Zacks Investment Research Downgrades AeroCentury (ACY) to Sell

AeroCentury (NYSEAMERICAN:ACY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday.

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) “

Separately, ValuEngine cut shares of AeroCentury from a “strong-buy” rating to a “buy” rating in a research report on Monday, September 11th.

Shares of AeroCentury (ACY) traded down $0.70 during mid-day trading on Friday, reaching $15.00. 6,837 shares of the company’s stock were exchanged, compared to its average volume of 9,628. AeroCentury has a 1 year low of $8.65 and a 1 year high of $16.10.

A hedge fund recently raised its stake in AeroCentury stock. Renaissance Technologies LLC lifted its position in shares of AeroCentury Corp. (NYSEAMERICAN:ACY) by 7.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,000 shares of the company’s stock after purchasing an additional 1,300 shares during the quarter. Renaissance Technologies LLC’s holdings in AeroCentury were worth $176,000 at the end of the most recent reporting period.

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About AeroCentury

AeroCentury Corp. acquires used regional aircraft and aircraft engines for lease to regional carriers all over the world. The Company’s segment is leasing of regional aircraft to foreign and domestic regional airlines. The business of the Company is managed by JetFleet Management Corp. (JMC), an integrated aircraft management, marketing and financing business.

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