Zacks Investment Research upgraded shares of FLIR Systems (NASDAQ:FLIR) from a hold rating to a buy rating in a research note issued to investors on Tuesday. They currently have $56.00 price objective on the scientific and technical instruments company’s stock.
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. Moreover, FLIR Systems’ strategic acquisitions and the resiliency of the CDMQ model are also expected to propel growth. Over the past year, 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.”
A number of other equities research analysts also recently issued reports on FLIR. Robert W. Baird restated a hold rating and set a $34.00 price target on shares of FLIR Systems in a research note on Tuesday, October 24th. Raymond James Financial boosted their price target on FLIR Systems to $60.00 and gave the company a strong-buy rating in a research note on Wednesday, October 25th. Needham & Company LLC restated a buy rating and set a $50.00 price target (up from $42.00) on shares of FLIR Systems in a research note on Thursday, October 26th. SunTrust Banks boosted their price target on FLIR Systems from $37.00 to $43.00 and gave the company a hold rating in a research note on Thursday, October 26th. Finally, ValuEngine downgraded FLIR Systems from a buy rating to a hold rating in a research note on Friday, December 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $46.83.
Shares of FLIR Systems (NASDAQ FLIR) traded up $0.02 during trading hours on Tuesday, reaching $50.28. The company’s stock had a trading volume of 664,298 shares, compared to its average volume of 773,065. FLIR Systems has a fifty-two week low of $33.75 and a fifty-two week high of $50.47. 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 stock has a market cap of $6,964.74, a price-to-earnings ratio of 31.62 and a beta of 0.63.
FLIR Systems (NASDAQ:FLIR) last issued its earnings results on Wednesday, October 25th. The scientific and technical instruments company reported $0.52 earnings per share for the quarter, topping the Zacks’ 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 business had revenue of $464.70 million during the quarter, compared to analyst estimates of $446.06 million. During the same quarter in the previous year, the firm earned $0.48 EPS. FLIR Systems’s revenue was up 14.7% on a year-over-year basis. sell-side analysts anticipate that FLIR Systems will post 1.86 EPS for the current year.
In related news, Director Steven E. Wynne sold 11,200 shares of the business’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 transaction of $530,208.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Todd M. Duchene sold 9,000 shares of the business’s stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $47.00, for a total value of $423,000.00. Following the transaction, the senior vice president now owns 29,767 shares of the company’s stock, valued at $1,399,049. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 22,036 shares of company stock valued at $1,039,316. Corporate insiders own 3.00% of the company’s stock.
Several large investors have recently made changes to their positions in FLIR. Schwab Charles Investment Management Inc. grew its stake in shares of FLIR Systems by 2.8% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 652,207 shares of the scientific and technical instruments company’s stock valued at $22,606,000 after acquiring an additional 18,041 shares during the period. Principal Financial Group Inc. grew its stake in shares of FLIR Systems by 3.4% during the 2nd quarter. Principal Financial Group Inc. now owns 217,884 shares of the scientific and technical instruments company’s stock valued at $7,551,000 after acquiring an additional 7,193 shares during the period. Swiss National Bank grew its stake in shares of FLIR Systems by 3.0% during the 2nd quarter. Swiss National Bank now owns 496,629 shares of the scientific and technical instruments company’s stock valued at $17,213,000 after acquiring an additional 14,300 shares during the period. JPMorgan Chase & Co. grew its stake in shares of FLIR Systems by 66.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 633,869 shares of the scientific and technical instruments company’s stock valued at $21,969,000 after acquiring an additional 254,109 shares during the period. Finally, Commonwealth Bank of Australia grew its stake 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 valued at $111,000 after acquiring an additional 400 shares during the period. Institutional investors own 92.94% of the company’s stock.
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FLIR Systems Company Profile
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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