FLIR Systems (NASDAQ:FLIR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The firm presently has a $56.00 price target on the scientific and technical instruments company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 12.74% 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 analysts have also recently commented on the stock. SunTrust Banks upgraded shares of FLIR Systems from a “hold” rating to a “buy” rating and set a $43.00 price target on the stock in a report on Monday. ValuEngine cut shares of FLIR Systems from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Needham & Company LLC restated a “buy” rating and issued a $50.00 price target (up from $42.00) on shares of FLIR Systems in a report on Thursday, October 26th. Raymond James Financial upped their price target on shares of FLIR Systems to $60.00 and gave the stock a “strong-buy” rating in a report on Wednesday, October 25th. Finally, Robert W. Baird restated a “hold” rating and issued a $34.00 price target on shares of FLIR Systems in a report on Tuesday, October 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, four have given a buy rating and two have given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $46.83.
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 for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.04. FLIR Systems had a net margin of 12.30% and a return on equity of 14.30%. The business had revenue of $464.70 million for the quarter, compared to analysts’ expectations of $446.06 million. During the same quarter in the previous year, the business posted $0.48 earnings per share. The business’s revenue was up 14.7% compared to the same quarter last year. equities research analysts forecast that FLIR Systems will post 1.86 earnings per share for the current fiscal year.
In related news, Director Steven E. Wynne sold 11,200 shares of the company’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $47.34, for a total value of $530,208.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Todd M. Duchene sold 9,000 shares of the company’s stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $47.00, for a total transaction of $423,000.00. Following the completion of the sale, the senior vice president now directly owns 29,767 shares of the company’s stock, valued at $1,399,049. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 22,036 shares of company stock worth $1,039,316. Company insiders own 3.00% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. AustralianSuper Pty Ltd purchased a new stake in FLIR Systems in the third quarter worth about $82,147,000. Parametric Portfolio Associates LLC lifted its stake in FLIR Systems by 50.4% in the third quarter. Parametric Portfolio Associates LLC now owns 326,413 shares of the scientific and technical instruments company’s stock worth $12,701,000 after acquiring an additional 109,360 shares during the period. Public Employees Retirement System of Ohio lifted its stake in FLIR Systems by 194.5% in the third quarter. Public Employees Retirement System of Ohio now owns 176,346 shares of the scientific and technical instruments company’s stock worth $6,862,000 after acquiring an additional 116,467 shares during the period. California Public Employees Retirement System lifted its stake in FLIR Systems by 2.4% in the third quarter. California Public Employees Retirement System now owns 350,851 shares of the scientific and technical instruments company’s stock worth $13,652,000 after acquiring an additional 8,251 shares during the period. Finally, Beacon Investment Advisory Services Inc. purchased a new stake in FLIR Systems in the third quarter worth about $427,000. 92.94% of the stock is owned by institutional investors.
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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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