Zacks Investment Research Lowers FLIR Systems (FLIR) to Hold

Zacks Investment Research lowered shares of FLIR Systems (NASDAQ:FLIR) from a buy rating to a hold rating in a research note released on Friday.

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. Year to date, 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. Also, high manufacturing cost absorption is likely to restrict the company’s growth. Moreover, factors like imposition of governmental controls and restrictions on export of technology may pose as concerns.”

FLIR has been the topic of a number of other research reports. Needham & Company LLC restated a buy rating and issued a $50.00 target price (up previously from $42.00) on shares of FLIR Systems in a research report on Thursday, October 26th. ValuEngine lowered shares of FLIR Systems from a buy rating to a hold rating in a research report on Friday, December 1st. Raymond James Financial raised their target price on shares of FLIR Systems to $60.00 and gave the company a strong-buy rating in a research report on Wednesday, October 25th. SunTrust Banks upgraded shares of FLIR Systems from a hold rating to a buy rating and set a $43.00 target price on the stock in a research report on Monday, January 8th. Finally, Robert W. Baird restated a hold rating and issued a $34.00 target price on shares of FLIR Systems in a research report on Tuesday, October 24th. Five equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $46.83.

Shares of FLIR Systems (NASDAQ FLIR) opened at $47.98 on Friday. The company has a current ratio of 3.48, a quick ratio of 2.36 and a debt-to-equity ratio of 0.22. The stock has a market cap of $6,920.40, a P/E ratio of 27.44 and a beta of 0.66. FLIR Systems has a 52-week low of $33.75 and a 52-week high of $52.88.

A number of institutional investors have recently modified their holdings of FLIR. Exane Derivatives acquired a new stake in FLIR Systems in the fourth quarter valued at approximately $100,000. Cerebellum GP LLC bought a new position in shares of FLIR Systems during the fourth quarter valued at $119,000. First Mercantile Trust Co. bought a new position in shares of FLIR Systems during the fourth quarter valued at $145,000. ETF Managers Group LLC bought a new position in shares of FLIR Systems during the second quarter valued at $171,000. Finally, Sei Investments Co. raised its stake in shares of FLIR Systems by 76.3% during the third 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. Hedge funds and other institutional investors own 91.86% of the company’s stock.

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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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