Badger Meter Inc (NYSE:BMI) on Friday reported weaker first-quarter results.

Sales dropped 9% to $202.3 million, missing estimates, while diluted EPS fell to 93 cents from $1.30, also below expectations.

"Our first quarter results were consistent with that expectation," said CEO Kenneth C. Bockhorst. "In our view, the year-over-year decline in revenue and associated operating leverage are related to variability in project timing and short-cycle customer order patterns and do not reflect a change in underlying demand, our competitive position, or the long-term market drivers for our business."

Seperately, Badger Meter also announced an agreement to acquire UK-based UDlive for $100 million plus contingent consideration, with closing expected by the end of April.

Badger Meter shares rose 1% to trade at $116.71 on Monday.

These analysts made changes to their price targets on Badger Meter following earnings announcement.

  • Baird analyst Quinn Fredrickson maintained Badger Meter with an Outperform rating and lowered the price target from $173 to $145.
  • Stifel analyst Nathan Jones maintained the stock with a Buy and lowered the price target from $174 to $140.
  • Barclays analyst William Grippin maintained Badger Meter with an Underweight rating and cut the price target from $136 to $110.
  • RBC Capital analyst Jeffrey Reive maintained the stock with an Outperform rating and lowered the price target from $197 to $169.

Considering buying BMI stock? Here’s what analysts think:

Photo via Shutterstock