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Badger Meter, Inc. (BMI) Analyst/Investor Day May 21, 2026 8:30 AM EDT

Company Participants

Bill Blank
Barbara Noverini – Senior Director of Investor Relations
Kenneth Bockhorst – Chairman, President & CEO
Robert Wrocklage – Executive Vice President of North America Municipal Utility
Kimberly Stoll
Matthew Stuyvenberg – Executive VP of SaaS, Global Commercial & International Utility
Morrice Blackwell
Eric Larson
Trino Pedraza
Joe DeVito
Daniel Weltzien – VP, CFO & Treasurer
Bill Blank

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Conference Call Participants

Nathan Jones – Stifel, Nicolaus & Company, Incorporated, Research Division
Jae Hyun Ko – Jefferies LLC, Research Division
Andrew Krill – Deutsche Bank AG, Research Division
Ryan Connors – Northcoast Research Partners, LLC
Scott Graham – Seaport Research Partners
Quinn Fredrickson – Robert W. Baird & Co. Incorporated, Research Division
Robert Zolper – Raymond James & Associates, Inc., Research Division
Jeffrey Reive – RBC Capital Markets, Research Division
William Grippin – Barclays Bank PLC, Research Division
Stephen Lacke

Presentation

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Bill Blank

Ladies and gentlemen, good morning. My name is Bill Blank. I’m the Director of Global Marketing and Communications for Badger Meter. And on behalf of our entire team, I’m pleased to welcome our audience here in New York City and our audience watching online around the world to Badger Meter Investor Day.

To get us started today, it’s my pleasure to introduce Barb Noverini, our Senior Director of Investor Relations. Barb?

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Barbara Noverini
Senior Director of Investor Relations

Thank you, Bill. And once again, welcome to Badger Meter’s 2026 Investor Day. It’s really great to see a lot of familiar faces out there in the audience. And of course, hello to everybody on the webcast today.

We have a really great agenda planned for you today. You’ll be hearing from several members of our executive management team, who will take you through the evolution of our company, from a 120-year-old meter manufacturer to a hardware-enabled software platform that’s powering the digital transformation of our

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PALO ALTO, Calif. — HP Inc. shares rose 15.25% to close at $25.24 on May 22, 2026, as investors positioned ahead of the company’s fiscal second-quarter 2026 earnings report scheduled for May 27.

The stock outperformed the broader technology sector, which gained about 1% on the day. Trading volume reached more than 48 million shares, well above average. In after-hours trading, shares moved slightly higher to around $25.26.

Q1 2026 Results Recap

HP reported fiscal first-quarter 2026 revenue of $14.4 billion, up 6.9% from the prior-year period. Non-GAAP diluted earnings per share were $0.81, up 9.5% year-over-year and at the high end of the company’s guidance range. GAAP diluted EPS was $0.58.

Personal Systems revenue contributed significantly to the top-line growth. The company highlighted strength in commercial markets and early momentum in AI-enabled PCs.

Upcoming Q2 Earnings Expectations

HP is scheduled to report fiscal Q2 2026 results after market close on May 27, 2026. Analysts project revenue of approximately $14.05 billion, representing about 6.3% year-over-year growth. The consensus estimate for non-GAAP EPS stands at $0.71.

The company previously guided for Q2 non-GAAP EPS between $0.70 and $0.76. Management has noted expectations for stronger Personal Systems revenue in the second quarter before moderating in the second half of the year.

AI PC and Market Trends

Investor optimism centered on demand for AI-powered personal computers. HP has introduced new AI-enabled devices and highlighted their potential to drive higher average selling prices. Industry reports indicated AI PC shipments rising as a percentage of total PC volume.

Recent analyst actions supported sentiment. JPMorgan raised its price target on HP to $22 from $19. Morgan Stanley increased its target to $17 from $16.

Dividend Announcement

On May 19, 2026, HP declared a quarterly dividend of $0.30 per share, payable on July 2, 2026, to shareholders of record as of June 10. The annual dividend yield stood around 4.75% based on recent share prices.

Financial Position

HP ended its fiscal first quarter with solid liquidity. The company has focused on cost management initiatives while investing in growth areas including AI PCs, printing solutions and 3D printing technology. Free cash flow and capital returns through dividends and share repurchases remained priorities.

Segment Performance

Personal Systems, which includes notebooks, desktops and workstations, has driven recent revenue growth. Printing segment performance has shown stability with continued emphasis on consumables and commercial solutions. The company has expanded its industrial 3D printing offerings with new accessible systems.

