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 ($13.8m this quarter). Holder counts are more reliable. Shares outstanding: 29.5m as of 2025-07-11, 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 ≈ $244.74. Options: 5 managers hold calls ($13.7m notional), 4 hold puts ($4.2m).
Trends to Q2 2025
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 |
| Q3 2024 | 477 |
| Q4 2024 | 491 |
| Q1 2025 | 499 |
| Q2 2025 | 538 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2023 | 175 | 159 |
| Q4 2023 | 175 | 167 |
| Q1 2024 | 199 | 172 |
| Q2 2024 | 211 | 206 |
| Q3 2024 | 226 | 201 |
| Q4 2024 | 213 | 213 |
| Q1 2025 | 244 | 219 |
| Q2 2025 | 258 | 238 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $5.7m | $1.2m | 0.21 |
| Q4 2024 | $10.8m | $10.4m | 0.96 |
| Q1 2025 | $6.2m | $5.8m | 0.93 |
| Q2 2025 | $13.7m | $4.2m | 0.31 |
Biggest buyers
| WESTFIELD CAPITAL MANAGEMENT CO LP | Added | +268.8k |
| ROYAL BANK OF CANADA | Added | +208.5k |
| LORD, ABBETT & CO. LLC | New | +178.3k |
| BANK OF AMERICA CORP /DE/ | Added | +177.8k |
| Invesco Ltd. | Added | +171.3k |
| Aberdeen Group plc | New | +113.5k |
| OFI INVEST ASSET MANAGEMENT | New | +95.0k |
| Grantham, Mayo, Van Otterloo & Co. LLC | New | +92.0k |
| D. E. Shaw & Co., Inc. | Added | +87.8k |
| BESSEMER GROUP INC | Added | +70.3k |
Biggest sellers
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | Reduced | -167.8k |
| JPMORGAN CHASE & CO | Reduced | -132.5k |
| Squarepoint Ops LLC | Reduced | -112.2k |
| GOLDMAN SACHS GROUP INC | Reduced | -108.9k |
| Nuveen, LLC | Reduced | -101.9k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -97.6k |
| JANE STREET GROUP, LLC | Reduced | -76.1k |
| Allianz Asset Management GmbH | Reduced | -68.2k |
| BlackRock, Inc. | Reduced | -55.7k |
| AXIOM INVESTORS LLC /DE | Reduced | -49.6k |
Biggest calls
| PEAK6 LLC | Added | $9.8m40.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $3.2m13.2k shares |
| CITADEL ADVISORS LLC | Reduced | $465.4k1.9k shares |
| SIMPLEX TRADING, LLC | Added | $171.0k700 shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Biggest puts
| Twin Tree Management, LP | Reduced | $2.4m9.8k shares |
| CITADEL ADVISORS LLC | Reduced | $1.1m4.3k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $783.8k3.2k 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 2025
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 2023 | 0 | — | 1 | $427.3k | — |
| Q4 2023 | 0 | — | 0 | — | — |
| Q1 2024 | 0 | — | 2 | $699.5k | — |
| Q2 2024 | 0 | — | 0 | — | — |
| Q3 2024 | 0 | — | 1 | $224.9k | — |
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 0 | — | 5 | $5.4m | — |
| Q2 2025 | 0 | — | 0 | — | — |
None reported in Q2 2025.
