Citigroup Inc. reduced its stake in shares of Badger Meter, Inc. (NYSE:BMI – Free Report) by 22.3% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 18,859 shares of the scientific and technical instruments company’s stock after selling 5,423 shares during the period. Citigroup Inc. owned approximately 0.06% of Badger Meter worth $2,297,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Banque Cantonale Vaudoise grew its holdings in Badger Meter by 39.1% during the fourth quarter. Banque Cantonale Vaudoise now owns 729 shares of the scientific and technical instruments company’s stock worth $79,000 after acquiring an additional 205 shares during the period. Point72 Hong Kong Ltd purchased a new stake in Badger Meter during the first quarter worth $91,000. Quadrant Capital Group LLC grew its position in Badger Meter by 124.8% during the fourth quarter. Quadrant Capital Group LLC now owns 852 shares of the scientific and technical instruments company’s stock valued at $93,000 after buying an additional 473 shares during the period. Tower Research Capital LLC TRC grew its position in Badger Meter by 563.7% during the first quarter. Tower Research Capital LLC TRC now owns 896 shares of the scientific and technical instruments company’s stock valued at $109,000 after buying an additional 761 shares during the period. Finally, Point72 Middle East FZE purchased a new position in Badger Meter in the fourth quarter valued at $112,000. Hedge funds and other institutional investors own 86.81% of the company’s stock.
Insider Buying and Selling
In other Badger Meter news, Director Todd A. Adams sold 2,627 shares of the firm’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $162.64, for a total value of $427,255.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.70% of the stock is currently owned by company insiders.
Badger Meter Stock Performance
Shares of BMI stock opened at $161.95 on Wednesday. Badger Meter, Inc. has a fifty-two week low of $88.16 and a fifty-two week high of $170.86. The stock’s fifty day moving average is $157.63 and its two-hundred day moving average is $140.39. The firm has a market capitalization of $4.75 billion, a P/E ratio of 61.58, a PEG ratio of 3.89 and a beta of 0.87.
Badger Meter (NYSE:BMI – Get Free Report) last posted its quarterly earnings results on Thursday, July 20th. The scientific and technical instruments company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.09. The firm had revenue of $175.90 million for the quarter, compared to the consensus estimate of $156.32 million. Badger Meter had a net margin of 12.28% and a return on equity of 17.21%. The company’s revenue for the quarter was up 27.6% on a year-over-year basis. During the same period last year, the firm posted $0.57 earnings per share. On average, equities analysts forecast that Badger Meter, Inc. will post 2.86 earnings per share for the current year.
Badger Meter Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 25th will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 0.67%. The ex-dividend date of this dividend is Thursday, August 24th. This is a boost from Badger Meter’s previous quarterly dividend of $0.23. Badger Meter’s dividend payout ratio (DPR) is currently 41.06%.
Analysts Set New Price Targets
Several equities research analysts have recently issued reports on BMI shares. Robert W. Baird increased their target price on shares of Badger Meter from $125.00 to $145.00 and gave the stock a “neutral” rating in a research note on Friday, July 21st. StockNews.com initiated coverage on Badger Meter in a research report on Thursday, August 17th. They set a “buy” rating on the stock. Stifel Nicolaus boosted their price target on shares of Badger Meter from $126.00 to $130.00 and gave the stock a “hold” rating in a report on Wednesday, July 19th. Deutsche Bank Aktiengesellschaft started coverage on shares of Badger Meter in a report on Wednesday, June 28th. They set a “hold” rating and a $142.00 price objective on the stock. Finally, Maxim Group lifted their target price on shares of Badger Meter from $152.00 to $180.00 and gave the company a “buy” rating in a research report on Friday, July 21st. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $149.60.
Badger Meter Company Profile
Badger Meter, Inc manufactures and markets flow measurement, quality, control, and communication solutions in the United States, Asia, Canada, Europe, Mexico, the Middle East, and internationally. It offers mechanical or static water meters, and related radio and software technologies and services to municipal water utilities.