FLIR Systems, Inc. (FLIR) Stock Rating Lowered by Zacks Investment Research
FLIR Systems, Inc. (NASDAQ:FLIR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “FLIR Systems is enjoying strong top-line growth, as robust momentum in its commercial products and positive performance of most of its segments drive growth. The company’s solid execution and streamlined business are expected to drive solid improvements in backlog, adjusted gross margin and earnings per share. Going forward, the company believes that its robust pipeline of products and steady market traction of the recently launched products will continue to drive revenue growth. Year to date, FLIR Systems’ shares have outperformed compared with the industry average. Despite these positives, the company’s gross margins are vulnerable to a host of factors, including product mix changes and manufacturing cost absorption. Also, high manufacturing cost absorption is likely to restrict the company’s growth. Moreover, factors like imposition of governmental controls and restrictions on export of technology may pose as concerns.”
Other analysts also recently issued reports about the company. Needham & Company LLC reissued a “buy” rating and issued a $50.00 price objective (up from $42.00) on shares of FLIR Systems in a research note on Thursday, October 26th. SunTrust Banks, Inc. increased their price objective on FLIR Systems from $37.00 to $43.00 and gave the stock a “hold” rating in a research note on Thursday, October 26th. Robert W. Baird reissued a “hold” rating and issued a $34.00 price objective on shares of FLIR Systems in a research note on Tuesday, October 24th. BidaskClub downgraded FLIR Systems from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Finally, Raymond James Financial, Inc. increased their price objective on FLIR Systems to $60.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, October 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $46.33.
FLIR Systems (NASDAQ:FLIR) traded up $0.11 during mid-day trading on Thursday, reaching $47.20. The company had a trading volume of 813,900 shares, compared to its average volume of 952,591. FLIR Systems has a fifty-two week low of $33.75 and a fifty-two week high of $48.06. The company has a current ratio of 3.48, a quick ratio of 2.36 and a debt-to-equity ratio of 0.22. The firm has a market cap of $6,525.46, a P/E ratio of 25.87 and a beta of 0.63.
FLIR Systems (NASDAQ:FLIR) last posted its quarterly earnings results on Wednesday, October 25th. The scientific and technical instruments company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.04. FLIR Systems had a return on equity of 14.30% and a net margin of 12.30%. The business had revenue of $464.70 million for the quarter, compared to the consensus estimate of $446.06 million. During the same period in the prior year, the business earned $0.48 EPS. The firm’s revenue for the quarter was up 14.7% on a year-over-year basis. equities analysts predict that FLIR Systems will post 1.86 EPS for the current year.
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In other news, Director Steven E. Wynne sold 11,200 shares of the company’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $47.34, for a total value of $530,208.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Brian E. Harding sold 1,836 shares of the company’s stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $46.90, for a total value of $86,108.40. Following the completion of the transaction, the vice president now directly owns 6,646 shares of the company’s stock, valued at $311,697.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 283,356 shares of company stock valued at $11,034,806. 3.00% of the stock is currently owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of FLIR Systems by 2.1% in the second quarter. Vanguard Group Inc. now owns 13,611,660 shares of the scientific and technical instruments company’s stock valued at $471,779,000 after acquiring an additional 285,535 shares in the last quarter. BlackRock Inc. grew its holdings in FLIR Systems by 6.6% during the second quarter. BlackRock Inc. now owns 9,366,367 shares of the scientific and technical instruments company’s stock valued at $324,639,000 after purchasing an additional 576,951 shares during the period. Cramer Rosenthal Mcglynn LLC grew its holdings in FLIR Systems by 153.9% during the second quarter. Cramer Rosenthal Mcglynn LLC now owns 3,038,846 shares of the scientific and technical instruments company’s stock valued at $105,326,000 after purchasing an additional 1,841,965 shares during the period. Findlay Park Partners LLP grew its holdings in FLIR Systems by 38.3% during the third quarter. Findlay Park Partners LLP now owns 2,165,000 shares of the scientific and technical instruments company’s stock valued at $84,240,000 after purchasing an additional 600,000 shares during the period. Finally, Earnest Partners LLC grew its holdings in FLIR Systems by 0.7% during the third quarter. Earnest Partners LLC now owns 2,143,629 shares of the scientific and technical instruments company’s stock valued at $83,409,000 after purchasing an additional 14,956 shares during the period. 89.74% of the stock is owned by institutional investors.
About FLIR Systems
FLIR Systems, Inc (FLIR) designs, develops, markets and distributes thermal imaging systems, visible-light imaging systems, locater systems, measurement and diagnostic systems and threat-detection solutions. The Company’s segments include Surveillance, Instruments, Security, OEM & Emerging Markets, Maritime and Detection.
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