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.02% of their portfolio | 5.2m $1.3bn | Reduced -55.7k |
| VANGUARD GROUP INC 0.02% of their portfolio | 3.8m $934.5m | Added +18.7k |
| STATE STREET CORP 0.01% of their portfolio | 1.5m $358.3m | Added +20.1k |
| GEODE CAPITAL MANAGEMENT, LLC 0.02% of their portfolio | 876.5k $215.5m | Added +19.3k |
| Invesco Ltd. 0.03% of their portfolio | 802.2k $196.5m | Added +171.3k |
| MORGAN STANLEY 0.01% of their portfolio | 755.4k $185.0m | Added +26.2k |
| WESTFIELD CAPITAL MANAGEMENT CO LP 0.63% of their portfolio | 612.8k $150.1m | Added +268.8k |
| DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio | 475.2k $116.4m | Reduced -42.3k |
| CONGRESS ASSET MANAGEMENT CO 0.68% of their portfolio | 407.1k $99.7m | Added +8.5k |
| NEUBERGER BERMAN GROUP LLC 0.07% of their portfolio | 370.5k $90.8m | Reduced -11.7k |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 361.3k $88.5m | Added +208.5k |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 350.0k $85.7m | Reduced -132.5k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 348.0k $85.3m | Reduced -108.9k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 342.1k $83.8m | Added +177.8k |
| NORGES BANK 0.01% of their portfolio | 341.1k $83.5m | Added +7.8k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 328.5k $80.5m | Reduced -8.4k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 327.6k $80.2m | Reduced -17.2k |
| KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC 0.17% of their portfolio | 289.6k $70.9m | Reduced -2.1k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 285.5k $69.9m | Reduced -25.1k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio | 258.8k $63.4m | Added +952 |
| Pictet Asset Management Holding SA 0.06% of their portfolio | 254.4k $62.3m | Added +9.9k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.12% of their portfolio | 246.4k $60.4m | Reduced -4.0k |
| Boston Trust Walden Corp 0.40% of their portfolio | 229.7k $56.3m | Reduced -5.3k |
| BOWEN HANES & CO INC 1.41% of their portfolio | 227.4k $55.7m | Added +3.3k |
| Amundi 0.02% of their portfolio | 201.3k $48.4m | Added +8.5k |
| AMERIPRISE FINANCIAL INC 0.01% of their portfolio | 200.7k $49.2m | Added +5.4k |
| FIRST TRUST ADVISORS LP 0.04% of their portfolio | 199.3k $48.8m | Reduced -8.7k |
| D. E. Shaw & Co., Inc. 0.05% of their portfolio | 195.3k $47.8m | Added +87.8k |
| UBS Group AG 0.01% of their portfolio | 192.9k $47.3m | Added +37.5k |
| Belpointe Asset Management LLC 1.83% of their portfolio | 179.0k $43.9m | Added +56 |
| LORD, ABBETT & CO. LLC 0.14% of their portfolio | 178.3k $43.7m | New |
| RENAISSANCE TECHNOLOGIES LLC 0.05% of their portfolio | 166.8k $40.9m | Reduced -17.0k |
| BROWN CAPITAL MANAGEMENT LLC 1.17% of their portfolio | 163.7k $40.1m | Added +22.3k |
| PRINCIPAL FINANCIAL GROUP INC 0.02% of their portfolio | 158.8k $38.9m | Added +3.8k |
| FMR LLC 0.00% of their portfolio | 157.7k $38.6m | Reduced -661 |
| Legal & General Group Plc 0.01% of their portfolio | 154.7k $37.9m | Added +10.4k |
| Allianz Asset Management GmbH 0.05% of their portfolio | 137.7k $33.7m | Reduced -68.2k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio | 137.3k $33.6m | Reduced -167.8k |
| DekaBank Deutsche Girozentrale 0.06% of their portfolio | 137.1k $34.3m | Unchanged |
| Qube Research & Technologies Ltd 0.05% of their portfolio | 135.2k $33.1m | Added +2.3k |
| RHUMBLINE ADVISERS 0.03% of their portfolio | 135.1k $33.1m | Added +3.2k |
| Nuveen, LLC 0.01% of their portfolio | 133.1k $32.6m | Reduced -101.9k |
| Rockefeller Capital Management L.P. 0.03% of their portfolio | 121.4k $29.7m | Added +5.4k |
| Aberdeen Group plc 0.05% of their portfolio | 113.5k $27.9m | New |
| MAIRS & POWER INC 0.27% of their portfolio | 111.4k $27.3m | Reduced -4.5k |
| COMERICA BANK 0.10% of their portfolio | 105.4k $25.8m | Added +17.8k |
| GABELLI FUNDS LLC 0.18% of their portfolio | 102.4k $25.1m | Reduced -1.4k |
| STOREBRAND ASSET MANAGEMENT AS 0.07% of their portfolio | 101.9k $25.0m | Added +6.8k |
| Squarepoint Ops LLC 0.05% of their portfolio | 101.2k $24.8m | Reduced -112.2k |
