Zacks Investment Research downgraded shares of AeroCentury (NYSEAMERICAN:ACY) from a hold rating to a strong sell rating in a research note published on Monday, Zacks.com reports.

According to Zacks, “AeroCentury Corp. was formed to acquire JetFleet Aircraft, L.P. and JetFleet Aircraft II, L.P., in a statutory merger. The company is an operating lessor and finance company which specializes in leasing used turboprop aircraft and engines. The company’s aircraft and engines are on lease to regional airlines and commercial users in the U.S., Canada, the U.K., South America and Europe. (PRESS RELEASE) “

A number of other brokerages have also recently issued reports on ACY. TheStreet cut shares of AeroCentury from a c rating to a d rating in a report on Wednesday, May 15th. Taglich Brothers reaffirmed a speculative buy rating on shares of AeroCentury in a report on Wednesday, May 22nd.

Shares of NYSEAMERICAN:ACY opened at $6.83 on Monday. AeroCentury has a 52 week low of $6.35 and a 52 week high of $17.15.

AeroCentury (NYSEAMERICAN:ACY) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.05 EPS for the quarter, missing the Zacks’ consensus estimate of $0.11 by ($0.06). The company had revenue of $7.16 million for the quarter, compared to analysts’ expectations of $7.43 million.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Leisure Capital Management boosted its holdings in shares of AeroCentury by 4.5% in the 1st quarter. Leisure Capital Management now owns 50,300 shares of the company’s stock valued at $578,000 after purchasing an additional 2,159 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of AeroCentury by 3.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 86,083 shares of the company’s stock valued at $824,000 after purchasing an additional 2,905 shares during the last quarter. Finally, Vanguard Group Inc. acquired a new position in shares of AeroCentury in the 2nd quarter valued at $74,000.

About AeroCentury

AeroCentury Corp., together with its subsidiaries, acquires and leases aircraft and aircraft engines to regional airlines in the United States and internationally. The company provides operating and finance leasing services of mid-life regional aircraft to carriers. It also sells aircraft from its operating lease portfolio to third parties, which includes other leasing companies, financial services companies, and airlines, as well as engages in parting out aircraft.

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