BidaskClub Downgrades FLIR Systems (FLIR) to Sell

FLIR Systems (NASDAQ:FLIR) was downgraded by stock analysts at BidaskClub from a “hold” rating to a “sell” rating in a note issued to investors on Thursday, March 21st, BidAskClub reports.

Several other analysts have also recently commented on FLIR. Raymond James dropped their price target on FLIR Systems from $70.00 to $65.00 and set a “strong-buy” rating for the company in a research report on Friday, January 11th. Zacks Investment Research cut FLIR Systems from a “hold” rating to a “sell” rating in a research report on Monday, January 21st. Robert W. Baird upgraded FLIR Systems from a “neutral” rating to an “outperform” rating in a research report on Friday, January 25th. ValuEngine upgraded FLIR Systems from a “hold” rating to a “buy” rating in a research report on Wednesday, February 13th. Finally, SunTrust Banks boosted their price target on FLIR Systems to $60.00 and gave the stock a “buy” rating in a research report on Thursday, February 14th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $62.29.

NASDAQ:FLIR traded down $0.34 during trading hours on Thursday, reaching $49.50. The company had a trading volume of 424,887 shares, compared to its average volume of 952,886. FLIR Systems has a 1-year low of $40.52 and a 1-year high of $63.88. The company has a market capitalization of $6.74 billion, a PE ratio of 22.30 and a beta of 1.10. The company has a current ratio of 4.09, a quick ratio of 2.98 and a debt-to-equity ratio of 0.22.

FLIR Systems (NASDAQ:FLIR) last posted its quarterly earnings data on Wednesday, February 13th. The scientific and technical instruments company reported $0.62 EPS for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.02. FLIR Systems had a return on equity of 16.86% and a net margin of 15.90%. The business had revenue of $448.50 million during the quarter, compared to analysts’ expectations of $463.91 million. During the same period in the previous year, the business earned $0.58 earnings per share. The business’s revenue was down 9.4% compared to the same quarter last year. Equities research analysts predict that FLIR Systems will post 2.34 earnings per share for the current fiscal year.

In other news, Director Earl R. Lewis sold 132,100 shares of the company’s stock in a transaction on Tuesday, February 26th. The stock was sold at an average price of $52.11, for a total value of $6,883,731.00. Following the transaction, the director now owns 635,487 shares of the company’s stock, valued at approximately $33,115,227.57. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Jeffrey Frank sold 14,278 shares of the company’s stock in a transaction on Wednesday, February 27th. The shares were sold at an average price of $51.77, for a total value of $739,172.06. The disclosure for this sale can be found here. In the last ninety days, insiders sold 283,778 shares of company stock worth $14,651,805. Corporate insiders own 2.00% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of FLIR. Robeco Institutional Asset Management B.V. lifted its stake in FLIR Systems by 393.7% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 35,507 shares of the scientific and technical instruments company’s stock worth $2,182,000 after acquiring an additional 28,315 shares in the last quarter. Comerica Bank raised its position in FLIR Systems by 56.4% in the 3rd quarter. Comerica Bank now owns 54,759 shares of the scientific and technical instruments company’s stock valued at $3,041,000 after purchasing an additional 19,752 shares in the last quarter. SG Americas Securities LLC raised its position in FLIR Systems by 165.6% in the 3rd quarter. SG Americas Securities LLC now owns 62,917 shares of the scientific and technical instruments company’s stock valued at $3,868,000 after purchasing an additional 39,231 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in FLIR Systems by 4.6% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 469,912 shares of the scientific and technical instruments company’s stock valued at $28,885,000 after purchasing an additional 20,785 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in FLIR Systems by 17.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 335,513 shares of the scientific and technical instruments company’s stock valued at $20,624,000 after purchasing an additional 49,690 shares in the last quarter. 92.22% of the stock is currently owned by hedge funds and other institutional investors.

About FLIR Systems

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.

Read More: Candlestick

Analyst Recommendations for FLIR Systems (NASDAQ:FLIR)

Receive News & Ratings for FLIR Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for FLIR Systems and related companies with MarketBeat.com's FREE daily email newsletter.