Fly Leasing Limited (FLY) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Fly Leasing Limited (NYSE:FLY) from a hold rating to a strong sell rating in a research note released on Monday morning.

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 weighed in on FLY. ValuEngine raised Fly Leasing Limited from a buy rating to a strong-buy rating in a research report on Friday, October 6th. Compass Point reiterated a buy rating and set a $19.00 price objective (up previously from $17.00) on shares of Fly Leasing Limited in a research note on Tuesday, October 3rd. Cowen and Company reiterated a buy rating and set a $16.00 price objective on shares of Fly Leasing Limited in a research note on Tuesday, September 19th. Finally, BidaskClub upgraded Fly Leasing Limited from a hold rating to a buy rating in a research note on Wednesday, July 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $17.60.

Fly Leasing Limited (FLY) opened at $13.41 on Monday. Fly Leasing Limited has a 12-month low of $11.91 and a 12-month high of $14.65. The company has a debt-to-equity ratio of 4.74, a quick ratio of 1.18 and a current ratio of 1.18. The firm has a market capitalization of $390.00, a P/E ratio of 11.61, a price-to-earnings-growth ratio of 2.60 and a beta of 1.10.

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Several institutional investors have recently made changes to their positions in the company. State Street Corp raised its stake in shares of Fly Leasing Limited by 1.2% during the 2nd quarter. State Street Corp now owns 35,405 shares of the transportation company’s stock worth $476,000 after purchasing an additional 425 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of Fly Leasing Limited by 6.7% during the 1st quarter. Ameriprise Financial Inc. now owns 12,994 shares of the transportation company’s stock worth $170,000 after purchasing an additional 817 shares in the last quarter. Parametric Portfolio Associates LLC raised its stake in shares of Fly Leasing Limited by 8.2% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 18,818 shares of the transportation company’s stock worth $253,000 after purchasing an additional 1,424 shares in the last quarter. Renaissance Group LLC raised its stake in shares of Fly Leasing Limited by 10.5% during the 2nd quarter. Renaissance Group LLC now owns 30,222 shares of the transportation company’s stock worth $406,000 after purchasing an additional 2,874 shares in the last quarter. Finally, Allianz Asset Management GmbH raised its stake in shares of Fly Leasing Limited by 27.1% during the 3rd quarter. Allianz Asset Management GmbH now owns 22,481 shares of the transportation company’s stock worth $315,000 after purchasing an additional 4,798 shares in the last quarter. Institutional investors own 45.88% of the company’s stock.

Fly Leasing Limited 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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