Zacks Investment Research cut shares of FLIR Systems, Inc. (NASDAQ:FLIR) from a buy rating to a hold rating in a research note issued to investors on Thursday morning.
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.”
Several other research firms also recently commented on FLIR. BidaskClub downgraded FLIR Systems from a hold rating to a sell rating in a research report on Monday, July 31st. SunTrust Banks, Inc. increased their target price on FLIR Systems from $37.00 to $43.00 and gave the company a hold rating in a research report on Thursday, October 26th. Robert W. Baird reiterated a hold rating and issued a $34.00 target price on shares of FLIR Systems in a research report on Tuesday, October 24th. Needham & Company LLC increased their target price on FLIR Systems from $40.00 to $42.00 and gave the company a buy rating in a research report on Wednesday, September 6th. Finally, Raymond James Financial, Inc. increased their target price on FLIR Systems to $60.00 and gave the company a strong-buy rating in a research report on Wednesday, October 25th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, two have given a buy rating and two have issued a strong buy rating to the stock. FLIR Systems presently has a consensus rating of Buy and an average target price of $46.33.
FLIR Systems (NASDAQ:FLIR) traded down $0.95 during trading on Thursday, reaching $46.53. The company’s stock had a trading volume of 1,410,191 shares, compared to its average volume of 954,848. The company has a quick ratio of 2.36, a current ratio of 3.48 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $6,525.46, a P/E ratio of 25.87 and a beta of 0.63. FLIR Systems has a 1 year low of $33.75 and a 1 year high of $48.06.
FLIR Systems (NASDAQ:FLIR) last posted its earnings results on Wednesday, October 25th. The scientific and technical instruments company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.48 by $0.04. The firm had revenue of $464.70 million during the quarter, compared to the consensus estimate of $446.06 million. FLIR Systems had a return on equity of 14.30% and a net margin of 12.30%. The business’s quarterly revenue was up 14.7% on a year-over-year basis. During the same period last year, the company earned $0.48 earnings per share. equities research analysts forecast that FLIR Systems will post 1.86 EPS for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 8th. Stockholders of record on Friday, November 24th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, November 22nd. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.29%. FLIR Systems’s dividend payout ratio (DPR) is 37.74%.
In other news, SVP Todd M. Duchene sold 9,000 shares of the firm’s stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $47.00, for a total transaction of $423,000.00. Following the completion of the transaction, the senior vice president now directly owns 29,767 shares in the company, valued at $1,399,049. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Thomas A. Surran sold 261,320 shares of the firm’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $38.25, for a total value of $9,995,490.00. The disclosure for this sale can be found here. Insiders have sold 283,356 shares of company stock valued at $11,034,806 over the last 90 days. 3.00% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the company. Howe & Rusling Inc. bought a new position in shares of FLIR Systems during the third quarter worth about $261,000. Cardinal Capital Management increased its holdings in FLIR Systems by 10.0% in the third quarter. Cardinal Capital Management now owns 16,653 shares of the scientific and technical instruments company’s stock worth $647,000 after purchasing an additional 1,510 shares in the last quarter. Legal & General Group Plc increased its holdings in FLIR Systems by 8.2% in the second quarter. Legal & General Group Plc now owns 208,746 shares of the scientific and technical instruments company’s stock worth $7,236,000 after purchasing an additional 15,823 shares in the last quarter. Eagle Asset Management Inc. increased its holdings in FLIR Systems by 253.7% in the second quarter. Eagle Asset Management Inc. now owns 798,986 shares of the scientific and technical instruments company’s stock worth $27,692,000 after purchasing an additional 573,103 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. increased its holdings in FLIR Systems by 2.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 652,207 shares of the scientific and technical instruments company’s stock worth $22,606,000 after purchasing an additional 18,041 shares in the last quarter. 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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