Zacks Investment Research upgraded shares of JetBlue Airways Corporation (NASDAQ:JBLU) from a strong sell rating to a hold rating in a research report sent to investors on Wednesday.
According to Zacks, “Shares of JetBlue Airways have underperformed its industry so far this year. The stock has also been plagued by multiple challenges of late. Adding to its woes, the carrier's eanings in third quarter declined year over year due to high costs. The recent hurricanes also hurt results. In fact the hurricanes might hurt results in the fourth quarter as well. Operating expenses too increased significantly in the quarter with fuel expenses increasing a massive 18.3%. The persistent rise in fuel and labor costs have the potential to hurt results going forward. However, the carrier's revenues in third quarter increased 4.7%, beating the Zacks Consensus Estimate of $1,809.3 million. Passenger revenues improved 3.3% in the quarter. We are impressed by the carrier's efforts to expand its popular Mint service. Efforts to bring down its debt levels also please us.”
A number of other research analysts have also recently issued reports on the stock. J P Morgan Chase & Co cut shares of JetBlue Airways Corporation from an overweight rating to a neutral rating and set a $22.00 target price for the company. in a report on Wednesday, November 1st. Deutsche Bank AG increased their target price on shares of JetBlue Airways Corporation from $26.00 to $27.00 and gave the company a buy rating in a report on Wednesday, October 25th. Imperial Capital reaffirmed a buy rating and issued a $31.00 target price on shares of JetBlue Airways Corporation in a report on Tuesday, October 17th. Cowen and Company increased their target price on shares of JetBlue Airways Corporation from $21.00 to $22.00 and gave the company a market perform rating in a report on Thursday, October 12th. Finally, Morgan Stanley reaffirmed an equal weight rating and issued a $20.00 target price (down from $21.00) on shares of JetBlue Airways Corporation in a report on Wednesday, October 4th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $25.25.
JetBlue Airways Corporation (NASDAQ JBLU) opened at $19.99 on Wednesday. JetBlue Airways Corporation has a 1-year low of $18.05 and a 1-year high of $24.13. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.56 and a quick ratio of 0.56. The stock has a market cap of $6,409.73, a PE ratio of 10.30 and a beta of 0.65.
JetBlue Airways Corporation (NASDAQ:JBLU) last issued its earnings results on Tuesday, October 24th. The transportation company reported $0.55 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.03. JetBlue Airways Corporation had a net margin of 9.38% and a return on equity of 15.95%. The company had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.81 billion. During the same period last year, the company posted $0.58 earnings per share. The firm’s quarterly revenue was up 4.7% compared to the same quarter last year. equities research analysts anticipate that JetBlue Airways Corporation will post 1.75 EPS for the current year.
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In other JetBlue Airways Corporation news, Director Joel Clinton Peterson sold 5,120 shares of JetBlue Airways Corporation stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $18.96, for a total value of $97,075.20. Following the completion of the sale, the director now directly owns 539,702 shares of the company’s stock, valued at approximately $10,232,749.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robin Hayes sold 2,000 shares of JetBlue Airways Corporation stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $18.56, for a total transaction of $37,120.00. Following the completion of the sale, the chief executive officer now directly owns 402,362 shares of the company’s stock, valued at $7,467,838.72. The disclosure for this sale can be found here. Insiders sold a total of 24,860 shares of company stock valued at $474,419 over the last ninety days. 0.60% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the business. Palisade Capital Management LLC NJ grew its stake in JetBlue Airways Corporation by 34.4% in the 3rd quarter. Palisade Capital Management LLC NJ now owns 21,500 shares of the transportation company’s stock worth $398,000 after acquiring an additional 5,500 shares during the period. TIAA FSB boosted its holdings in shares of JetBlue Airways Corporation by 26.1% in the 3rd quarter. TIAA FSB now owns 237,428 shares of the transportation company’s stock valued at $4,400,000 after purchasing an additional 49,142 shares during the last quarter. Prudential Financial Inc. boosted its holdings in shares of JetBlue Airways Corporation by 135.1% in the 2nd quarter. Prudential Financial Inc. now owns 2,454,990 shares of the transportation company’s stock valued at $56,048,000 after purchasing an additional 1,410,594 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of JetBlue Airways Corporation by 39.1% in the 2nd quarter. Russell Investments Group Ltd. now owns 170,853 shares of the transportation company’s stock valued at $3,906,000 after purchasing an additional 48,067 shares during the last quarter. Finally, Mik Capital LLC boosted its holdings in shares of JetBlue Airways Corporation by 91.5% in the 2nd quarter. Mik Capital LLC now owns 1,779,778 shares of the transportation company’s stock valued at $40,632,000 after purchasing an additional 850,419 shares during the last quarter. 85.19% of the stock is owned by hedge funds and other institutional investors.
About JetBlue Airways Corporation
JetBlue Airways Corporation is a passenger carrier company. The Company provides air transportation services across the United States, the Caribbean and Latin America. Its segments include Domestic, and Caribbean & Latin America. It operates various kinds of aircrafts, including Airbus A321, Airbus A320 and Embraer E190.
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