FLIR Systems (NASDAQ:FLIR) Cut to “Sell” at Zacks Investment Research

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Zacks Investment Research cut shares of FLIR Systems (NASDAQ:FLIR) from a hold rating to a sell rating in a report published on Monday morning, Zacks.com reports. They currently have $57.00 price objective on the scientific and technical instruments company’s stock.

According to Zacks, “FLIR Systems ended the third quarter of 2019, with earnings surpassing the Zacks Consensus Estimate but revenues missing the same. Declining cost of thermal imaging technology has created opportunity to increase the adoption of thermal technology, thereby boosting its prospects. In October, it acquired the intellectual property and certain operating assets of Aria Insights, Inc. This should expand its industry-leading technology portfolio built from its acquisitions of Prox Dynamics, Aeryon Labs and Endeavor Robotics. In the year-to-date period, the stock outperformed the industry. However, the U.S.-China tariff war may hurt its growth trajectory. Strong competition from various big and small industry players remains a threat to its profitability. Product performance and product reputation are some of the biggest challenges faced by FLIR Systems.”

Several other research analysts have also commented on FLIR. Berenberg Bank assumed coverage on shares of FLIR Systems in a report on Friday, September 6th. They issued a buy rating and a $60.00 price target for the company. SunTrust Banks set a $58.00 price target on shares of FLIR Systems and gave the company a buy rating in a report on Friday, November 1st. William Blair reaffirmed an outperform rating on shares of FLIR Systems in a report on Friday. BidaskClub lowered shares of FLIR Systems from a strong-buy rating to a buy rating in a report on Tuesday, October 1st. Finally, ValuEngine lowered shares of FLIR Systems from a buy rating to a hold rating in a report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $59.40.

Shares of NASDAQ FLIR traded down $0.30 during midday trading on Monday, hitting $53.50. The company’s stock had a trading volume of 412,967 shares, compared to its average volume of 828,663. FLIR Systems has a 1-year low of $40.52 and a 1-year high of $55.54. The firm’s fifty day moving average price is $53.07 and its 200-day moving average price is $51.57. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.53 and a current ratio of 2.38. The firm has a market cap of $7.22 billion, a P/E ratio of 24.10 and a beta of 1.14.

FLIR Systems (NASDAQ:FLIR) last posted its quarterly earnings results on Thursday, October 31st. The scientific and technical instruments company reported $0.59 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.01. FLIR Systems had a net margin of 14.54% and a return on equity of 16.71%. The business had revenue of $471.25 million during the quarter, compared to analyst estimates of $486.51 million. During the same period in the previous year, the business posted $0.57 EPS. The company’s quarterly revenue was up 8.4% on a year-over-year basis. As a group, research analysts predict that FLIR Systems will post 2.3 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Tuesday, November 26th will be given a $0.17 dividend. The ex-dividend date of this dividend is Monday, November 25th. This represents a $0.68 annualized dividend and a yield of 1.27%. FLIR Systems’s dividend payout ratio is presently 30.63%.

In other news, Director Catherine Ann Halligan sold 4,500 shares of FLIR Systems stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $53.06, for a total value of $238,770.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Anthony D. Buffum sold 2,785 shares of FLIR Systems stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $53.41, for a total transaction of $148,746.85. Following the completion of the transaction, the senior vice president now directly owns 14,137 shares in the company, valued at approximately $755,057.17. The disclosure for this sale can be found here. Over the last quarter, insiders sold 21,510 shares of company stock worth $1,143,995. 2.00% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in FLIR. Crossmark Global Holdings Inc. grew its stake in shares of FLIR Systems by 3.5% in the 2nd quarter. Crossmark Global Holdings Inc. now owns 10,145 shares of the scientific and technical instruments company’s stock worth $549,000 after purchasing an additional 344 shares during the last quarter. Retirement Systems of Alabama grew its stake in shares of FLIR Systems by 4.1% in the 2nd quarter. Retirement Systems of Alabama now owns 180,115 shares of the scientific and technical instruments company’s stock worth $9,744,000 after purchasing an additional 7,107 shares during the last quarter. First Hawaiian Bank increased its position in shares of FLIR Systems by 13.9% in the second quarter. First Hawaiian Bank now owns 13,529 shares of the scientific and technical instruments company’s stock worth $731,000 after acquiring an additional 1,652 shares in the last quarter. Raymond James Trust N.A. increased its position in shares of FLIR Systems by 7.7% in the second quarter. Raymond James Trust N.A. now owns 6,754 shares of the scientific and technical instruments company’s stock worth $365,000 after acquiring an additional 485 shares in the last quarter. Finally, IFM Investors Pty Ltd increased its position in shares of FLIR Systems by 42.2% in the second quarter. IFM Investors Pty Ltd now owns 11,772 shares of the scientific and technical instruments company’s stock worth $637,000 after acquiring an additional 3,492 shares in the last quarter. 92.71% of the stock is currently owned by institutional investors.

FLIR Systems Company Profile

FLIR Systems, Inc designs, develops, markets, and distributes thermal imaging systems, visible-light imaging systems, locater systems, measurement and diagnostic systems, and threat-detection solutions worldwide. The company operates in three segments: Industrial Business Unit, Government and Defense Business Unit, and Commercial Business Unit.

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