FLIR Systems, Inc. (NASDAQ:FLIR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued 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.”
A number of other analysts have also issued reports on the company. SunTrust Banks, Inc. raised their price target on FLIR Systems from $37.00 to $43.00 and gave the stock a “hold” rating in a research note on Thursday, October 26th. Needham & Company LLC reissued a “buy” rating and issued a $50.00 price target (up from $42.00) on shares of FLIR Systems in a research note on Thursday, October 26th. Raymond James Financial, Inc. raised their price target on FLIR Systems to $60.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, October 25th. Robert W. Baird reaffirmed a “hold” rating and issued a $34.00 price objective on shares of FLIR Systems in a research note on Tuesday, October 24th. Finally, BidaskClub lowered FLIR Systems from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. One research analyst has rated the stock with a sell rating, four have issued a hold rating, two have assigned a buy rating and two have given a strong buy rating to the stock. FLIR Systems presently has a consensus rating of “Buy” and an average target price of $46.33.
Shares of FLIR Systems (FLIR) opened at $46.53 on Thursday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.36 and a current ratio of 3.48. The company has a market capitalization of $6,525.46, a price-to-earnings ratio of 25.87 and a beta of 0.63. FLIR Systems has a 52 week low of $33.75 and a 52 week high of $48.06.
FLIR Systems (NASDAQ:FLIR) last posted its quarterly earnings data on Wednesday, October 25th. The scientific and technical instruments company reported $0.52 EPS for the quarter, beating 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 analyst estimates of $446.06 million. During the same quarter last year, the company earned $0.48 earnings per share. The business’s revenue for the quarter was up 14.7% compared to the same quarter last year. research analysts expect that FLIR Systems will post 1.86 EPS for the current year.
In other FLIR Systems news, COO Thomas A. Surran sold 261,320 shares of FLIR Systems stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $38.25, for a total transaction of $9,995,490.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Steven E. Wynne sold 11,200 shares of FLIR Systems 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 disclosure for this sale can be found here. Insiders have sold a total of 283,356 shares of company stock worth $11,034,806 over the last 90 days. 3.00% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the company. Commonwealth Bank of Australia grew its position in shares of FLIR Systems by 14.0% in the 2nd quarter. Commonwealth Bank of Australia now owns 3,250 shares of the scientific and technical instruments company’s stock worth $111,000 after acquiring an additional 400 shares in the last quarter. Acrospire Investment Management LLC acquired a new position in shares of FLIR Systems in the 2nd quarter worth approximately $116,000. ETF Managers Group LLC acquired a new position in shares of FLIR Systems in the 2nd quarter worth approximately $171,000. Sei Investments Co. grew its position in shares of FLIR Systems by 76.3% in the 3rd quarter. Sei Investments Co. now owns 4,507 shares of the scientific and technical instruments company’s stock worth $175,000 after acquiring an additional 1,951 shares in the last quarter. Finally, OppenheimerFunds Inc. acquired a new position in shares of FLIR Systems in the 1st quarter worth approximately $203,000. Institutional investors own 89.74% of the company’s stock.
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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