Badger Meter, Inc. (BMI) hiked its quarterly dividend on August 13 by 11% to $0.20 per share.
Shares of the manufacturer of water solutions, including flow measurement, quality, and control technologies serving water utilities and municipalities worldwide, have gained 57% over the past year. (See Badger Meter stock charts on TipRanks)
Badger Meter’s CEO Kenneth C. Bockhorst commented, “Today’s 11% dividend increase marks the company’s 29th consecutive year of increasing its dividend, and is a true testament to our legacy of consistently rewarding our shareholders.”
Bockhorst further added, “Dividends are an important element of the Company’s balanced and disciplined approach to capital allocation, and a reflection of the strong confidence that Badger Meter has in our ability to continue to generate and grow our earnings and cash flow both organically and via acquisition.”
The dividend is payable on September 10 to shareholders of record as of August 27. With the increased dividend, Badger Meter’s annual dividend stands at $0.80 per share.
Maxim Group analyst Tate Sullivan recently reiterated a Hold rating on the stock.
Overall, the stock has a Hold consensus rating based on 2 Holds. The average Badger Meter price target of $92 implies 12% downside potential from current levels.
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