| Public Sector Pension Investment Board 0.11% of their portfolio | 100.4k $24.6m | Added +7.2k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.02% of their portfolio | 100.3k $24.6m | Reduced -48.5k |
| AGF MANAGEMENT LTD 0.11% of their portfolio | 97.4k $23.8m | Added +43.3k |
| OFI INVEST ASSET MANAGEMENT 0.49% of their portfolio | 95.0k $19.8m | New |
| GAMCO INVESTORS, INC. ET AL 0.23% of their portfolio | 93.8k $23.0m | Reduced -350 |
| Grantham, Mayo, Van Otterloo & Co. LLC 0.07% of their portfolio | 92.0k $22.5m | New |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 89.6k $22.0m | Reduced -1.5k |
| Zurcher Kantonalbank (Zurich Cantonalbank) 0.05% of their portfolio | 88.3k $21.6m | Added +4.9k |
| Rodgers Brothers Inc. 2.68% of their portfolio | 86.9k $21.3m | Reduced -850 |
| EULAV Asset Management 0.49% of their portfolio | 84.7k $20.7m | Added +3.0k |
| BARCLAYS PLC 0.01% of their portfolio | 83.5k $20.5m | Added +22.0k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.02% of their portfolio | 76.6k $18.8m | Added +9.0k |
| Man Group plc 0.04% of their portfolio | 70.5k $17.3m | Added +2.1k |
| BESSEMER GROUP INC 0.03% of their portfolio | 70.4k $17.2m | Added +70.3k |
| Tidal Investments LLC 0.11% of their portfolio | 70.3k $17.2m | Reduced -7.8k |
| CW Advisors, LLC 0.16% of their portfolio | 66.2k $16.2m | Reduced -223 |
| Triodos Investment Management BV 1.20% of their portfolio | 65.0k $15.9m | Unchanged |
| TUDOR INVESTMENT CORP ET AL 0.12% of their portfolio | 64.0k $15.7m | Added +10.4k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 62.8k $15.4m | Reduced -584 |
| COMMONWEALTH EQUITY SERVICES, LLC 0.02% of their portfolio | 62.1k $15.2m | Added +1.9k |
| DEUTSCHE BANK AG\ 0.01% of their portfolio | 62.0k $15.2m | Reduced -19.0k |
| OBERWEIS ASSET MANAGEMENT INC/ 0.64% of their portfolio | 59.9k $14.7m | New |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 59.0k $14.4m | Reduced -1.3k |
| JANE STREET GROUP, LLC 0.02% of their portfolio | 58.6k $14.4m | Reduced -76.1k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.05% of their portfolio | 58.2k $14.2m | Added +14.1k |
| ProShare Advisors LLC 0.03% of their portfolio | 57.8k $14.2m | Reduced -13.3k |
| Swiss National Bank 0.01% of their portfolio | 56.2k $13.8m | Reduced -800 |
| NATIXIS ADVISORS, LLC 0.02% of their portfolio | 53.6k $13.1m | Reduced -273 |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO 0.15% of their portfolio | 53.6k $13.1m | Unchanged |
| Capital World Investors 0.00% of their portfolio | 53.3k $13.1m | New |
| Perpetual Ltd 0.15% of their portfolio | 52.4k $12.8m | Reduced -6.7k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.02% of their portfolio | 51.3k $12.6m | Reduced -14.1k |
| Jump Financial, LLC 0.15% of their portfolio | 50.4k $12.3m | Added +13.0k |
| California Public Employees Retirement System 0.01% of their portfolio | 50.2k $12.3m | Added +5.0k |
| Waverly Advisors, LLC 0.13% of their portfolio | 49.9k $12.2m | Reduced -2.2k |
| Swiss Life Asset Management Ltd 0.07% of their portfolio | 49.4k $12.1m | Added +1.8k |
| Select Equity Group, L.P. 0.05% of their portfolio | 49.1k $12.0m | Added +11.6k |
| UniSuper Management Pty Ltd 0.08% of their portfolio | 48.6k $11.9m | Added +19.5k |
| MIROVA 1.67% of their portfolio | 48.4k $11.9m | Added +23.3k |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 48.2k $11.8m | Added +28.8k |
| DANSKE BANK A/S 0.03% of their portfolio | 48.1k $11.8m | Added +38.4k |
| VICTORY CAPITAL MANAGEMENT INC 0.01% of their portfolio | 47.3k $11.6m | Reduced -11.0k |
| ALPS ADVISORS INC 0.06% of their portfolio | 44.4k $10.9m | Added +1.5k |
| Curi Capital, LLC 0.20% of their portfolio | 43.3k $10.6m | Reduced -4.1k |
| Edgestream Partners, L.P. 0.29% of their portfolio | 42.1k $10.3m | Added +6.5k |
| LPL Financial LLC 0.00% of their portfolio | 41.5k $10.2m | Added +4.8k |
| OP Asset Management Ltd 0.15% of their portfolio | 41.5k $10.2m | Added +2.7k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 39.1k $9.6m | Added +1.3k |
| Cerity Partners LLC 0.02% of their portfolio | 37.9k $9.3m | Reduced -4.3k |
| CANADA LIFE ASSURANCE Co 0.01% of their portfolio | 36.8k $9.0m | Reduced -2.7k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio | 36.6k $9.0m | Added +385 |