FLIR Systems, Inc. (FLIR) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS
FLIR Systems, Inc. (NASDAQ:FLIR) announced its quarterly earnings results on Wednesday. The scientific and technical instruments company reported $0.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.01, Morningstar.com reports. FLIR Systems had a return on equity of 13.58% and a net margin of 12.32%. The business had revenue of $434.12 million for the quarter, compared to analyst estimates of $437.32 million. During the same quarter in the prior year, the company posted $0.37 EPS. The company’s quarterly revenue was up 7.8% on a year-over-year basis. FLIR Systems updated its FY17 guidance to $1.81-1.91 EPS.
Shares of FLIR Systems (NASDAQ FLIR) traded down 2.55% during midday trading on Wednesday, reaching $37.79. The company’s stock had a trading volume of 871,335 shares. The firm has a market capitalization of $5.16 billion, a price-to-earnings ratio of 25.18 and a beta of 0.58. The firm’s 50 day moving average is $36.28 and its 200 day moving average is $36.32. FLIR Systems has a 52 week low of $28.26 and a 52 week high of $38.94.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Friday, August 25th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.55%. FLIR Systems’s dividend payout ratio (DPR) is 39.47%.
FLIR has been the topic of several research reports. BidaskClub lowered FLIR Systems from a “hold” rating to a “sell” rating in a research note on Tuesday, June 13th. Zacks Investment Research lowered FLIR Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, April 18th. Stephens initiated coverage on FLIR Systems in a research note on Friday, July 7th. They set an “overweight” rating on the stock. UBS AG raised FLIR Systems from a “market perform” rating to a “strong-buy” rating in a research note on Monday, July 10th. Finally, Raymond James Financial, Inc. raised FLIR Systems from a “market perform” rating to a “strong-buy” rating and set a $43.00 target price on the stock in a research note on Monday, July 10th. Four equities research analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $37.63.
In related news, SVP Travis D. Merrill sold 4,000 shares of the business’s stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $37.23, for a total value of $148,920.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director William Wright Crouch sold 38,800 shares of the business’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $35.95, for a total value of $1,394,860.00. Following the completion of the transaction, the director now owns 36,006 shares in the company, valued at approximately $1,294,415.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 71,771 shares of company stock worth $2,625,195. Insiders own 3.00% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Campbell & CO Investment Adviser LLC acquired a new position in FLIR Systems during the second quarter valued at approximately $416,000. ING Groep NV boosted its position in FLIR Systems by 0.4% in the second quarter. ING Groep NV now owns 7,610 shares of the scientific and technical instruments company’s stock valued at $264,000 after buying an additional 32 shares during the period. Contravisory Investment Management Inc. boosted its position in FLIR Systems by 38.9% in the second quarter. Contravisory Investment Management Inc. now owns 13,853 shares of the scientific and technical instruments company’s stock valued at $480,000 after buying an additional 3,882 shares during the period. Quantitative Systematic Strategies LLC acquired a new position in FLIR Systems during the second quarter valued at approximately $286,000. Finally, First Quadrant L P CA boosted its position in FLIR Systems by 3,681.6% in the second quarter. First Quadrant L P CA now owns 75,631 shares of the scientific and technical instruments company’s stock valued at $2,621,000 after buying an additional 73,631 shares during the period. Institutional investors and hedge funds own 92.10% 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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