Fly Leasing Limited (FLY) leases commercial jet aircraft worldwide.
The company purchases and leases commercial aircraft under multi-year contracts to various airlines. It owns 106 aircraft. The company was formerly known as Babcock & Brown Air Limited and changed its name to Fly Leasing Limited in June 2010. Shares have formed a bullish "cup and handle" and higher prices are expected. The firm reported its quarterly results this morning.
The company reported Q1 earnings of $1.37 per share, $0.54 better than the Consensus Estimate of $0.83; revenues rose 9.5% year/year to $114.4 mln vs the $103.62 mln consensus.
Note that the firm pays a hefty dividened and yield of 5.8%.
52-Week Trading Range: $11.06 - $16.50
Entry Point: $15.82
Stop Loss: $15.00
Target Price: $17.40
We are closing this position at $16.50 after our 30 days time period expired without achieving the 10% but a 4.32% gain is not bad either!