Badger Meter Inc. (BMI) Stock Price Down 7.7% Following Weak Earnings
Badger Meter Inc. (NYSE:BMI) shares were down 7.7% on Tuesday following a weaker than expected earnings announcement. The company traded as low as $29.30 and last traded at $30.46, with a volume of 261,370 shares trading hands. The stock had previously closed at $33.01.
The company reported $0.30 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.33 by $0.03. Badger Meter had a net margin of 7.81% and a return on equity of 13.19%. The company earned $96.30 million during the quarter, compared to analyst estimates of $105.66 million. During the same quarter last year, the business earned $0.58 EPS. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis.
Separately, Zacks Investment Research upgraded shares of Badger Meter from a “hold” rating to a “buy” rating and set a $37.00 price objective for the company in a research note on Wednesday, September 21st. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $32.88.
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In other Badger Meter news, insider Ronald H. Dix sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $68.72, for a total transaction of $137,440.00. Following the completion of the transaction, the insider now directly owns 28,300 shares in the company, valued at approximately $1,944,776. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Ronald H. Dix sold 1,600 shares of the firm’s stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $66.12, for a total transaction of $105,792.00. Following the transaction, the insider now owns 25,700 shares of the company’s stock, valued at $1,699,284. The disclosure for this sale can be found here. Company insiders own 4.60% of the company’s stock.
A number of institutional investors have recently bought and sold shares of BMI. Lord Abbett & CO. LLC acquired a new position in Badger Meter during the second quarter valued at $5,274,000. Vanguard Group Inc. increased its position in Badger Meter by 2.7% in the second quarter. Vanguard Group Inc. now owns 1,242,957 shares of the company’s stock valued at $90,772,000 after buying an additional 32,689 shares during the period. Kleinwort Benson Investors Dublin Ltd acquired a new position in Badger Meter during the second quarter valued at $1,442,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Badger Meter by 46.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 58,400 shares of the company’s stock valued at $4,265,000 after buying an additional 18,634 shares during the period. Finally, UBS Asset Management Americas Inc. increased its position in Badger Meter by 8.7% in the first quarter. UBS Asset Management Americas Inc. now owns 230,575 shares of the company’s stock valued at $15,336,000 after buying an additional 18,505 shares during the period. Hedge funds and other institutional investors own 39.86% of the company’s stock.
The firm has a market capitalization of $886.88 million, a PE ratio of 28.22 and a beta of 0.63. The firm’s 50-day moving average is $33.19 and its 200-day moving average is $35.00.
About Badger Meter
Badger Meter, Inc is engaged in flow measurement, control and communication solutions, serving water utilities, municipalities, and commercial and industrial customers across the world. The Company’s products, measure water, oil, chemicals and other fluids, provide and communicate timely measurement data.
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