PNC Financial Services Group Inc. Has $2.93 Million Stock Holdings in Badger Meter, Inc. $BMI

PNC Financial Services Group Inc. reduced its holdings in Badger Meter, Inc. (NYSE:BMI) by 31.0% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 11,968 shares of the scientific and technical instruments company’s stock after selling 5,375 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Badger Meter were worth $2,932,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Hodges Capital Management Inc. acquired a new stake in Badger Meter in the second quarter valued at $251,000. Illinois Municipal Retirement Fund lifted its holdings in Badger Meter by 2.2% during the 2nd quarter. Illinois Municipal Retirement Fund now owns 16,010 shares of the scientific and technical instruments company’s stock worth $3,922,000 after buying an additional 337 shares during the period. Profund Advisors LLC increased its stake in shares of Badger Meter by 6.4% in the second quarter. Profund Advisors LLC now owns 1,472 shares of the scientific and technical instruments company’s stock valued at $361,000 after buying an additional 89 shares during the period. Campbell & CO Investment Adviser LLC bought a new position in shares of Badger Meter during the second quarter worth about $5,418,000. Finally, AGF Management Ltd. raised its position in shares of Badger Meter by 80.1% during the second quarter. AGF Management Ltd. now owns 97,363 shares of the scientific and technical instruments company’s stock worth $23,849,000 after acquiring an additional 43,315 shares during the last quarter. Institutional investors and hedge funds own 89.01% of the company’s stock.

Badger Meter Stock Down 1.5%

Badger Meter stock opened at $171.98 on Wednesday. The company has a market capitalization of $5.07 billion, a PE ratio of 36.59, a PEG ratio of 3.02 and a beta of 0.94. Badger Meter, Inc. has a 12-month low of $162.17 and a 12-month high of $256.08. The firm’s fifty day moving average is $179.78 and its 200 day moving average is $206.54.

Badger Meter (NYSE:BMI) last posted its quarterly earnings results on Wednesday, October 22nd. The scientific and technical instruments company reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.08. Badger Meter had a net margin of 15.40% and a return on equity of 21.12%. The firm had revenue of $235.65 million during the quarter, compared to the consensus estimate of $231.88 million. During the same period in the previous year, the firm posted $1.08 earnings per share. The business’s revenue was up 13.1% compared to the same quarter last year. Sell-side analysts expect that Badger Meter, Inc. will post 4.65 EPS for the current fiscal year.

Badger Meter Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Investors of record on Friday, November 21st will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend is Friday, November 21st. Badger Meter’s dividend payout ratio is 34.04%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on BMI shares. Weiss Ratings downgraded shares of Badger Meter from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, October 8th. JPMorgan Chase & Co. assumed coverage on shares of Badger Meter in a research report on Tuesday, September 9th. They issued an “overweight” rating and a $230.00 price target on the stock. Zacks Research upgraded shares of Badger Meter from a “strong sell” rating to a “hold” rating in a report on Monday, September 22nd. Royal Bank Of Canada set a $229.00 target price on shares of Badger Meter and gave the company an “outperform” rating in a report on Wednesday, October 22nd. Finally, Robert W. Baird set a $205.00 price target on shares of Badger Meter and gave the company a “neutral” rating in a research report on Monday, October 20th. Four research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $227.33.

Badger Meter Profile

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.