FLIR Systems (FLIR) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of FLIR Systems (NASDAQ:FLIR) from a hold rating to a buy rating in a research note released on Tuesday morning. 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.”

Several other research analysts also recently issued reports on FLIR. Robert W. Baird restated a hold rating and set a $34.00 price objective on shares of FLIR Systems in a research report on Tuesday, October 24th. Raymond James Financial lifted their price objective on FLIR Systems to $60.00 and gave the stock a strong-buy rating in a research report on Wednesday, October 25th. Needham & Company LLC restated a buy rating and set a $50.00 price objective (up from $42.00) on shares of FLIR Systems in a research report on Thursday, October 26th. SunTrust Banks lifted their price objective on FLIR Systems from $37.00 to $43.00 and gave the stock a hold rating in a research report on Thursday, October 26th. Finally, ValuEngine downgraded FLIR Systems from a buy rating to a hold rating in a research report on Friday, December 1st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, four have issued a buy rating and two have given a strong buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $46.83.

Shares of FLIR Systems (NASDAQ FLIR) traded up $0.02 during trading 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 current ratio of 3.48 and a quick ratio of 2.36. FLIR Systems has a 1 year low of $33.75 and a 1 year high of $50.47. The firm has a market cap of $6,964.74, a P/E ratio of 31.62 and a beta of 0.63.

FLIR Systems (NASDAQ:FLIR) last issued 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 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 the consensus estimate of $446.06 million. During the same period in the previous year, the firm posted $0.48 EPS. The company’s quarterly revenue was up 14.7% compared to the same quarter last year. equities research analysts expect that FLIR Systems will post 1.86 earnings per share for the current fiscal year.

In other FLIR Systems news, Director Steven E. Wynne sold 11,200 shares of the business’s stock in a transaction on Friday, October 27th. The stock was sold at an average price of $47.34, for a total value of $530,208.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Todd M. Duchene sold 9,000 shares of the business’s stock in a transaction 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 completion of 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. Insiders sold a total of 22,036 shares of company stock valued at $1,039,316 over the last quarter. 3.00% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. Commonwealth Bank of Australia raised its holdings in FLIR Systems by 14.0% in 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 last quarter. Acrospire Investment Management LLC acquired a new position in FLIR Systems in the 2nd quarter valued at $116,000. ETF Managers Group LLC acquired a new position in FLIR Systems in the 2nd quarter valued at $171,000. Sei Investments Co. raised its holdings in FLIR Systems by 76.3% in the 3rd quarter. Sei Investments Co. now owns 4,507 shares of the scientific and technical instruments company’s stock valued at $175,000 after acquiring an additional 1,951 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ acquired a new position in FLIR Systems in the 3rd quarter valued at $211,000. Institutional investors own 92.94% of the company’s stock.

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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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