Zacks Investment Research cut shares of Fly Leasing Limited (NYSE:FLY) from a hold rating to a strong sell rating in a report issued on Monday.

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 equities analysts have also recently commented on FLY. BidaskClub upgraded Fly Leasing Limited from a hold rating to a buy rating in a report on Wednesday, July 19th. ValuEngine cut Fly Leasing Limited from a strong-buy rating to a buy rating in a report on Friday, September 1st. Cowen and Company reiterated a buy rating and set a $16.00 price target on shares of Fly Leasing Limited in a report on Tuesday, September 19th. Finally, Compass Point reiterated a buy rating and set a $19.00 price target (up previously from $17.00) on shares of Fly Leasing Limited in a report on Tuesday, October 3rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $17.60.

Fly Leasing Limited (FLY) traded down $0.11 during trading on Monday, reaching $13.61. The company had a trading volume of 142,000 shares, compared to its average volume of 135,511. Fly Leasing Limited has a fifty-two week low of $11.91 and a fifty-two week high of $14.65. The company has a debt-to-equity ratio of 4.74, a current ratio of 1.18 and a quick ratio of 1.18. The company has a market capitalization of $391.44, a PE ratio of 11.73, a P/E/G ratio of 1.85 and a beta of 1.10.

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A number of hedge funds have recently modified their holdings of FLY. Goldman Sachs Group Inc. lifted its position in Fly Leasing Limited by 630.0% during the second quarter. Goldman Sachs Group Inc. now owns 194,005 shares of the transportation company’s stock worth $2,609,000 after acquiring an additional 167,430 shares during the last quarter. Uniplan Investment Counsel Inc. lifted its position in Fly Leasing Limited by 27.7% during the second quarter. Uniplan Investment Counsel Inc. now owns 512,759 shares of the transportation company’s stock worth $6,896,000 after acquiring an additional 111,372 shares during the last quarter. Morgan Stanley lifted its position in Fly Leasing Limited by 9.0% during the first quarter. Morgan Stanley now owns 1,167,042 shares of the transportation company’s stock worth $15,312,000 after acquiring an additional 96,040 shares during the last quarter. Russell Investments Group Ltd. lifted its position in Fly Leasing Limited by 44.1% during the second quarter. Russell Investments Group Ltd. now owns 247,957 shares of the transportation company’s stock worth $3,335,000 after acquiring an additional 75,926 shares during the last quarter. Finally, OxFORD Asset Management LLP acquired a new stake in Fly Leasing Limited during the third quarter worth approximately $706,000. Hedge funds and other institutional investors own 45.88% 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.

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