Zacks Investment Research Lowers AeroCentury (NYSEAMERICAN:ACY) to Strong Sell

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Zacks Investment Research cut shares of AeroCentury (NYSEAMERICAN:ACY) from a hold rating to a strong sell rating in a research note issued to investors 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) “

ACY has been the topic of a number of other reports. Taglich Brothers restated a speculative buy rating on shares of AeroCentury in a report on Wednesday, May 22nd. TheStreet lowered shares of AeroCentury from a c rating to a d rating in a report on Wednesday, May 15th.

AeroCentury stock opened at $7.04 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 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.11 by ($0.06). The firm had revenue of $7.16 million for the quarter, compared to analyst estimates of $7.43 million.

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. purchased a new stake in shares of AeroCentury in the second quarter valued at about $74,000. Leisure Capital Management boosted its holdings in shares of AeroCentury by 4.5% in the first quarter. Leisure Capital Management now owns 50,300 shares of the company’s stock valued at $578,000 after acquiring an additional 2,159 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of AeroCentury by 3.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 86,083 shares of the company’s stock valued at $824,000 after acquiring an additional 2,905 shares in the last quarter.

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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