4,892,342 Shares in Badger Meter, Inc. $BMI Acquired by BlackRock Inc.

Key Points

• BlackRock acquired 4.89 million shares of Badger Meter during the second quarter, worth approximately $725.9 million and representing a 16.88% stake. Institutional investors collectively own 89.01% of the company.
• Badger Meter’s latest quarterly results slightly exceeded earnings expectations, with EPS of $1.02 versus a $1.01 consensus estimate, although revenue fell 6.6% year over year to $220.3 million.
• The company raised its quarterly dividend to $0.44 per share from $0.40, implying an annualized dividend of $1.76 and a 1.3% yield. Analysts maintain a consensus “Hold” rating with an average price target of $164.

BlackRock Inc. bought a new stake in Badger Meter, Inc. (NYSE:BMI - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 4,892,342 shares of the scientific and technical instruments company's stock, valued at approximately $725,926,000. BlackRock Inc. owned 16.88% of Badger Meter at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. N.E.W. Advisory Services LLC bought a new position in shares of Badger Meter in the fourth quarter worth $25,000. Caitong International Asset Management Co. Ltd increased its holdings in shares of Badger Meter by 76.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 150 shares of the scientific and technical instruments company's stock valued at $26,000 after purchasing an additional 65 shares during the period. Godfrey Financial Associates Inc. bought a new stake in shares of Badger Meter during the fourth quarter valued at about $27,000. Brown Brothers Harriman & Co. lifted its holdings in Badger Meter by 62.3% in the third quarter. Brown Brothers Harriman & Co. now owns 185 shares of the scientific and technical instruments company's stock worth $33,000 after purchasing an additional 71 shares during the period. Finally, Dunhill Financial LLC acquired a new stake in Badger Meter in the second quarter worth about $28,000. Institutional investors own 89.01% of the company's stock.

Badger Meter Trading Up 3.2%

Shares of NYSE BMI opened at $132.19 on Friday. Badger Meter, Inc. has a twelve month low of $112.09 and a twelve month high of $204.00. The firm has a 50-day moving average of $137.48 and a two-hundred day moving average of $139.15. The company has a market capitalization of $3.83 billion, a price-to-earnings ratio of 30.89, a PEG ratio of 2.41 and a beta of 0.65.

Badger Meter (NYSE:BMI - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The scientific and technical instruments company reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.01. Badger Meter had a net margin of 14.27% and a return on equity of 18.03%. The company had revenue of $220.30 million for the quarter, compared to analysts' expectations of $220.59 million. During the same quarter in the previous year, the company posted $1.17 EPS. The business's revenue was down 6.6% compared to the same quarter last year. As a group, research analysts predict that Badger Meter, Inc. will post 4.43 earnings per share for the current year.

Badger Meter Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Friday, August 28th will be issued a dividend of $0.44 per share. The ex-dividend date is Friday, August 28th. This is a positive change from Badger Meter's previous quarterly dividend of $0.40. This represents a $1.76 dividend on an annualized basis and a yield of 1.3%. Badger Meter's payout ratio is 37.38%.

Analysts Set New Price Targets

BMI has been the topic of several research analyst reports. JPMorgan Chase & Co. lowered their target price on shares of Badger Meter from $172.00 to $170.00 and set an "overweight" rating on the stock in a research note on Thursday, July 23rd. Weiss Ratings raised shares of Badger Meter from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday, July 28th. Wall Street Zen upgraded shares of Badger Meter from a "sell" rating to a "hold" rating in a report on Saturday. Seaport Research Partners set a $160.00 price objective on shares of Badger Meter in a research note on Thursday, July 23rd. Finally, Robert W. Baird set a $167.00 price objective on shares of Badger Meter and gave the company an "outperform" rating in a research note on Thursday, July 23rd. Five research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Badger Meter currently has an average rating of "Hold" and a consensus target price of $164.00.

Insider Transactions at Badger Meter

In other Badger Meter news, VP Edward F. Callahan purchased 751 shares of the firm's stock in a transaction on Thursday, July 30th. The shares were purchased at an average price of $135.25 per share, for a total transaction of $101,572.75. Following the completion of the transaction, the vice president owned 1,937 shares in the company, valued at $261,979.25. This represents a 63.32% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.00% of the company's stock.

Badger Meter Company Profile

Badger Meter, founded in 1905 and headquartered in Milwaukee, Wisconsin, is a global leader in flow measurement and control solutions. The company's core business centers on the design, manufacture and sale of water meters, control valves and related accessories for municipal and industrial water utilities. Over its more than a century of operation, Badger Meter has built a reputation for precision engineering, durability and compliance with international regulatory standards.

The company's product portfolio includes mechanical and ultrasonic water meters, electromagnetic flow meters for industrial applications, and a range of control valves that help utilities manage pressure and flow in distribution networks.

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