Badger Meter, Inc. $BMI Shares Purchased by Bank of America Corp DE

Key Points

• Bank of America increased its Badger Meter stake by 133.5% in the first quarter, adding 167,444 shares to own 292,852 shares worth approximately $44.6 million. Institutional investors and hedge funds collectively own 89.01% of the company.
• Badger Meter reported quarterly EPS of $1.02, slightly above expectations, while revenue of $220.3 million fell 6.6% year over year. The stock opened at $135.17, well below its 52-week high of $204.00.
• Analysts maintain a consensus “Hold” rating with an average price target of $164.00; ratings include five Buys, five Holds and one Sell. A company vice president also purchased 751 shares worth about $101,573.

Bank of America Corp DE grew its stake in shares of Badger Meter, Inc. (NYSE:BMI - Free Report) by 133.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 292,852 shares of the scientific and technical instruments company's stock after buying an additional 167,444 shares during the quarter. Bank of America Corp DE owned about 1.00% of Badger Meter worth $44,616,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in BMI. Brighton Jones LLC bought a new position in Badger Meter during the 4th quarter valued at $227,000. NewEdge Advisors LLC raised its stake in shares of Badger Meter by 328.0% in the 1st quarter. NewEdge Advisors LLC now owns 3,766 shares of the scientific and technical instruments company's stock worth $717,000 after buying an additional 2,886 shares in the last quarter. Cetera Investment Advisers grew its holdings in Badger Meter by 10.6% during the second quarter. Cetera Investment Advisers now owns 2,334 shares of the scientific and technical instruments company's stock worth $572,000 after acquiring an additional 223 shares during the period. M&T Bank Corp bought a new stake in Badger Meter in the second quarter worth about $200,000. Finally, California Public Employees Retirement System raised its position in Badger Meter by 11.2% in the second quarter. California Public Employees Retirement System now owns 50,225 shares of the scientific and technical instruments company's stock worth $12,303,000 after acquiring an additional 5,041 shares in the last quarter. 89.01% of the stock is owned by institutional investors and hedge funds.

Badger Meter Stock Performance

Badger Meter stock opened at $135.17 on Thursday. Badger Meter, Inc. has a 52 week low of $112.09 and a 52 week high of $204.00. The firm has a market capitalization of $3.92 billion, a price-to-earnings ratio of 31.58, a P/E/G ratio of 2.48 and a beta of 0.65. The company has a 50 day moving average price of $137.46 and a 200 day moving average price of $140.40.

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

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on BMI. Wall Street Zen downgraded shares of Badger Meter from a "hold" rating to a "sell" rating in a report on Saturday, June 13th. Maxim Group downgraded shares of Badger Meter from a "buy" rating to a "hold" rating in a report on Thursday, April 23rd. Stifel Nicolaus set a $170.00 target price on shares of Badger Meter and gave the company a "buy" rating in a research note on Monday, July 20th. Zacks Research upgraded shares of Badger Meter from a "strong sell" rating to a "hold" rating in a research report on Monday, July 6th. Finally, Seaport Research Partners set a $160.00 price target on Badger Meter in a report on Thursday, July 23rd. Five investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $164.00.

Insiders Place Their Bets

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

About Badger Meter

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source