FLIR Systems, Inc. (NASDAQ:FLIR) Cut to “Hold” at Zacks Investment Research
Zacks Investment Research downgraded shares of FLIR Systems, Inc. (NASDAQ:FLIR) from a buy rating to a hold rating in a research report released on Friday morning.
According to Zacks, “FLIR Systems’ second-quarter 2017 earnings per share of $0.42 topped the Zacks Consensus Estimate and were up 13.5% over the prior-year quarter figure, as top-line rise boosted profits. During the reported quarter, the company’s solid execution and streamlined business has helped it drive solid improvements in backlog, operating margin, net income and earnings per share. The company believes that robust pipeline of its products and steady market traction of the recently launched products will continue to drive revenue growth. Despite these positives, year to date, FLIR Systems’ shares have underperformed compared to the industry average. The company’s gross margins are vulnerable to a host of factors, including product mix changes and manufacturing cost absorption. This apart, stiff competition and volatility in primary markets pose as major headwinds, which are likely to thwart growth”
A number of other research analysts also recently weighed in on the stock. BidaskClub raised shares of FLIR Systems from a sell rating to a hold rating in a research report on Monday, July 17th. Stephens assumed coverage on shares of FLIR Systems in a research report on Friday, July 7th. They set an overweight rating for the company. Raymond James Financial, Inc. raised shares of FLIR Systems from a market perform rating to a strong-buy rating and set a $43.00 target price for the company in a research report on Monday, July 10th. Finally, UBS AG raised shares of FLIR Systems from a market perform rating to a strong-buy rating in a research report on Monday, July 10th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average price target of $38.13.
Shares of FLIR Systems (FLIR) traded down 0.64% during midday trading on Friday, hitting $37.08. The stock had a trading volume of 252,297 shares. The stock’s 50-day moving average price is $36.31 and its 200 day moving average price is $36.39. FLIR Systems has a 52 week low of $28.26 and a 52 week high of $38.94. The company has a market cap of $5.07 billion, a price-to-earnings ratio of 23.91 and a beta of 0.58.
FLIR Systems (NASDAQ:FLIR) last posted its quarterly earnings data on Wednesday, July 26th. The scientific and technical instruments company reported $0.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.01. The firm had revenue of $434.12 million during the quarter, compared to analyst estimates of $437.32 million. FLIR Systems had a net margin of 12.44% and a return on equity of 13.97%. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter last year, the business posted $0.37 EPS. On average, equities analysts forecast that FLIR Systems will post $1.85 earnings per share for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 25th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.61%. The ex-dividend date of this dividend is Wednesday, August 23rd. FLIR Systems’s dividend payout ratio (DPR) is presently 38.46%.
In related news, Director William Wright Crouch sold 38,800 shares of the firm’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $35.95, for a total value of $1,394,860.00. Following the completion of the transaction, the director now directly owns 36,006 shares of the company’s stock, valued at approximately $1,294,415.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Jeffrey Frank sold 13,971 shares of the firm’s stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $37.40, for a total transaction of $522,515.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 67,771 shares of company stock valued at $2,476,275. 3.00% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cribstone Capital Management LLC acquired a new position in FLIR Systems during the first quarter valued at approximately $106,000. TrimTabs Asset Management LLC acquired a new position in FLIR Systems during the first quarter valued at approximately $112,000. FTB Advisors Inc. acquired a new position in FLIR Systems during the first quarter valued at approximately $130,000. Mn Services Vermogensbeheer B.V. increased its position in FLIR Systems by 4.7% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 3,638 shares of the scientific and technical instruments company’s stock valued at $123,000 after buying an additional 163 shares during the period. Finally, Daiwa Securities Group Inc. increased its position in FLIR Systems by 21.9% in the first quarter. Daiwa Securities Group Inc. now owns 3,900 shares of the scientific and technical instruments company’s stock valued at $141,000 after buying an additional 700 shares during the period. 91.43% of the stock is owned by institutional investors.
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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