FLIR Systems (FLIR) Rating Increased to Buy at Zacks Investment Research

FLIR Systems (NASDAQ:FLIR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage presently has a $56.00 price objective on the scientific and technical instruments company’s stock. Zacks Investment Research‘s target price points to a potential upside of 11.38% from the company’s current price.

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 research firms also recently issued reports on FLIR. SunTrust Banks upgraded FLIR Systems from a “hold” rating to a “buy” rating and set a $43.00 price objective for the company in a report on Monday, January 8th. Needham & Company LLC reiterated a “buy” rating and set a $50.00 price objective (up from $42.00) on shares of FLIR Systems in a report on Thursday, October 26th. Raymond James Financial increased their price objective on FLIR Systems to $60.00 and gave the stock a “strong-buy” rating in a report on Wednesday, October 25th. ValuEngine downgraded FLIR Systems from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Finally, Robert W. Baird reiterated a “hold” rating and set a $34.00 price objective on shares of FLIR Systems in a report on Tuesday, October 24th. One 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 company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $46.83.

FLIR Systems (FLIR) traded up $0.02 during trading hours on Tuesday, hitting $50.28. The company had a trading volume of 664,298 shares, compared to its average volume of 773,065. 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 $6,964.74, a P/E ratio of 31.62 and a beta of 0.63. FLIR Systems has a fifty-two week low of $33.75 and a fifty-two week high of $50.47.

FLIR Systems (NASDAQ:FLIR) last posted its quarterly earnings data on Wednesday, October 25th. The scientific and technical instruments company reported $0.52 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.04. The business 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%. FLIR Systems’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. research 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 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Brian E. Harding sold 1,836 shares of the 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 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. Insiders have sold 22,036 shares of company stock valued at $1,039,316 over the last three months. Insiders own 3.00% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Howe & Rusling Inc. acquired a new position in FLIR Systems during the third quarter valued at approximately $261,000. Cardinal Capital Management boosted its position in FLIR Systems by 10.0% during the third quarter. Cardinal Capital Management now owns 16,653 shares of the scientific and technical instruments company’s stock valued at $647,000 after purchasing an additional 1,510 shares during the last quarter. Asset Management One Co. Ltd. boosted its position in FLIR Systems by 31.7% during the third quarter. Asset Management One Co. Ltd. now owns 273,830 shares of the scientific and technical instruments company’s stock valued at $10,662,000 after purchasing an additional 65,957 shares during the last quarter. Grandfield & Dodd LLC acquired a new position in FLIR Systems during the third quarter valued at approximately $1,357,000. Finally, Schwab Charles Investment Management Inc. boosted its position in FLIR Systems by 2.8% during the second 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 purchasing an additional 18,041 shares during the last quarter. 92.94% of the stock is owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for FLIR Systems (NASDAQ:FLIR)

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