Bowen Hanes & Co. Inc. Buys 198,305 Shares of Badger Meter, Inc. $BMI

Key Points

• Bowen Hanes & Co. Inc. sharply increased its Badger Meter stake in the fourth quarter, buying 198,305 additional shares and lifting its position by 336.3% to 257,280 shares worth about $44.9 million.
• Analyst sentiment is mixed but mostly neutral, with a consensus rating of “Hold” and an average price target of $155.86; several firms recently cut targets, including JPMorgan to $160 and Robert W. Baird to $145.
• Badger Meter reported solid fundamentals and a dividend, posting $1.14 EPS on $220.71 million in revenue last quarter and declaring a quarterly dividend of $0.40 per share, or $1.60 annually for a 1.2% yield.

Bowen Hanes & Co. Inc. grew its stake in shares of Badger Meter, Inc. (NYSE:BMI - Free Report) by 336.3% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 257,280 shares of the scientific and technical instruments company's stock after acquiring an additional 198,305 shares during the period. Bowen Hanes & Co. Inc. owned about 0.87% of Badger Meter worth $44,872,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. N.E.W. Advisory Services LLC bought a new stake in shares of Badger Meter during the fourth quarter valued at approximately $25,000. Godfrey Financial Associates Inc. bought a new stake in shares of Badger Meter during the fourth quarter valued at approximately $27,000. Caitlin John LLC bought a new stake in shares of Badger Meter during the third quarter valued at approximately $31,000. Brown Brothers Harriman & Co. raised its stake in shares of Badger Meter by 62.3% during the third quarter. Brown Brothers Harriman & Co. now owns 185 shares of the scientific and technical instruments company's stock valued at $33,000 after acquiring an additional 71 shares in the last quarter. Finally, Canada Pension Plan Investment Board bought a new stake in shares of Badger Meter during the second quarter valued at approximately $49,000. Institutional investors own 89.01% of the company's stock.

Wall Street Analyst Weigh In

BMI has been the subject of several research analyst reports. JPMorgan Chase & Co. decreased their price target on shares of Badger Meter from $190.00 to $160.00 and set an "overweight" rating for the company in a research note on Friday, April 17th. Stifel Nicolaus set a $140.00 price target on shares of Badger Meter in a research note on Friday, May 22nd. Weiss Ratings downgraded shares of Badger Meter from a "hold (c)" rating to a "hold (c-)" rating in a research note on Monday, May 4th. Robert W. Baird reduced their price objective on shares of Badger Meter from $173.00 to $145.00 and set an "outperform" rating for the company in a research note on Monday, April 20th. Finally, Wall Street Zen raised shares of Badger Meter from a "sell" rating to a "hold" rating in a research note on Sunday, May 10th. Five research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Badger Meter has a consensus rating of "Hold" and a consensus target price of $155.86.

Badger Meter Stock Up 3.3%

Shares of NYSE:BMI opened at $129.76 on Thursday. The company has a market capitalization of $3.79 billion, a price-to-earnings ratio of 29.29, a price-to-earnings-growth ratio of 2.25 and a beta of 0.68. Badger Meter, Inc. has a 52 week low of $112.09 and a 52 week high of $255.90. The firm has a 50 day moving average of $132.94 and a 200 day moving average of $154.18.

Badger Meter (NYSE:BMI - Get Free Report) last issued its quarterly earnings data on Tuesday, February 17th. The scientific and technical instruments company reported $1.14 EPS for the quarter. The company had revenue of $220.71 million during the quarter. Badger Meter had a net margin of 14.56% and a return on equity of 18.76%. On average, sell-side analysts expect that Badger Meter, Inc. will post 4.51 EPS for the current year.

Badger Meter Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 5th. Investors of record on Friday, May 22nd will be paid a $0.40 dividend. The ex-dividend date of this dividend is Friday, May 22nd. This represents a $1.60 dividend on an annualized basis and a yield of 1.2%. Badger Meter's payout ratio is 36.12%.

Insider Buying and Selling

In other Badger Meter news, CEO Kenneth Bockhorst purchased 2,200 shares of Badger Meter stock in a transaction dated Tuesday, April 21st. The shares were acquired at an average cost of $117.53 per share, with a total value of $258,566.00. Following the completion of the transaction, the chief executive officer owned 51,676 shares in the company, valued at approximately $6,073,480.28. This trade represents a 4.45% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Edward F. Callahan purchased 858 shares of Badger Meter stock in a transaction dated Tuesday, April 21st. The shares were acquired at an average cost of $116.30 per share, for a total transaction of $99,785.40. Following the completion of the transaction, the vice president owned 1,186 shares of the company's stock, valued at approximately $137,931.80. This represents a 261.59% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 6,628 shares of company stock valued at $777,128 over the last ninety days. 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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