First Merchants Corp Increases Position in Flir Systems Inc. (FLIR)
First Merchants Corp raised its stake in shares of Flir Systems Inc. (NASDAQ:FLIR) by 6.4% during the second quarter, Holdings Channel reports. The fund owned 45,121 shares of the company’s stock after buying an additional 2,699 shares during the period. First Merchants Corp’s holdings in Flir Systems were worth $1,396,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Norges Bank purchased a new stake in Flir Systems during the fourth quarter worth $32,231,000. JPMorgan Chase & Co. increased its stake in Flir Systems by 885.8% in the first quarter. JPMorgan Chase & Co. now owns 1,250,862 shares of the company’s stock worth $41,216,000 after buying an additional 1,123,969 shares during the last quarter. Chevy Chase Trust Holdings Inc. increased its stake in Flir Systems by 113.2% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 1,133,335 shares of the company’s stock worth $35,076,000 after buying an additional 601,817 shares during the last quarter. Loomis Sayles & Co. L P purchased a new stake in Flir Systems during the first quarter worth $12,194,000. Finally, Goldman Sachs Group Inc. increased its stake in Flir Systems by 96.6% in the first quarter. Goldman Sachs Group Inc. now owns 694,294 shares of the company’s stock worth $22,877,000 after buying an additional 341,214 shares during the last quarter. Hedge funds and other institutional investors own 91.54% of the company’s stock.
Shares of Flir Systems Inc. (NASDAQ:FLIR) traded down 0.61% during midday trading on Tuesday, hitting $31.14. The company had a trading volume of 444,607 shares. Flir Systems Inc. has a one year low of $25.12 and a one year high of $34.09. The stock’s 50-day moving average price is $31.07 and its 200-day moving average price is $31.52. The stock has a market capitalization of $4.27 billion, a price-to-earnings ratio of 22.98 and a beta of 0.51.
Flir Systems (NASDAQ:FLIR) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.35 by $0.01. The company had revenue of $402.70 million for the quarter, compared to analyst estimates of $401.56 million. Flir Systems had a return on equity of 12.68% and a net margin of 11.85%. The company’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.36 EPS. Analysts predict that Flir Systems Inc. will post $1.61 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 2nd. Investors of record on Friday, August 19th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date was Wednesday, August 17th. Flir Systems’s dividend payout ratio is currently 35.04%.
FLIR has been the subject of a number of recent research reports. Imperial Capital restated an “outperform” rating and set a $40.00 target price on shares of Flir Systems in a research report on Friday, September 9th. Drexel Hamilton restated a “buy” rating on shares of Flir Systems in a research report on Tuesday, May 24th. Raymond James Financial Inc. downgraded Flir Systems from a “strong-buy” rating to an “outperform” rating and set a $36.00 target price for the company. in a research report on Monday, July 25th. Finally, Zacks Investment Research upgraded Flir Systems from a “sell” rating to a “hold” rating in a research report on Monday, July 18th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Flir Systems has an average rating of “Buy” and an average price target of $36.50.
In other Flir Systems news, VP Jeffrey Frank sold 10,000 shares of the firm’s stock in a transaction on Friday, September 9th. The stock was sold at an average price of $30.73, for a total value of $307,300.00. Following the sale, the vice president now owns 21,769 shares of the company’s stock, valued at approximately $668,961.37. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 3.00% of the company’s stock.
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 advanced threat-detection solutions. The Company’s operating segments include: Surveillance, Instruments, OEM and Emerging Markets, Maritime, Security and Detection.
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