Analyst Views

Consensus ratings for HP Inc. have remained mixed, with several Hold recommendations alongside select Buy ratings. Price targets reflect varying expectations around PC market recovery, AI adoption rates and margin pressures from component costs.

Analysts have noted potential challenges including memory pricing volatility and competitive dynamics in the PC sector. Positive factors include the Windows 11 refresh cycle and enterprise demand for AI-capable hardware.

Broader Industry Context

HP operates in a PC market experiencing gradual recovery amid AI-driven upgrades. The company competes with Dell Technologies and Lenovo in personal systems while maintaining a strong position in printing. Global PC shipments showed modest year-over-year growth in recent quarters.

The stock has traded in a 52-week range between approximately $17.56 and $29.55. Year-to-date performance through May 22 reflected significant recovery from earlier 2026 levels.

Outlook Factors

Management has maintained focus on execution amid dynamic market conditions. Capital allocation priorities include debt management, shareholder returns and targeted investments in innovation. The upcoming earnings report will provide updated guidance for the remainder of fiscal 2026.

HP continues to emphasize its hybrid workforce solutions, sustainable product designs and expansion in commercial and consumer channels. Further details on AI PC adoption and margin trends are expected in the May 27 earnings release and conference call.

European shares finished at their highest in over a month on Friday, led by technology stocks as risk sentiment got a lift on expectations that a deal to end the Middle East conflict could ‌be near.

The pan-European ⁠STOXX 600 ⁠ended 0.73% higher at 625.12 points and logged its biggest weekly gain in seven.

U.S. Secretary of State Marco Rubio said that there was some progress towards an agreement with Tehran but more work is required, the latest development in the U.S.-Iran impasse that has ensued since Washington suspended bombing in a fragile ceasefire in early April.

Key disagreements between Tehran and Washington involve Iran’s uranium stockpile and controls on the Strait of Hormuz. Reflecting the broader uncertainty, crude prices rose 1% to $103 a barrel.

Analysts expect a deal that includes opening ⁠the strategic waterway to ‌lift European equities that have lagged peers, given the region’s dependence on oil imports that have become costly since the war.

“We are neutral on Europe and euro zone equities, ⁠given their sensitivity to higher energy costs, while we view the more defensive Swiss market and European healthcare more favourably,” said Mark Haefele, chief investment officer at UBS Global Wealth Management.
AI optimism that has driven global indexes to record highs also helped the European tech index rise almost 3.2%. Chip giant Nvidia outlined strong forecasts earlier this week, suggesting strong demand for tech infrastructure. Among European chip stocks, Infineon added nearly 8%, STMicroelectronics gained 5.2% and ASML rose 4.7%.

Also aiding the sector was French President Emmanuel Macron’s comments that the government will invest an additional €1 billion ($1.16 billion) in ‌its quantum strategy and €550 million to support the microelectronics sector.

Among laggards, Puig tumbled 13.4% after the Spanish perfumery ended merger talks with U.S. cosmetics maker Estee Lauder.

Julius Baer fell 6.9% after the Swiss bank’s net new money inflows ⁠came in below expectations.

On the data front, German consumer sentiment recovered heading into June, while a separate reading confirmed that the economy grew by 0.3% in the first quarter of 2026. Germany’s DAX led gains among regional indexes with a 1.1% rise.

Still, other data reports have suggested price pressures are heating up. Europe’s economy commissioner Valdis Dombrovskis became the latest official to say the European Central Bank would need to react to rising inflation.

Money markets price in at least two ECB interest rate hikes before the end of the year.

Among other companies, Cartier owner Richemont reported better-than-expected fourth-quarter revenue. Shares were volatile and ended marginally lower.

The dollar held near six-week highs on Friday as traders weighed the prospects of a near-term deal to end the Middle East war and assessed whether the Federal Reserve would raise interest rates if inflation continued to accelerate.

Iran’s foreign minister met with Pakistan’s interior minister to discuss proposals to end the U.S.-Israeli conflict, Iranian media reported. The two sides remain at odds over Tehran’s uranium stockpile and control of the Strait of Hormuz.

Traders are increasingly concerned that ‌ongoing energy disruptions ⁠will filter ⁠through to core consumer prices, potentially forcing a tighter monetary policy response.

“The key question now, of course, is if the Fed is going to hold,” said Noel Dixon, global macro strategist at State Street Global Advisors. So far, inflation pressures feeding into the Fed’s preferred gauge – Personal Consumption Expenditures – have remained relatively contained, Dixon said, supporting the case for keeping rates on hold.

