Zacks Investment Research Downgrades FLIR Systems (NASDAQ:FLIR) to Sell

FLIR Systems (NASDAQ:FLIR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday, Zacks.com reports. They presently have a $37.00 price target on the scientific and technical instruments company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 7.25% from the company’s current price.

According to Zacks, “Declining cost of thermal imaging technology has created opportunity to increase the adoption of thermal technology, thereby boosting its FLIR Systems’ growth prospects. To compete in the diverse industries in which the company caters to, the company continues to innovate new products, to capture larger market shares. It consistently pursues acquisitions and strategic investments to boost its core and non-core businesses.In the past year, it has outperformed the industry. However, FLIR Systems growth trajectory is likely to receive a hit due to the increased tariff on imports of steel and aluminum imposed by the U.S. administration. This is because the U.S. aerospace and defense industry relies heavily on imported aluminum. A comparative analysis of its historical EV/EBITDA ratio reflects a relatively gloomy picture.”

A number of other analysts have also commented on the company. Raymond James upgraded FLIR Systems from an “outperform” rating to a “strong-buy” rating and boosted their price target for the company from $60.00 to $75.00 in a report on Tuesday, February 11th. Robert W. Baird lowered FLIR Systems from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $59.00 to $44.00 in a report on Friday, February 28th. TheStreet lowered FLIR Systems from a “b-” rating to a “c+” rating in a report on Friday, March 6th. BidaskClub lowered FLIR Systems from a “hold” rating to a “sell” rating in a report on Friday, March 13th. Finally, SunTrust Banks lowered FLIR Systems from a “buy” rating to a “hold” rating and dropped their target price for the stock from $61.00 to $50.00 in a report on Thursday, February 27th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. FLIR Systems presently has an average rating of “Hold” and an average price target of $49.00.

Shares of FLIR Systems stock traded down $0.35 during trading on Tuesday, reaching $34.50. The stock had a trading volume of 1,644,065 shares, compared to its average volume of 1,322,401. The company has a market capitalization of $4.54 billion, a price-to-earnings ratio of 27.38 and a beta of 1.36. The stock has a fifty day moving average price of $38.52 and a two-hundred day moving average price of $49.66. FLIR Systems has a 52 week low of $23.85 and a 52 week high of $59.44. The company has a current ratio of 2.68, a quick ratio of 1.74 and a debt-to-equity ratio of 0.35.

FLIR Systems (NASDAQ:FLIR) last issued its quarterly earnings results on Thursday, February 27th. The scientific and technical instruments company reported $0.55 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.07). The firm had revenue of $489.04 million during the quarter, compared to the consensus estimate of $500.55 million. FLIR Systems had a net margin of 9.09% and a return on equity of 16.14%. The business’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.62 earnings per share. On average, equities analysts forecast that FLIR Systems will post 2.15 EPS for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in FLIR. Norges Bank bought a new stake in FLIR Systems in the fourth quarter valued at approximately $69,343,000. Man Group plc raised its stake in FLIR Systems by 408.8% in the fourth quarter. Man Group plc now owns 225,990 shares of the scientific and technical instruments company’s stock valued at $11,767,000 after buying an additional 181,574 shares during the period. Ceredex Value Advisors LLC raised its stake in FLIR Systems by 15.7% in the fourth quarter. Ceredex Value Advisors LLC now owns 1,108,950 shares of the scientific and technical instruments company’s stock valued at $57,743,000 after buying an additional 150,350 shares during the period. Jefferies Group LLC raised its stake in FLIR Systems by 125.8% in the fourth quarter. Jefferies Group LLC now owns 27,965 shares of the scientific and technical instruments company’s stock valued at $1,456,000 after buying an additional 136,465 shares during the period. Finally, Earnest Partners LLC raised its stake in FLIR Systems by 6.2% in the fourth quarter. Earnest Partners LLC now owns 2,262,571 shares of the scientific and technical instruments company’s stock valued at $117,812,000 after buying an additional 132,616 shares during the period. Hedge funds and other institutional investors own 94.03% of the company’s stock.

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.

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