Badger Meter (NYSE:BMI) Shares Gap Down on Disappointing Earnings

Badger Meter, Inc. (NYSE:BMI - Get Free Report) shares gapped down prior to trading on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $245.22, but opened at $226.32. Badger Meter shares last traded at $213.58, with a volume of 119,896 shares traded.

The scientific and technical instruments company reported $1.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.19 by ($0.02). Badger Meter had a net margin of 15.74% and a return on equity of 22.35%. The company's quarterly revenue was up 9.9% compared to the same quarter last year. During the same period last year, the business earned $1.12 EPS.

Badger Meter Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 23rd were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date was Friday, May 23rd. Badger Meter's dividend payout ratio is presently 29.96%.

Analysts Set New Price Targets

Several research analysts recently issued reports on BMI shares. Argus set a $240.00 price objective on Badger Meter in a research report on Thursday, April 24th. Raymond James Financial assumed coverage on shares of Badger Meter in a research report on Tuesday, June 3rd. They issued a "market perform" rating for the company. Royal Bank Of Canada increased their price objective on shares of Badger Meter from $238.00 to $252.00 and gave the company an "outperform" rating in a report on Monday, April 21st. Robert W. Baird cut their target price on shares of Badger Meter from $218.00 to $216.00 and set a "neutral" rating on the stock in a research note on Monday, April 21st. Finally, Stifel Nicolaus increased their target price on shares of Badger Meter from $230.00 to $233.00 and gave the stock a "hold" rating in a research report on Monday. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Badger Meter presently has a consensus rating of "Hold" and a consensus price target of $237.20.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in BMI. QRG Capital Management Inc. purchased a new position in Badger Meter during the 2nd quarter worth approximately $265,000. River Street Advisors LLC lifted its stake in shares of Badger Meter by 6.0% in the second quarter. River Street Advisors LLC now owns 5,233 shares of the scientific and technical instruments company's stock worth $1,282,000 after acquiring an additional 294 shares in the last quarter. Tower View Wealth Management LLC lifted its holdings in shares of Badger Meter by 0.5% in the 2nd quarter. Tower View Wealth Management LLC now owns 14,746 shares of the scientific and technical instruments company's stock worth $3,612,000 after purchasing an additional 73 shares during the last quarter. Consolidated Planning Corp grew its holdings in Badger Meter by 11.5% in the 2nd quarter. Consolidated Planning Corp now owns 7,084 shares of the scientific and technical instruments company's stock worth $1,735,000 after buying an additional 729 shares in the last quarter. Finally, Truist Financial Corp boosted its stake in Badger Meter by 4.6% during the 2nd quarter. Truist Financial Corp now owns 24,784 shares of the scientific and technical instruments company's stock valued at $6,071,000 after purchasing an additional 1,088 shares in the last quarter. 89.01% of the stock is owned by institutional investors and hedge funds.

Badger Meter Stock Performance

The firm has a 50 day moving average price of $244.39 and a two-hundred day moving average price of $219.90. The firm has a market capitalization of $6.21 billion, a P/E ratio of 46.46, a price-to-earnings-growth ratio of 3.49 and a beta of 0.83.

About Badger Meter

Badger Meter, Inc manufactures and markets flow measurement, quality, control, and communication solutions worldwide. It offers mechanical or static water meters, and related radio and software technologies and services to municipal water utilities market. The company also provides flow instrumentation products, including meters, valves, and other sensing instruments to measure and control fluids going through a pipe or pipeline, including water, air, steam, and other liquids and gases to original equipment manufacturers as the primary flow measurement device within a product or system, as well as through manufacturers' representatives.

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