However, he cautioned that “the risk to my view is that Trump resumes attacks on Iran in an aggressive fashion. That could be a catalyst for greater interest rate volatility, and that could cause the ⁠Fed to ‌panic and seriously consider a hike.”

Fed funds futures traders are pricing in 54% odds of a rate hike by December.
The dollar index, which measures the greenback against a basket of currencies including the ⁠yen and the euro,rose 0.09% to 99.28, with the euro down 0.12% at $1.1604. The pound gained 0.08% to $1.344, having shrugged off data earlier that showed retail sales dropped by the most in nearly a year in April, as consumers felt the pinch of the inflationary effects of the Iran war.

Countries more exposed to rising energy costs face mounting growth concerns, lending further support to the U.S. dollar over its peers. Australia, for instance, is grappling with shortages of jet fuel and diesel that are likely to weigh on several key industries, Dixon noted.

The Australian dollar weakened 0.27% versus the greenback to $0.7128.

UNDER PRESSURE

The U.S. dollar’s strength and persistently high oil prices have spelled ‌pain for the yen, which on Friday weakened 0.06% against the greenback to 159.1 per dollar.

The yen remains fragile even after what was likely intervention by Tokyo just weeks ago to prop it up – it has since surrendered nearly 75% ⁠of those gains, keeping traders on alert for further action by Japanese authorities.

“It’s just buying time, really. What they need is a change in fundamentals, and I think the best thing that could happen is a quick deal to end the Iran conflict,” said Lee Hardman, a currency strategist at MUFG.

The Bank of Japan is expected to raise borrowing costs only gradually, while other central banks – including the European Central Bank – are likely to move far more quickly, putting the yen at a disadvantage with yield-seeking investors.

Data on Friday showed Japan’s core inflation slowed to a four-year low in April, complicating the outlook for BOJ policy.

Many first-time mutual fund investors often struggle with one key question — how should they start investing for multiple long-term goals like buying a car, purchasing a house, or building wealth while also managing market volatility? Financial experts believe the answer lies in maintaining a disciplined approach, staying diversified, and avoiding unnecessary risk-taking, especially for investors with limited market knowledge.

One such query came from Ritesh, a viewer of The Money Show, who wants to start SIP with Rs 20,000 monthly and for that he needs some mutual fund recommendation. He does not have any knowledge about mutual funds and he wants to have the strategy for his short-term goals and he wants to buy a car within 10 years and maybe a house also and he also wants to know if investing in gold ETF in the kind of situation that we are into will be a good call or not.

Also Read | First-time investors should start with balanced funds and short-duration debt in first year: Anand Radhakrishnan, Sundaram MF

According to Pankaj Mathpal, MD, Optima Money Managers, mutual funds can cater to investors across different time horizons, but the investment strategy should depend on the goal and duration.

According to him, equity mutual funds are generally better suited for long-term goals, while debt funds or conservative hybrid funds may work better for short-term requirements.

“Mutual funds are mainly meant for long-term investing, especially equity funds. For short-term goals, investors can consider debt funds or conservative hybrid funds,” Mathpal said.
In the case of an investor planning to invest Rs 20,000 monthly through SIPs with a 10-year investment horizon, Mathpal suggested that equity mutual funds can play an important role in wealth creation despite short-term volatility.
Based on the long-term horizon, he recommended funds such as ICICI Prudential Midcap Fund, Motilal Oswal Large and Midcap Fund, Bajaj Finserv Flexicap Fund, and HDFC Midcap Fund. “These kinds of diversified equity funds can be considered for a long-term portfolio,” he said.
However, Mathpal cautioned investors that equity investments can witness volatility in the short term, and investors should not panic during temporary market corrections.

On the question of investing in gold ETFs, Mathpal suggested avoiding fresh allocations for now. Referring to the government’s broader appeal to reduce gold imports, he noted that investments into gold ETFs eventually lead to additional physical gold purchases by fund houses.

“Considering the prime minister’s appeal as well as the current factors, my suggestion would be not to add gold ETFs right now,” he said.

The discussion also highlighted how many retail investors tend to take excessive risks during strong market phases, often investing aggressively in sectoral funds or direct stocks without fully understanding market cycles.

According to Mathpal, investors who entered markets between 2021 and 2024 experienced largely positive returns and may now wrongly assume that equity markets only move upward.

“Volatility is the basic nature of equity markets. Investors should understand that market corrections are normal in long-term investing,” he explained.

