BADGER METER INC BMI
COM · Common Stock · CUSIP 056525108 · ISIN US0565251081
- SectorTechnology
- IndustryTotalizing Fluid Meters & Counting Devices
- HeadquartersMilwaukee, WI
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($23.3m this quarter). Holder counts are more reliable. Shares outstanding: 29.4m as of 2024-07-12, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $186.34. Options: 6 managers hold calls ($7.9m notional), 6 hold puts ($5.7m).
Trends to Q2 2024
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 283 |
| Q4 2022 | 310 |
| Q1 2023 | 324 |
| Q2 2023 | 356 |
| Q3 2023 | 375 |
| Q4 2023 | 395 |
| Q1 2024 | 417 |
| Q2 2024 | 452 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2022 | 155 | 120 |
| Q1 2023 | 140 | 146 |
| Q2 2023 | 167 | 156 |
| Q3 2023 | 175 | 159 |
| Q4 2023 | 175 | 167 |
| Q1 2024 | 199 | 172 |
| Q2 2024 | 211 | 206 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2023 | $5.7m | $5.1m | 0.90 |
| Q4 2023 | $4.8m | $4.1m | 0.84 |
| Q1 2024 | $6.1m | $3.6m | 0.59 |
| Q2 2024 | $7.9m | $5.7m | 0.73 |
Biggest buyers
| BOWEN HANES & CO INC | New | +181.7k |
| D. E. Shaw & Co., Inc. | Added | +151.9k |
| AXIOM INVESTORS LLC /DE | New | +61.7k |
| AXA S.A. | Added | +61.5k |
| JANE STREET GROUP, LLC | Added | +58.8k |
| MARSHALL WACE, LLP | New | +57.0k |
| Driehaus Capital Management LLC | Added | +51.3k |
| OBERWEIS ASSET MANAGEMENT INC/ | New | +51.2k |
| GEODE CAPITAL MANAGEMENT, LLC | Added | +48.8k |
| MILLENNIUM MANAGEMENT LLC | Added | +46.6k |
Biggest sellers
| MORGAN STANLEY | Reduced | -1.1m |
| KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC | Reduced | -313.5k |
| Mirae Asset Global Investments Co., Ltd. | Sold out | -203.6k |
| Impax Asset Management Group plc | Reduced | -174.2k |
| JPMORGAN CHASE & CO | Reduced | -148.3k |
| BlackRock Inc. | Reduced | -108.0k |
| STATE STREET CORP | Reduced | -73.3k |
| GREAT LAKES ADVISORS, LLC | Reduced | -61.3k |
| Nuveen Asset Management, LLC | Reduced | -60.5k |
| VICTORY CAPITAL MANAGEMENT INC | Reduced | -60.2k |
Biggest calls
| CITADEL ADVISORS LLC | Added | $3.3m17.6k shares |
| D. E. Shaw & Co., Inc. | Unchanged | $1.9m10.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $1.3m7.0k shares |
| SIMPLEX TRADING, LLC | Added | $1.3m6.8k shares |
| PEAK6 Investments LLC | Added | $149.1k800 shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Biggest puts
| D. E. Shaw & Co., Inc. | Unchanged | $2.6m14.1k shares |
| CITADEL ADVISORS LLC | Added | $1.2m6.3k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $1.2m6.3k shares |
| WOLVERINE TRADING, LLC | New | $559.0k3.0k shares |
| SIMPLEX TRADING, LLC | Added | $204.0k1.1k shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| BlackRock, Inc. 13G · institution filed 2025-04-30 | 16.3% |
| VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution new · filed 2026-04-28 | 8.5% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 5.2% |
| STATE STREET CORP 13G · institution +0.3 pts · filed 2026-05-12 | 5.2% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD PORTFOLIO MANAGEMENT LLC)
Insider purchases and sales in Q2 2024
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q3 2022 | 0 | — | 1 | $227.7k | — |
| Q4 2022 | 0 | — | 0 | — | — |
| Q1 2023 | 0 | — | 2 | $429.1k | — |
| Q2 2023 | 0 | — | 0 | — | — |
| Q3 2023 | 0 | — | 1 | $427.3k | — |
| Q4 2023 | 0 | — | 0 | — | — |
| Q1 2024 | 0 | — | 2 | $699.5k | — |
| Q2 2024 | 0 | — | 0 | — | — |
None reported in Q2 2024.
