ValuEngine Downgrades Fly Leasing Limited (NYSE:FLY) to Buy

Fly Leasing Limited (NYSE:FLY) was downgraded by investment analysts at ValuEngine from a “strong-buy” rating to a “buy” rating in a report released on Friday, September 1st.

Other equities research analysts have also recently issued research reports about the stock. Zacks Investment Research cut shares of Fly Leasing Limited from a “buy” rating to a “hold” rating in a research note on Wednesday, August 16th. BidaskClub lowered Fly Leasing Limited from a “buy” rating to a “hold” rating in a report on Thursday, August 10th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $17.38.

Shares of Fly Leasing Limited (NYSE FLY) opened at 14.21 on Friday. The company has a 50 day moving average of $13.64 and a 200-day moving average of $13.32. The firm’s market cap is $428.77 million. Fly Leasing Limited has a 12-month low of $11.41 and a 12-month high of $14.45.

Fly Leasing Limited (NYSE:FLY) last announced its earnings results on Thursday, August 10th. The transportation company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.02. Fly Leasing Limited had a negative net margin of 9.68% and a positive return on equity of 11.37%. The company had revenue of $79.21 million for the quarter, compared to analysts’ expectations of $83.17 million. During the same quarter in the previous year, the company posted $0.45 EPS. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. Analysts predict that Fly Leasing Limited will post $1.12 EPS for the current year.

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A number of institutional investors and hedge funds have recently modified their holdings of FLY. Bank of Montreal Can raised its holdings in Fly Leasing Limited by 42.2% in the 1st quarter. Bank of Montreal Can now owns 202,980 shares of the transportation company’s stock valued at $2,663,000 after buying an additional 60,255 shares during the period. Renaissance Group LLC grew its position in Fly Leasing Limited by 3.5% in the 1st quarter. Renaissance Group LLC now owns 27,348 shares of the transportation company’s stock valued at $359,000 after acquiring an additional 930 shares in the last quarter. Karp Capital Management Corp acquired a new position in Fly Leasing Limited in the 1st quarter valued at about $1,628,000. Ameriprise Financial Inc. grew its position in Fly Leasing Limited 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 acquiring an additional 817 shares in the last quarter. Finally, Parametric Portfolio Associates LLC grew its position in Fly Leasing Limited by 31.5% in the 1st quarter. Parametric Portfolio Associates LLC now owns 17,394 shares of the transportation company’s stock valued at $228,000 after acquiring an additional 4,163 shares in the last quarter. Hedge funds and other institutional investors own 47.27% of the company’s stock.

About Fly Leasing Limited

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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