Argus Upgrades Badger Meter (NYSE:BMI) to Buy

Key Points

• Argus upgraded Badger Meter to “Buy” from “Hold” and set a $170 price target, implying 8.92% upside from the prior close.
• Analyst sentiment remains mixed: MarketBeat reports a consensus “Hold” rating from six Buys, five Holds, and one Sell, with an average target price of $166.33.
• Badger Meter’s latest quarter slightly exceeded EPS expectations at $1.24, although revenue of $230.3 million fell short of the $240.35 million consensus estimate.

Badger Meter (NYSE:BMI - Get Free Report) was upgraded by equities researchers at Argus from a "hold" rating to a "buy" rating in a note issued to investors on Tuesday, Briefing.com reports. The brokerage currently has a $170.00 price target on the scientific and technical instruments company's stock. Argus's price objective would indicate a potential upside of 8.92% from the stock's previous close.

Several other brokerages have also issued reports on BMI. JPMorgan Chase & Co. cut their price target on Badger Meter from $172.00 to $170.00 and set an "overweight" rating on the stock in a report on Thursday, July 23rd. Wall Street Zen downgraded Badger Meter from a "hold" rating to a "sell" rating in a report on Saturday, October 17th. Northcoast Research lowered Badger Meter from a "buy" rating to a "neutral" rating in a research report on Tuesday. Barclays upped their target price on Badger Meter from $111.00 to $112.00 and gave the stock an "underweight" rating in a research report on Friday. Finally, Zacks Research upgraded Badger Meter from a "strong sell" rating to a "hold" rating in a report on Monday, July 6th. Six analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Badger Meter presently has a consensus rating of "Hold" and an average target price of $166.33.

Badger Meter Trading Up 3.2%

NYSE:BMI opened at $156.09 on Tuesday. Badger Meter has a 12 month low of $112.09 and a 12 month high of $192.28. The stock has a market capitalization of $4.52 billion, a price-to-earnings ratio of 36.05, a PEG ratio of 3.72 and a beta of 0.64. The firm has a fifty day simple moving average of $131.11 and a two-hundred day simple moving average of $139.57.

Badger Meter (NYSE:BMI - Get Free Report) last released its quarterly earnings data on Thursday, October 22nd. The scientific and technical instruments company reported $1.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.23 by $0.01. The company had revenue of $230.30 million for the quarter, compared to analysts' expectations of $240.35 million. Badger Meter had a net margin of 14.36% and a return on equity of 18.49%. The business's revenue was up .1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.19 EPS. Equities analysts predict that Badger Meter will post 4.52 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, VP Edward Callahan bought 751 shares of the company's stock in a transaction dated Thursday, July 30th. The shares were bought at an average price of $135.25 per share, for a total transaction of $101,572.75. Following the completion of the acquisition, the vice president directly owned 1,937 shares of the company's stock, valued at $261,979.25. This trade represents a 63.32% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.00% of the company's stock.

Hedge Funds Weigh In On Badger Meter

Several large investors have recently bought and sold shares of the stock. XXEC Inc. purchased a new stake in shares of Badger Meter in the second quarter valued at about $825,029,000. BlackRock Inc. bought a new position in Badger Meter during the second quarter valued at about $725,926,000. Amundi increased its stake in shares of Badger Meter by 28.5% during the 2nd quarter. Amundi now owns 590,079 shares of the scientific and technical instruments company's stock worth $87,595,000 after purchasing an additional 131,016 shares during the last quarter. First Trust Advisors LP raised its stake in shares of Badger Meter by 54.8% in the first quarter. First Trust Advisors LP now owns 560,356 shares of the scientific and technical instruments company's stock valued at $85,370,000 after buying an additional 198,430 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Badger Meter by 5.8% during the first quarter. Dimensional Fund Advisors LP now owns 540,272 shares of the scientific and technical instruments company's stock valued at $82,305,000 after purchasing an additional 29,623 shares during the last quarter. 89.01% of the stock is currently owned by institutional investors.

About Badger Meter

Badger Meter, Inc is a water technology company that develops and manufactures flow measurement, control and communications solutions. Its products are used to measure and manage water across municipal, commercial and industrial applications, helping customers improve operational efficiency, monitor usage and support water conservation.

The company's offerings include mechanical, ultrasonic and electromagnetic flow meters; valves and related flow-control equipment; and smart water technologies.

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