stock a sell rating in a research note on Friday, August 24th. Finally, ValuEngine lowered Fly Leasing from a hold rating to a sell rating in a research note on Thursday, November 1st. Three research analysts have rated the stock with a sell rating and two have issued a buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $18.63.

NYSE FLY traded down $0.10 during trading hours on Friday, reaching $13.34. The company’s stock had a trading volume of 142,204 shares, compared to its average volume of 57,506. The stock has a market capitalization of $377.09 million, a price-to-earnings ratio of 148.22, a PEG ratio of 0.56 and a beta of 1.01. Fly Leasing has a 1-year low of $11.54 and a 1-year high of $15.32. 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 (NYSE:FLY) last posted its quarterly earnings data on Thursday, November 8th. The transportation company reported $0.75 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.28. Fly Leasing had a return on equity of 5.79% and a net margin of 7.43%. The company had revenue of $104.60 million during the quarter, compared to analyst estimates of $100.68 million. During the same period in the previous year, the business earned ($0.34) EPS. Fly Leasing’s quarterly revenue was up 21.3% on a year-over-year basis. Equities analysts predict that Fly Leasing will post 2.36 EPS for the current fiscal year.

A number of large investors have recently bought and sold shares of the business. ClariVest Asset Management LLC purchased a new stake in shares of Fly Leasing in the third quarter valued at approximately $251,000. Cozad Asset Management Inc. purchased a new stake in shares of Fly Leasing in the second quarter valued at approximately $316,000. Campbell & CO Investment Adviser LLC grew its position in shares of Fly Leasing by 67.2% in the second quarter. Campbell & CO Investment Adviser LLC now owns 22,467 shares of the transportation company’s stock valued at $317,000 after purchasing an additional 9,028 shares in the last quarter. Mount Yale Investment Advisors LLC purchased a new stake in shares of Fly Leasing in the second quarter valued at approximately $344,000. Finally, Citadel Advisors LLC grew its position in shares of Fly Leasing by 27.0% in the second quarter. Citadel Advisors LLC now owns 25,715 shares of the transportation company’s stock valued at $363,000 after purchasing an additional 5,468 shares in the last quarter. Institutional investors own 49.12% of the company’s stock.

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.

Further Reading: Return on Investment (ROI)

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