FLIR Systems, Inc. (NASDAQ:FLIR) traded up 2.7% during trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $46.58 and last traded at $47.77. 1,606,826 shares were traded during mid-day trading, an increase of 45% from the average session volume of 1,105,350 shares. The stock had previously closed at $46.52.
The scientific and technical instruments company reported $0.52 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.04. FLIR Systems had a return on equity of 14.30% and a net margin of 12.30%. The firm had revenue of $464.70 million during the quarter, compared to analysts’ expectations of $446.06 million. During the same period in the previous year, the business earned $0.48 earnings per share. The firm’s revenue for the quarter was up 14.7% on a year-over-year basis.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Shareholders of record on Friday, November 24th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.27%. The ex-dividend date is Wednesday, November 22nd. FLIR Systems’s payout ratio is currently 37.74%.
FLIR has been the subject of several analyst reports. BidaskClub cut FLIR Systems from a “hold” rating to a “sell” rating in a report on Monday, July 31st. SunTrust Banks, Inc. upped their target price on FLIR Systems from $37.00 to $43.00 and gave the company a “hold” rating in a report on Thursday. Robert W. Baird restated a “hold” rating and issued a $34.00 target price on shares of FLIR Systems in a report on Tuesday. Needham & Company LLC upped their target price on FLIR Systems from $40.00 to $42.00 and gave the company a “buy” rating in a report on Wednesday, September 6th. Finally, Zacks Investment Research upgraded FLIR Systems from a “hold” rating to a “strong-buy” rating and set a $53.00 target price for the company in a report on Thursday. One analyst has rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and three have issued a strong buy rating to the stock. FLIR Systems has an average rating of “Buy” and an average target price of $46.33.
In other news, Director Earl R. Lewis sold 20,000 shares of the stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $38.22, for a total transaction of $764,400.00. Following the completion of the transaction, the director now directly owns 509,379 shares in the company, valued at approximately $19,468,465.38. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Earl R. Lewis sold 11,587 shares of the stock in a transaction on Monday, July 31st. The stock was sold at an average price of $37.27, for a total value of $431,847.49. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 292,907 shares of company stock valued at $11,191,737. 3.00% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Commonwealth Bank of Australia grew its holdings in shares of FLIR Systems by 14.0% during 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 purchasing an additional 400 shares during the period. Acrospire Investment Management LLC purchased a new position in shares of FLIR Systems during the 2nd quarter worth $116,000. ETF Managers Group LLC purchased a new position in shares of FLIR Systems during the 2nd quarter worth $171,000. OppenheimerFunds Inc. purchased a new position in shares of FLIR Systems during the 1st quarter worth $203,000. Finally, Koch Industries Inc. purchased a new position in shares of FLIR Systems during the 2nd quarter worth $214,000. Institutional investors and hedge funds own 91.16% of the company’s stock.
The firm has a market capitalization of $6.47 billion, a price-to-earnings ratio of 30.41 and a beta of 0.60. The firm has a 50-day moving average price of $40.83 and a 200-day moving average price of $37.93.
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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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