Assenagon Asset Management S.A. Lowers Stake in Badger Meter, Inc. $BMI

Key Points

• Assenagon Asset Management S.A. reduced its stake in Badger Meter, Inc. by 48.2% during the second quarter, now holding approximately 0.08% of the company, valued at $6.06 million.
• Badger Meter reported $1.17 EPS for the last quarter, missing consensus estimates by $0.02, but revenues were up 9.9% year-over-year at $238.10 million.
• The company recently increased its quarterly dividend to $0.40 per share, with a yield of 0.9%, up from the previous $0.34.

Assenagon Asset Management S.A. cut its position in shares of Badger Meter, Inc. (NYSE:BMI - Free Report) by 48.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,750 shares of the scientific and technical instruments company's stock after selling 23,075 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.08% of Badger Meter worth $6,063,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Values First Advisors Inc. grew its holdings in Badger Meter by 0.6% in the first quarter. Values First Advisors Inc. now owns 8,739 shares of the scientific and technical instruments company's stock valued at $1,663,000 after purchasing an additional 53 shares during the period. Norway Savings Bank grew its holdings in Badger Meter by 2.1% in the second quarter. Norway Savings Bank now owns 2,775 shares of the scientific and technical instruments company's stock valued at $680,000 after purchasing an additional 57 shares during the period. Choreo LLC grew its holdings in Badger Meter by 4.6% in the first quarter. Choreo LLC now owns 1,361 shares of the scientific and technical instruments company's stock valued at $259,000 after purchasing an additional 60 shares during the period. Parallel Advisors LLC grew its holdings in Badger Meter by 6.1% in the second quarter. Parallel Advisors LLC now owns 1,039 shares of the scientific and technical instruments company's stock valued at $255,000 after purchasing an additional 60 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in Badger Meter by 11.6% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 618 shares of the scientific and technical instruments company's stock valued at $118,000 after purchasing an additional 64 shares during the period. 89.01% of the stock is currently owned by hedge funds and other institutional investors.

Badger Meter Stock Down 1.1%

BMI opened at $175.24 on Wednesday. Badger Meter, Inc. has a 52-week low of $162.17 and a 52-week high of $256.08. The company has a 50 day moving average of $189.93 and a two-hundred day moving average of $210.94. The company has a market cap of $5.16 billion, a P/E ratio of 38.18, a P/E/G ratio of 3.14 and a beta of 0.88.

Badger Meter (NYSE:BMI - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The scientific and technical instruments company reported $1.17 EPS for the quarter, missing analysts' consensus estimates of $1.19 by ($0.02). Badger Meter had a return on equity of 21.57% and a net margin of 15.53%.The firm had revenue of $238.10 million for the quarter, compared to analyst estimates of $235.38 million. During the same period in the previous year, the firm posted $1.12 earnings per share. The company's revenue for the quarter was up 9.9% on a year-over-year basis. Research analysts anticipate that Badger Meter, Inc. will post 4.65 earnings per share for the current year.

Badger Meter Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 5th. Stockholders of record on Friday, August 22nd were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, August 22nd. This is an increase from Badger Meter's previous quarterly dividend of $0.34. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.9%. Badger Meter's dividend payout ratio is presently 34.86%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on BMI. Stifel Nicolaus set a $224.00 target price on shares of Badger Meter in a report on Wednesday, July 23rd. Robert W. Baird boosted their target price on shares of Badger Meter from $216.00 to $219.00 and gave the company a "neutral" rating in a report on Wednesday, July 23rd. Royal Bank Of Canada lowered their target price on shares of Badger Meter from $284.00 to $264.00 and set an "outperform" rating for the company in a report on Wednesday, July 23rd. JPMorgan Chase & Co. began coverage on shares of Badger Meter in a report on Tuesday, September 9th. They issued an "overweight" rating and a $230.00 target price for the company. Finally, Raymond James Financial began coverage on shares of Badger Meter in a research note on Tuesday, June 3rd. They set a "market perform" rating for the company. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $237.00.

Badger Meter Profile

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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