Badger Meter, Inc. (NYSE:BMI) Sees Significant Growth in Short Interest

Badger Meter, Inc. (NYSE:BMI) was the recipient of a large increase in short interest during the month of September. As of September 30th, there was short interest totalling 2,880,000 shares, an increase of 19.0% from the August 30th total of 2,420,000 shares. Approximately 10.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 163,200 shares, the days-to-cover ratio is currently 17.6 days.

NYSE:BMI traded up $0.82 during trading hours on Tuesday, reaching $53.67. 9,191 shares of the company traded hands, compared to its average volume of 161,964. The firm’s 50-day moving average is $52.84 and its 200-day moving average is $54.57. The stock has a market cap of $1.54 billion, a P/E ratio of 34.99 and a beta of 0.80. Badger Meter has a 1-year low of $46.69 and a 1-year high of $61.57.

Badger Meter (NYSE:BMI) last announced its earnings results on Thursday, July 18th. The scientific and technical instruments company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.08). The company had revenue of $103.54 million for the quarter, compared to analyst estimates of $117.11 million. Badger Meter had a net margin of 8.57% and a return on equity of 15.45%. Badger Meter’s quarterly revenue was down 8.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.42 EPS. As a group, sell-side analysts predict that Badger Meter will post 1.55 EPS for the current year.

A number of large investors have recently made changes to their positions in BMI. Oregon Public Employees Retirement Fund raised 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 buying an additional 200 shares during the period. Arizona State Retirement System raised 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 buying an additional 253 shares during the period. Advisory Services Network LLC raised 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 buying an additional 309 shares during the period. ETF Managers Group LLC raised 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 buying an additional 366 shares during the period. Finally, Usca Ria LLC raised 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 buying an additional 523 shares during the period. Hedge funds and other institutional investors own 83.86% of the company’s stock.

BMI has been the topic of a number of analyst reports. ValuEngine cut Badger Meter from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Maxim Group set a $64.00 target price on Badger Meter and gave the company a “buy” rating in a report on Friday, July 19th. Stifel Nicolaus lowered their target price on Badger Meter from $54.00 to $49.00 and set a “hold” rating on the stock in a report on Friday, July 19th. Zacks Investment Research cut Badger Meter from a “hold” rating to a “sell” rating and set a $60.00 target price on the stock. in a report on Tuesday, July 16th. Finally, Robert W. Baird set a $48.00 target price on Badger Meter and gave the company a “hold” rating in a report on Friday, July 19th. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company’s stock. Badger Meter currently has a consensus rating of “Hold” and a consensus price target of $55.25.

About Badger Meter

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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