Congress Asset Management Co. Boosts Stake in Badger Meter, Inc. $BMI

Key Points

• Congress Asset Management Co. increased its stake in Badger Meter, Inc. by 2.1% during the second quarter, now holding 407,059 shares valued at approximately $99.71 million.
• Despite a quarterly EPS of $1.17 that missed estimates, Badger Meter's revenue increased by 9.9% year-over-year to $238.10 million.
• Badger Meter recently declared an increased quarterly dividend of $0.40, up from $0.34, reflecting a dividend yield of 0.9%.

Congress Asset Management Co. increased its position in Badger Meter, Inc. (NYSE:BMI - Free Report) by 2.1% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 407,059 shares of the scientific and technical instruments company's stock after purchasing an additional 8,471 shares during the period. Congress Asset Management Co. owned 1.38% of Badger Meter worth $99,709,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the business. Values First Advisors Inc. increased its stake 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 increased its stake 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 increased its stake 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 increased its stake 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. increased its stake 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 institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have commented on BMI shares. Royal Bank Of Canada dropped their price objective on shares of Badger Meter from $284.00 to $264.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 23rd. Stifel Nicolaus set a $224.00 target price on shares of Badger Meter in a report on Wednesday, July 23rd. Raymond James Financial began coverage on shares of Badger Meter in a report on Tuesday, June 3rd. They issued a "market perform" rating on the stock. Zacks Research raised shares of Badger Meter from a "strong sell" rating to a "hold" rating in a report on Monday. Finally, 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 on the stock. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $237.00.

Badger Meter Trading Up 1.6%

BMI stock opened at $175.13 on Friday. The company has a market cap of $5.16 billion, a P/E ratio of 38.15, a P/E/G ratio of 3.05 and a beta of 0.87. Badger Meter, Inc. has a 52 week low of $162.17 and a 52 week high of $256.08. The company's 50-day moving average price is $187.14 and its 200 day moving average price is $210.43.

Badger Meter (NYSE:BMI - Get Free Report) last released its quarterly earnings data 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). The company had revenue of $238.10 million for the quarter, compared to analysts' expectations of $235.38 million. Badger Meter had a return on equity of 21.57% and a net margin of 15.53%.The firm's quarterly revenue was up 9.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.12 EPS. On average, equities research analysts expect that Badger Meter, Inc. will post 4.65 earnings per share for the current year.

Badger Meter Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 22nd were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.9%. This is a boost from Badger Meter's previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Friday, August 22nd. Badger Meter's payout ratio is currently 34.86%.

About Badger Meter

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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