Holders, Q2 2024
| Manager | Shares | Change |
|---|---|---|
| BlackRock Inc. 0.02% of their portfolio | 5.2m $974.6m | Reduced -108.0k |
| VANGUARD GROUP INC 0.01% of their portfolio | 3.7m $685.3m | Added +2.9k |
| STATE STREET CORP 0.01% of their portfolio | 1.5m $282.7m | Reduced -73.3k |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 976.6k $182.0m | Reduced -148.3k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 790.7k $147.6m | Added +48.8k |
| MORGAN STANLEY 0.01% of their portfolio | 655.2k $122.1m | Reduced -1.1m |
| DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio | 606.7k $113.1m | Reduced -56.7k |
| Invesco Ltd. 0.02% of their portfolio | 522.0k $97.3m | Reduced -11.9k |
| Impax Asset Management Group plc 0.37% of their portfolio | 495.0k $91.7m | Reduced -174.2k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 382.1k $71.2m | Reduced -3.2k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 337.4k $62.9m | Added +22.2k |
| NORGES BANK 0.01% of their portfolio | 332.5k $62.0m | Added +8.8k |
| KBC Group NV 0.19% of their portfolio | 329.3k $61.4m | Added +4.7k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 324.6k $60.5m | Reduced -12.6k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.02% of their portfolio | 321.3k $59.9m | Reduced -14.2k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 318.4k $59.3m | Added +11.2k |
| KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC 0.13% of their portfolio | 295.1k $55.0m | Reduced -313.5k |
| CONGRESS ASSET MANAGEMENT CO 0.38% of their portfolio | 287.1k $53.5m | Added +8.5k |
| Rockefeller Capital Management L.P. 0.14% of their portfolio | 263.4k $49.1m | Reduced -3.3k |
| Boston Trust Walden Corp 0.34% of their portfolio | 249.4k $46.5m | Reduced -485 |
| FIRST TRUST ADVISORS LP 0.05% of their portfolio | 243.5k $45.4m | Added +24.2k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.11% of their portfolio | 238.7k $44.5m | First filing |
| Nuveen Asset Management, LLC 0.01% of their portfolio | 222.7k $41.5m | Reduced -60.5k |
| Allianz Asset Management GmbH 0.07% of their portfolio | 217.8k $40.6m | Reduced -30.7k |
| D. E. Shaw & Co., Inc. 0.05% of their portfolio | 203.7k $38.0m | Added +151.9k |
| Amundi 0.01% of their portfolio | 193.4k $36.5m | Reduced -8.4k |
| BOWEN HANES & CO INC 0.94% of their portfolio | 181.7k $33.9m | New |
| Belpointe Asset Management LLC 2.33% of their portfolio | 179.1k $33.4m | Unchanged |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 167.4k $31.2m | Reduced -6.2k |
| PRINCIPAL FINANCIAL GROUP INC 0.02% of their portfolio | 154.9k $28.9m | Reduced -5.4k |
| VICTORY CAPITAL MANAGEMENT INC 0.03% of their portfolio | 148.4k $27.7m | Reduced -60.2k |
| Legal & General Group Plc 0.01% of their portfolio | 140.8k $26.2m | Added +4.4k |
| DekaBank Deutsche Girozentrale 0.05% of their portfolio | 136.8k $25.1m | Reduced -221 |
| RHUMBLINE ADVISERS 0.02% of their portfolio | 135.7k $25.3m | Reduced -5.3k |
| STOREBRAND ASSET MANAGEMENT AS 0.08% of their portfolio | 130.2k $24.3m | Reduced -16.5k |
| Driehaus Capital Management LLC 0.23% of their portfolio | 128.7k $24.0m | Added +51.3k |
| MAIRS & POWER INC 0.23% of their portfolio | 128.2k $23.9m | Reduced -5.3k |
| RENAISSANCE TECHNOLOGIES LLC 0.04% of their portfolio | 126.1k $23.5m | Added +40.4k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.02% of their portfolio | 124.6k $23.2m | Added +17.2k |
| AXA S.A. 0.03% of their portfolio | 123.0k $22.9m | Added +61.5k |
| GABELLI FUNDS LLC 0.15% of their portfolio | 107.6k $20.1m | Reduced -2.5k |
| TUDOR INVESTMENT CORP ET AL 0.21% of their portfolio | 102.8k $19.2m | Added +20.3k |
| MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio | 100.8k $18.8m | Added +46.6k |
| GAMCO INVESTORS, INC. ET AL 0.20% of their portfolio | 97.0k $18.1m | Reduced -1.4k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 93.8k $17.5m | Reduced -2.5k |
| Rodgers Brothers Inc. 2.26% of their portfolio | 89.6k $16.7m | Reduced -1.1k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 85.1k $15.9m | Added +42.5k |
| Man Group plc 0.04% of their portfolio | 83.3k $15.5m | Added +11.3k |
| ProShare Advisors LLC 0.04% of their portfolio | 83.3k $15.5m | Reduced -18.1k |
