Fly Leasing Limited (NYSE:FLY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.

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 also recently commented on the stock. BidaskClub downgraded shares of Fly Leasing Limited from a “buy” rating to a “hold” rating in a research report on Thursday, August 10th. ValuEngine upgraded shares of Fly Leasing Limited from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, June 27th. Finally, Royal Bank Of Canada reiterated a “buy” rating on shares of Fly Leasing Limited in a research report on Friday, April 21st. Three analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Fly Leasing Limited presently has a consensus rating of “Buy” and an average price target of $16.90.

Shares of Fly Leasing Limited (NYSE:FLY) traded down 0.67% during mid-day trading on Wednesday, reaching $13.41. 93,651 shares of the company’s stock traded hands. The stock’s market cap is $404.63 million. The firm has a 50 day moving average price of $13.75 and a 200-day moving average price of $13.37. 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 posted its earnings results on Thursday, August 10th. The transportation company reported $0.31 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 business had revenue of $79.21 million for the quarter, compared to the consensus estimate of $83.17 million. During the same period last year, the company earned $0.45 EPS. The firm’s revenue was up 3.8% compared to the same quarter last year. On average, analysts predict that Fly Leasing Limited will post $1.12 earnings per share for the current fiscal year.

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Several hedge funds and other institutional investors have recently modified their holdings of the company. Donald Smith & CO. Inc. increased its position in shares of Fly Leasing Limited by 2.9% in the first quarter. Donald Smith & CO. Inc. now owns 3,212,478 shares of the transportation company’s stock worth $42,148,000 after buying an additional 91,144 shares during the period. Morgan Stanley increased its position in shares of Fly Leasing Limited by 9.0% in the first quarter. Morgan Stanley now owns 1,167,042 shares of the transportation company’s stock worth $15,312,000 after buying an additional 96,040 shares during the period. Uniplan Investment Counsel Inc. increased its position in shares of Fly Leasing Limited by 27.7% in the second quarter. Uniplan Investment Counsel Inc. now owns 512,759 shares of the transportation company’s stock worth $6,896,000 after buying an additional 111,372 shares during the period. Russell Investments Group Ltd. increased its position in shares of Fly Leasing Limited by 44.1% in the second quarter. Russell Investments Group Ltd. now owns 247,957 shares of the transportation company’s stock worth $3,335,000 after buying an additional 75,926 shares during the period. Finally, Bank of Montreal Can increased its position in shares of Fly Leasing Limited by 42.2% in the first quarter. Bank of Montreal Can now owns 202,980 shares of the transportation company’s stock worth $2,663,000 after buying an additional 60,255 shares during the period. Hedge funds and other institutional investors own 50.48% 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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