Badger Meter, Inc. $BMI Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Badger Meter stake by 41.1% in the third quarter, selling 16,815 shares and retaining 24,073 shares valued at approximately $3.0 million. Institutional investors and hedge funds still own 89.01% of the company.
• Badger Meter reported quarterly EPS of $1.02, slightly above estimates, but revenue fell 6.6% year over year to $220.3 million. The company increased its quarterly dividend to $0.44, representing a 1.3% yield.
• Analyst sentiment is mixed, with six Buy, five Hold, and one Sell rating; the consensus rating is Hold with a $159.38 price target, compared with the stock’s reported $132.01 opening price.

Assenagon Asset Management S.A. lowered its stake in shares of Badger Meter, Inc. (NYSE:BMI - Free Report) by 41.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 24,073 shares of the scientific and technical instruments company's stock after selling 16,815 shares during the period. Assenagon Asset Management S.A. owned approximately 0.08% of Badger Meter worth $2,974,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of BMI. XXEC Inc. acquired a new stake in Badger Meter in the second quarter worth $825,029,000. BlackRock Inc. bought a new stake in shares of Badger Meter in the second quarter worth about $725,926,000. Amundi increased its holdings in shares of Badger Meter by 28.5% in the second quarter. Amundi now owns 590,079 shares of the scientific and technical instruments company's stock worth $87,595,000 after acquiring an additional 131,016 shares in the last quarter. First Trust Advisors LP increased its holdings 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 worth $85,370,000 after acquiring an additional 198,430 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of 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 worth $82,305,000 after purchasing an additional 29,623 shares during the period. 89.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, VP Edward Callahan bought 751 shares of the stock in a transaction that occurred on Thursday, July 30th. The shares were acquired at an average price of $135.25 per share, with a total value 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. The trade was a 63.32% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.00% of the company's stock.

Badger Meter Stock Performance

NYSE BMI opened at $132.01 on Thursday. The stock has a market capitalization of $3.83 billion, a price-to-earnings ratio of 30.84, a PEG ratio of 3.18 and a beta of 0.64. The stock's 50 day moving average price is $129.85 and its two-hundred day moving average price is $132.38. Badger Meter, Inc. has a 52 week low of $112.09 and a 52 week high of $193.06.

Badger Meter (NYSE:BMI - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The scientific and technical instruments company reported $1.02 earnings per share 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 during the quarter, compared to analysts' expectations of $220.59 million. During the same period last year, the business earned $1.17 EPS. The business's quarterly revenue was down 6.6% on a year-over-year basis. On average, equities research analysts forecast that Badger Meter, Inc. will post 4.50 EPS for the current year.

Badger Meter Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 11th. Stockholders of record on Friday, August 28th were issued a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Friday, August 28th. This is a positive change from Badger Meter's previous quarterly dividend of $0.40. Badger Meter's dividend payout ratio is 41.12%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on BMI shares. Northcoast Research upgraded Badger Meter from a "neutral" rating to a "buy" rating and set a $148.00 price objective on the stock in a report on Friday, September 18th. Robert W. Baird set a $167.00 target price on shares of Badger Meter and gave the stock an "outperform" rating in a report on Thursday, July 23rd. JPMorgan Chase & Co. dropped their target price on shares of Badger Meter from $172.00 to $170.00 and set an "overweight" rating on the stock in a report 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. Finally, Wall Street Zen cut shares of Badger Meter from a "hold" rating to a "sell" rating in a report on Saturday, October 17th. Six investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $159.38.

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.

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.