| EULAV Asset Management 0.41% of their portfolio | 81.7k $15.2m | Unchanged |
| Cubist Systematic Strategies, LLC 0.25% of their portfolio | 78.9k $14.7m | Added +35.1k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 73.4k $13.7m | Reduced -18.1k |
| ACADIAN ASSET MANAGEMENT LLC 0.04% of their portfolio | 72.2k $13.5m | Added +6.5k |
| DEUTSCHE BANK AG\ 0.01% of their portfolio | 71.5k $13.3m | Reduced -10.2k |
| Montanaro Asset Management Ltd 2.40% of their portfolio | 69.0k $12.9m | Reduced -1.5k |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO 0.16% of their portfolio | 67.0k $12.5m | Reduced -23.5k |
| UBS Group AG 0.00% of their portfolio | 66.6k $12.4m | Reduced -9.1k |
| Zurcher Kantonalbank (Zurich Cantonalbank) 0.04% of their portfolio | 65.8k $12.3m | Reduced -504 |
| JANE STREET GROUP, LLC 0.01% of their portfolio | 65.8k $12.3m | Added +58.8k |
| Triodos Investment Management BV 1.06% of their portfolio | 65.0k $12.1m | Reduced -18.0k |
| Public Sector Pension Investment Board 0.08% of their portfolio | 64.6k $12.0m | Added +4.5k |
| Assenagon Asset Management S.A. 0.03% of their portfolio | 64.5k $12.0m | Added +32.3k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 63.2k $11.8m | Added +468 |
| AXIOM INVESTORS LLC /DE 0.10% of their portfolio | 61.7k $11.5m | New |
| Cerity Partners LLC 0.03% of their portfolio | 57.8k $10.8m | Added +3.5k |
| Swiss National Bank 0.01% of their portfolio | 57.8k $10.8m | Unchanged |
| MARSHALL WACE, LLP 0.02% of their portfolio | 57.0k $10.6m | New |
| NATIXIS ADVISORS, LLC 0.02% of their portfolio | 56.6k $10.5m | Reduced -45.5k |
| LPL Financial LLC 0.01% of their portfolio | 55.9k $10.4m | Reduced -708 |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 55.6k $10.4m | Reduced -26.1k |
| ALGERT GLOBAL LLC 0.34% of their portfolio | 55.5k $10.3m | Added +21.0k |
| EAGLE ASSET MANAGEMENT INC 0.05% of their portfolio | 54.8k $10.1m | Reduced -9.4k |
| Wilmington Savings Fund Society, FSB 0.39% of their portfolio | 54.8k $10.2m | Reduced -1.2k |
| First Personal Financial Services 2.27% of their portfolio | 53.9k $10.0m | Reduced -401 |
| PRUDENTIAL FINANCIAL INC 0.01% of their portfolio | 52.4k $9.8m | Added +9.9k |
| OBERWEIS ASSET MANAGEMENT INC/ 0.58% of their portfolio | 51.2k $9.5m | New |
| Qube Research & Technologies Ltd 0.02% of their portfolio | 50.1k $9.3m | Reduced -18.4k |
| ALPS ADVISORS INC 0.06% of their portfolio | 49.1k $9.1m | Added +6.4k |
| BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio | 47.4k $8.8m | Added +10.8k |
| CW Advisors, LLC 0.14% of their portfolio | 46.2k $8.6m | Added +2.1k |
| Waverly Advisors, LLC 0.16% of their portfolio | 44.9k $8.4m | New |
| LORD, ABBETT & CO. LLC 0.01% of their portfolio | 44.6k $8.3m | Reduced -9.4k |
| SEGALL BRYANT & HAMILL, LLC 0.14% of their portfolio | 43.8k $8.2m | Reduced -5.7k |
| Russell Investments Group, Ltd. 0.01% of their portfolio | 42.8k $8.0m | Added +16.9k |
| Curi Capital, LLC 0.19% of their portfolio | 42.0k $7.8m | Reduced -281 |
| Candriam S.C.A. 0.05% of their portfolio | 40.9k $7.6m | Reduced -14.4k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 40.9k $7.6m | Reduced -148 |
| CANADA LIFE ASSURANCE Co 0.01% of their portfolio | 40.5k $7.5m | Added +8.0k |
| Swiss Life Asset Management Ltd 0.09% of their portfolio | 39.6k $7.4m | New |
| DANSKE BANK A/S 0.03% of their portfolio | 38.8k $7.2m | Reduced -7.5k |
| UniSuper Management Pty Ltd 0.06% of their portfolio | 38.3k $7.1m | Reduced -7.8k |
| CI INVESTMENTS INC. 0.03% of their portfolio | 36.2k $6.7m | Reduced -13.8k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio | 34.5k $6.4m | Added +9.1k |
| California Public Employees Retirement System 0.00% of their portfolio | 34.1k $6.4m | Added +1.9k |
| FMR LLC 0.00% of their portfolio | 32.4k $6.0m | Added +3.5k |
| Connor, Clark & Lunn Investment Management Ltd. 0.02% of their portfolio | 31.8k $5.9m | Added +30.0k |
| TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio | 31.8k $5.9m | Added +30.2k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.02% of their portfolio | 31.6k $5.9m | Added +30.1k |
| JANUS HENDERSON GROUP PLC 0.00% of their portfolio | 30.3k $5.7m | Reduced -9.7k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.01% of their portfolio | 30.2k $5.6m | Added +606 |