Also Read | Time to buy rupee assets? DSP Mutual Fund lists 5 reasons favouring Indian equities and bonds

He advised investors with limited market knowledge to avoid excessive exposure to thematic or sectoral funds, often referred to as satellite portfolios, unless they fully understand sector cycles and timing.

“Only a small portion of the portfolio should go into satellite or thematic strategies, and that too when investors understand when to enter and exit sectors,” Mathpal said.

He pointed out that many investors entered technology-focused funds at the wrong time and are now facing losses of nearly 20% in some cases.

For most retail investors, Mathpal recommended sticking to diversified mutual funds and multi-asset allocation funds where fund managers can actively manage asset allocation and market exposure.

“To manage risk better, investors should leave the strategy to professional fund managers and invest through diversified funds instead of taking concentrated bets on their own,” he added.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

If you have any mutual fund queries, message on ET Mutual Funds on Facebook/Twitter. We will get it answered by our panel of experts. Do share your questions on ETMFqueries@timesinternet.in alongwith your age, risk profile, and twitter handle

Paytm parent One 97 Communications witnessed Rs 964 crore worth of block deals on Friday, with institutional investors including Societe Generale, Ghisallo Master Fund, Viridian Asia Opportunities Master Fund and Nippon India Mutual Fund emerging as key buyers, while existing shareholders SAIF Partners India IV Limited, Elevation Capital V Limited and SAIF III Mauritius Company Limited pared their stakes.

According to block deal data on the exchanges, Societe Generale picked up nearly 18.87 lakh shares worth around Rs 211.46 crore at a price of Rs 1,120.65 apiece, making it the single largest buyer in the transaction.

Hedge funds Ghisallo Master Fund LP and Viridian Asia Opportunities Master Fund separately purchased 12.8 lakh shares each for about Rs 143.44 crore apiece.

Among domestic institutional investors, Nippon India Mutual Fund acquired 11.11 lakh shares worth Rs 124.5 crore, while Sundaram Mutual Fund bought 3 lakh shares valued at Rs 33.62 crore. Edelweiss Mutual Fund also participated in the transaction by purchasing shares worth nearly Rs 37.5 crore.

Other prominent buyers included BNP Paribas Arbitrage, Goldman Sachs Bank Europe SE, Citigroup Global Markets Mauritius, Citigroup Global Markets Singapore and Copthall Mauritius Investment.

The shares changed hands at Rs 1,120.65 each, implying a total transaction size of about Rs 964 crore.
Paytm shares fell sharply on Friday, settling with declines of 3.74% or Rs 43.20 at Rs 1,112.40. Global investment bank Citi has reportedly been appointed as the placement agent for the transaction.As per the shareholding data available on the BSE, SAIF Partners held shares in One 97 Communications through its affiliates Saif Partners India Iv Limited and Saif Iii Mauritius Company Limited. While the former held over 2.56 crore shares as on March 31, that represented 4% stake, the latter held over 6 crore share accounting for 9.43% equity.

The development comes after a sharp recovery in Paytm shares over the past year, aided by improving operational metrics, narrowing losses and renewed investor confidence in the digital payments ecosystem. The stock has delivered 34% over a one-year period.

(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

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UK’s blue-chip FTSE 100 index was on course to end a four-week losing streak after data released this week weakened expectations of a Bank of England rate ‌hike, giving relief to ⁠investors ⁠unsettled by political uncertainty.

The blue-chip FTSE 100 index rose 0.21% as of 11:18 am GMT on Friday, while the midcap FTSE 250 climbed 0.57%.

* British retail sales fell by the most in nearly a year in April, according to official figures published on Friday, adding to signs of waning consumer spending against the backdrop ⁠of the Middle ‌East war and rising energy costs.

* Earlier this week, separate data also showed that inflation in April ⁠was softer than expected, while the unemployment rate ticked up.

* “Dovish data should reduce the urgency for the BoE to act. So far the MPC (Monetary Policy Committee) is taking comfort from tightening in financial conditions which they say can give them time to assess whether to hike or not,” BofA Securities analysts said.

* The brokerage now expects the central bank ‌to raise borrowing costs in July, later than its previous estimate of a June hike.
* “Political uncertainty is likely to increase near-term policy uncertainty and ⁠lead to tighter financial conditions, which could weigh on growth,” the brokerage added. * Prime Minister Keir Starmer has defied calls from his party’s lawmakers to quit, but his failure to alleviate concerns about the cost of living has disappointed voters.

* Chemical shares rose 2.87% on Friday, while auto stocks gained 2.45%.

* The FTSE 100 index has risen 2.65% in the week so far.