FLIR Systems, Inc. (NASDAQ:FLIR) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Thursday, October 26th. The brokerage presently has a $53.00 price objective on the scientific and technical instruments company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 12.55% from the company’s current price.
According to Zacks, “FLIR Systems’ third-quarter 2017 earnings per share topped the Zacks Consensus Estimate by 8.3% on solid top-line growth. During the reported quarter, the company’s solid execution and streamlined business has aided it 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 robust momentum in its commercial products are also expected to propel growth. Despite these positives, year to date, FLIR Systems’ shares have underperformed compared with the industry average. Its gross margins are vulnerable to a host of factors, including product mix changes and manufacturing cost absorption.”
Other equities analysts have also issued research reports about the stock. Needham & Company LLC reiterated a “buy” rating and set a $50.00 price target (up previously from $42.00) on shares of FLIR Systems in a report on Thursday, October 26th. BidaskClub raised shares of FLIR Systems from a “strong sell” rating to a “sell” rating in a research note on Tuesday, July 11th. Raymond James Financial, Inc. raised shares of FLIR Systems from a “market perform” rating to a “strong-buy” rating and set a $43.00 price target for the company in a research note on Monday, July 10th. UBS AG raised shares of FLIR Systems from a “market perform” rating to a “strong-buy” rating in a research note on Monday, July 10th. Finally, Stephens began coverage on shares of FLIR Systems in a research report on Friday, July 7th. They set an “overweight” rating for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, two have assigned a buy rating and three have given a strong buy rating to the stock. FLIR Systems has an average rating of “Buy” and an average target price of $46.33.
FLIR Systems (FLIR) opened at $47.09 on Thursday. The firm has a market cap of $6,528.23, a PE ratio of 25.89 and a beta of 0.63. The company has a quick ratio of 2.36, a current ratio of 3.48 and a debt-to-equity ratio of 0.22. FLIR Systems has a fifty-two week low of $33.75 and a fifty-two week high of $48.06.
FLIR Systems (NASDAQ:FLIR) last posted its quarterly earnings results on Wednesday, October 25th. The scientific and technical instruments company reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.04. The business had revenue of $464.70 million for the quarter, compared to analyst estimates of $446.06 million. FLIR Systems had a net margin of 12.30% and a return on equity of 14.30%. The firm’s revenue for the quarter was up 14.7% on a year-over-year basis. During the same quarter last year, the business posted $0.48 EPS. equities research analysts anticipate that FLIR Systems will post 1.86 earnings per share for the current year.
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In related news, Director Steven E. Wynne sold 11,200 shares of the company’s stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $47.34, for a total transaction of $530,208.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Brian E. Harding sold 1,836 shares of the stock in a transaction on Monday, October 30th. The stock was sold at an average price of $46.90, for a total transaction of $86,108.40. Following the completion of the transaction, the vice president now directly owns 6,646 shares in the company, valued at approximately $311,697.40. 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 in the last ninety days. 3.00% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of FLIR Systems by 2.1% in the 2nd quarter. Vanguard Group Inc. now owns 13,611,660 shares of the scientific and technical instruments company’s stock worth $471,779,000 after purchasing an additional 285,535 shares during the period. BlackRock Inc. increased its stake in shares of FLIR Systems by 6.6% in the 2nd quarter. BlackRock Inc. now owns 9,366,367 shares of the scientific and technical instruments company’s stock worth $324,639,000 after acquiring an additional 576,951 shares in the last quarter. State Street Corp increased its stake in shares of FLIR Systems by 1.4% in the 1st quarter. State Street Corp now owns 5,459,779 shares of the scientific and technical instruments company’s stock worth $198,084,000 after acquiring an additional 73,938 shares in the last quarter. Cramer Rosenthal Mcglynn LLC increased its stake in shares of FLIR Systems by 153.9% in the 2nd quarter. Cramer Rosenthal Mcglynn LLC now owns 3,038,846 shares of the scientific and technical instruments company’s stock worth $105,326,000 after acquiring an additional 1,841,965 shares in the last quarter. Finally, Findlay Park Partners LLP increased its stake in shares of FLIR Systems by 38.3% in the 3rd quarter. Findlay Park Partners LLP now owns 2,165,000 shares of the scientific and technical instruments company’s stock worth $84,240,000 after acquiring an additional 600,000 shares in the last quarter. 89.74% of the stock is owned by institutional investors and hedge funds.
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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