Kenneth Bockhorst, who serves as Chairman, President, and Chief Executive Officer of Badger Meter Inc. (NASDAQ: BMI), completed a personal purchase of the company’s common stock on April 21, 2026.
Mr. Bockhorst acquired 2,200 shares at a unit price of $117.5333, for a total outlay of $258,573. After the trade, his direct ownership of Badger Meter common stock rose to 51,676 shares.
The insider purchase came as Badger Meter shares were trading close to a 52-week low of $112.09, following a nearly 30% decline over the past week. An InvestingPro analysis cited in company coverage characterizes BMI as appearing undervalued at current levels.
Recent company results help explain the market pressure. For the first quarter of fiscal 2026, Badger Meter reported earnings per share of $0.93, below the consensus expectation of $1.20. Revenue for the quarter was $202.3 million, short of the forecasted $230.3 million and representing a 9% decline. The combination of the EPS and revenue misses has drawn investor attention and contributed to the share-price move.
Following the quarterly report, two brokerages adjusted their price targets downward while maintaining favorable ratings. Stifel reduced its price target to $140 from $174 and maintained a Buy rating. RBC Capital lowered its target to $169 from $197 and kept an Outperform rating. RBC analysts attributed the shortfall in part to project timing and a slowdown in the company’s book-and-ship business, noting that several large AMI deployments have concluded and that a sizable backlog is not expected to ship until the second half of fiscal 2026.
Investors have reacted to the combination of disappointing quarterly results and the revised analyst targets as they reassess expectations for Badger Meter. The CEO’s purchase adds a notable insider-buy data point amid this reassessment.
Summary
Badger Meter’s CEO added 2,200 shares on April 21, 2026, investing $258,573 and increasing his direct stake to 51,676 shares. The purchase occurred as the stock traded near a 52-week low and after the company posted first-quarter fiscal 2026 results that missed both EPS and revenue forecasts. Analysts from Stifel and RBC Capital trimmed price targets but maintained Buy/Outperform ratings, citing timing and backlog shipment dynamics.
Key points
- Kenneth Bockhorst purchased 2,200 shares at $117.5333 each for $258,573, raising direct ownership to 51,676 shares.
- Badger Meter reported Q1 fiscal 2026 EPS of $0.93 (expected $1.20) and revenue of $202.3 million (expected $230.3 million), a 9% revenue decline.
- Analyst responses included Stifel cutting its target to $140 from $174 (Buy retained) and RBC reducing its target to $169 from $197 (Outperform retained); RBC cited project timing and a slowdown in book-and-ship activity with AMI deployments concluding and backlog shifting to H2 fiscal 2026.
Risks and uncertainties
- Near-term revenue volatility tied to project timing and the book-and-ship business may continue to affect results and investor sentiment - the utilities and industrial equipment markets are most directly impacted.
- Backlog shipment timing, with a significant portion not expected until the second half of fiscal 2026, introduces uncertainty for revenue recognition and cash flow in the near term - this is relevant to investors following meter and AMI-related suppliers.
- Sharp recent share-price declines and trading near a 52-week low indicate elevated market sensitivity to the company’s quarterly performance and analyst revisions.
This report is a factual account of the disclosed insider transaction, recent financial results, and subsequent analyst reactions. It does not attempt to provide investment advice or to predict future performance.