Bank of New York Mellon Corp Makes New $29.21 Million Investment in Badger Meter, Inc. $BMI

Key Points

• Bank of New York Mellon acquired 196,890 Badger Meter shares valued at approximately $29.2 million, representing about 0.68% of the company. Institutional investors and hedge funds collectively own 89.01% of BMI.
• Analysts have a consensus rating of “Hold” with an average price target of $164, compared with the stock’s recent price of $135.68. Shares have traded between $112.09 and $204.00 over the past year.
• Badger Meter slightly beat quarterly EPS expectations at $1.02, though revenue fell 6.6% year over year to $220.3 million. The company also raised its quarterly dividend to $0.44 per share, implying a 1.3% annual yield.

Bank of New York Mellon Corp bought a new position in Badger Meter, Inc. (NYSE:BMI - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 196,890 shares of the scientific and technical instruments company's stock, valued at approximately $29,215,000. Bank of New York Mellon Corp owned about 0.68% of Badger Meter at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in BMI. State of Wyoming acquired a new stake in Badger Meter in the second quarter valued at approximately $43,000. Oppenheimer Asset Management Inc. acquired a new position in Badger Meter in the 2nd quarter worth about $384,000. Bryn Mawr Trust Advisors LLC acquired a new position in Badger Meter in the 2nd quarter worth about $209,000. Annex Advisory Services LLC raised its position in Badger Meter by 4.7% in the second quarter. Annex Advisory Services LLC now owns 13,301 shares of the scientific and technical instruments company's stock valued at $1,974,000 after purchasing an additional 600 shares during the last quarter. Finally, Legacy Wealth Asset Management LLC bought a new stake in shares of Badger Meter during the second quarter worth about $351,000. 89.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on BMI shares. Weiss Ratings upgraded shares of Badger Meter from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, July 28th. Seaport Research Partners set a $160.00 target price on shares of Badger Meter in a report on Thursday, July 23rd. JPMorgan Chase & Co. decreased their price target on shares of Badger Meter from $172.00 to $170.00 and set an "overweight" rating for the company in a research report on Thursday, July 23rd. Robert W. Baird set a $167.00 price target on shares of Badger Meter and gave the company an "outperform" rating in a research note on Thursday, July 23rd. Finally, Stifel Nicolaus set a $170.00 price target on shares of Badger Meter and gave the stock a "buy" rating in a report on Monday, July 20th. Five equities research 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. According to data from MarketBeat.com, Badger Meter currently has an average rating of "Hold" and an average target price of $164.00.

Badger Meter Stock Down 1.8%

Shares of BMI stock opened at $135.68 on Friday. Badger Meter, Inc. has a 52 week low of $112.09 and a 52 week high of $204.00. The firm has a 50 day moving average of $137.64 and a 200-day moving average of $138.74. The company has a market cap of $3.93 billion, a price-to-earnings ratio of 31.70, a price-to-earnings-growth ratio of 2.43 and a beta of 0.65.

Badger Meter (NYSE:BMI - Get Free Report) last issued its earnings results 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 business had revenue of $220.30 million for the quarter, compared to analyst estimates of $220.59 million. During the same period in the prior year, the firm earned $1.17 earnings per share. Badger Meter's revenue was down 6.6% on a year-over-year basis. Analysts anticipate that Badger Meter, Inc. will post 4.5 earnings per share for the current year.

Badger Meter Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 28th will be given a dividend of $0.44 per share. This is a boost from Badger Meter's previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, August 28th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.3%. Badger Meter's payout ratio is currently 37.38%.

Insider Activity at Badger Meter

In other news, VP Edward F. Callahan bought 751 shares of Badger Meter stock in a transaction dated Thursday, July 30th. The stock was bought at an average cost of $135.25 per share, for a total transaction of $101,572.75. Following the purchase, the vice president directly owned 1,937 shares in the company, valued at approximately $261,979.25. This represents a 63.32% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.00% of the stock is currently owned by corporate insiders.

Badger Meter 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.

Want to see what other hedge funds are holding BMI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Badger Meter, Inc. (NYSE:BMI - Free Report).

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