Zacks Investment Research Upgrades Badger Meter (NYSE:BMI) to “Buy”

Badger Meter (NYSE:BMI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday, Zacks.com reports. The firm currently has a $63.00 price target on the scientific and technical instruments company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 7.90% from the company’s previous close.

According to Zacks, “Badger Meter’s products are known for accuracy, durability and for providing valuable and timely measurement data. It is poised to gain from strong order rates for innovative water solutions, including newly launched E-Series Ultrasonic meters and ORION Cellular LTE-M radios. The company is continuously prioritizing and enhancing its presence in select regional markets outside the United States that offer healthy growth potential. However, Badger Meter expects to face order headwinds from the Middle East while lack of visibility for concrete future orders is likely to affect revenues. High R&D expenses for technology driven products are also expected to strain the bottom line. It is currently witnessing a declining revenue trend as customers are deferring orders, awaiting next-generation large static meters and LTE-M radio products.”

A number of other research analysts have also commented on BMI. Stifel Nicolaus decreased their price objective on Badger Meter from $54.00 to $49.00 and set a “hold” rating on the stock in a research report on Friday, July 19th. ValuEngine lowered Badger Meter from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Maxim Group restated a “buy” rating and issued a $64.00 price target on shares of Badger Meter in a research report on Wednesday, October 16th. Finally, Robert W. Baird raised their price target on Badger Meter from $48.00 to $52.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $57.00.

Shares of BMI opened at $58.39 on Monday. The firm has a market capitalization of $1.69 billion, a price-to-earnings ratio of 37.92 and a beta of 0.80. The business’s fifty day moving average price is $53.89 and its two-hundred day moving average price is $54.65. Badger Meter has a 52 week low of $46.69 and a 52 week high of $61.58.

Badger Meter (NYSE:BMI) last announced its quarterly earnings data on Thursday, October 17th. The scientific and technical instruments company reported $0.44 EPS for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.01. The firm had revenue of $108.60 million for the quarter, compared to analyst estimates of $110.39 million. Badger Meter had a return on equity of 14.85% and a net margin of 10.95%. The business’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period last year, the company earned $0.46 EPS. On average, equities analysts forecast that Badger Meter will post 1.55 earnings per share for the current fiscal year.

Several large investors have recently bought and sold shares of the company. Oregon Public Employees Retirement Fund boosted its position in shares of Badger Meter by 1.8% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 11,476 shares of the scientific and technical instruments company’s stock worth $685,000 after purchasing an additional 200 shares during the last quarter. Arizona State Retirement System boosted its position in shares of Badger Meter by 0.6% in the 2nd quarter. Arizona State Retirement System now owns 45,164 shares of the scientific and technical instruments company’s stock worth $2,696,000 after purchasing an additional 253 shares during the last quarter. Advisory Services Network LLC boosted its position in shares of Badger Meter by 182.8% in the 1st quarter. Advisory Services Network LLC now owns 478 shares of the scientific and technical instruments company’s stock worth $26,000 after purchasing an additional 309 shares during the last quarter. ETF Managers Group LLC boosted its position in shares of Badger Meter by 12.0% in the 2nd quarter. ETF Managers Group LLC now owns 3,420 shares of the scientific and technical instruments company’s stock worth $204,000 after purchasing an additional 366 shares during the last quarter. Finally, Usca Ria LLC boosted its position in shares of Badger Meter by 8.0% in the 2nd quarter. Usca Ria LLC now owns 7,026 shares of the scientific and technical instruments company’s stock worth $419,000 after purchasing an additional 523 shares during the last quarter. Institutional investors and hedge funds own 83.87% of the company’s stock.

Badger Meter Company Profile

Badger Meter, Inc provides flow measurement, control, and communication solutions worldwide. It offers mechanical and electronic water meters, and related technologies and services to municipal water utilities; and meters and valves to measure and control materials flowing through a pipe or pipeline, including water, air, steam, oil, and other liquids and gases, as well as for use in water/wastewater, heating, ventilating and air conditioning, oil and gas, chemical and petrochemical, test and measurement, automotive aftermarket, and the concrete construction process industries.

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