Badger Meter

BMI • NYSE

Badger Meter is a hardware, equipment & parts company in the technology sector on NYSE, led by Kenneth C. Bockhorst, with a market cap of $5.2B. As of Q3 2025, 95% of shares are held by 467 institutional investors, with BlackRock, Inc. as the largest holder at 17.65%.

Chief Executive OfficerKenneth C. Bockhorst

Market Cap$5.2B

Hardware, Equipment & Parts

Technology

Employees2.1K

Websitebadgermeter.com

Country

United States of America

Overview

Overview of institutional ownership in BMI as of Q3 2025 with a market cap of $5.3B

All Institutions

Institutions: 467
Value Held: $5.0B
Shares Held: 28.1M
Avg Position: $10.7M
Median Position: $858.9K

Hedge Funds

Hedge Funds: 36
Value Held: $236.8M
Shares Held: 1.3M
Avg Position: $6.6M
Median Position: $2.7M

Ownership Breakdown

Institutional (non-HF)

90.79%

$4.8B

Hedge Funds

4.5%

$236.8M

Retail & Other

4.71%

$248.1M

Based on market cap of $5.3B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in BMI as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BlackRock, Inc. Institution	-	$928.8M 0.02% of portfolio	17.65% 5.2M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$707.2M 0.01% of portfolio	13.44% 4.0M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$250.5M 0.01% of portfolio	4.76% 1.4M shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
Invesco Ltd. ETF Provider	Brian Christopher Hartigan CEO	$173.3M 0.03% of portfolio	3.29% 970.2K shares	≤ Q2 2013 Held for 12y 5m+	$633.08B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$155.9M 0.01% of portfolio	2.96% 872.8K shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$134.3M 0.01% of portfolio	2.55% 752.3K shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
Pictet Asset Management Holding SA Long Only Manager	Elizabeth Retta Dillon CEO	$96.8M 0.09% of portfolio	1.84% 542.0K shares	Q3 2023 Held for 2y 2m	$103.68B
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$89.9M 0.01% of portfolio	1.71% 503.2K shares	Q4 2015 Held for 9y 11m	$1.56T
DIMENSIONAL FUND ADVISORS LP Long Only Manager	Gerard Kieran O'Reilly CEO	$82.7M 0.02% of portfolio	1.57% 463.2K shares	≤ Q2 2013 Held for 12y 5m+	$466.32B
A Amundi Institution	-	$72.2M 0.02% of portfolio	1.36% 401.7K shares	Q2 2021 Held for 4y 5m	$311.18B

Net Capital Flow

Institutional buying and selling activity for BMI in Q3 2025

Net Flow: −$88.7M
Buyers: 179
Sellers: 287
Total Bought: +$584.4M
Total Sold: −$673.1M
Avg Position: $9.3M

Biggest Buyers

Institution	Net Bought	Current Position
Pictet Asset Management Holding SA Long Only Manager	+$51.3M +287.5K shares	$96.8M 542.0K shares
A Amundi Institution	+$36.0M +200.3K shares	$72.2M 401.7K shares
Marshall Wace LLP Institution	+$33.4M +186.8K shares	$34.3M 192.0K shares
UBS Group AG Institution	+$32.8M +183.8K shares	$67.3M 376.7K shares
Invesco Ltd. ETF Provider	+$30.0M +168.1K shares	$173.3M 970.2K shares
T T. Rowe Price Investment Management, Inc. Insurance Manager	+$28.0M +156.9K shares	$33.7M 188.5K shares
JPMORGAN CHASE & CO Institution	+$27.4M +153.2K shares	$89.9M 503.2K shares
VANGUARD GROUP INC Institution	+$26.0M +145.4K shares	$707.2M 4.0M shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$25.7M +144.1K shares	$31.3M 175.4K shares
B BTIM Corp. Institution	+$17.9M +100.3K shares	$58.9M 330.0K shares

Biggest Sellers

Institution	Net Sold	Current Position
WESTFIELD CAPITAL MANAGEMENT CO LP Long Only Manager	−$150.1M −612.8K shares	Sold Off 0 shares
CONGRESS ASSET MANAGEMENT CO /MA Long Only Manager	−$56.9M −318.8K shares	$15.8M 88.2K shares
LORD, ABBETT & CO. LLC Long Only Manager	−$43.7M −178.3K shares	Sold Off 0 shares
BANK OF AMERICA CORP /DE/ Institution	−$36.4M −203.7K shares	$24.7M 138.4K shares
B BOWEN HANES & CO INC Institution	−$30.1M −168.4K shares	$10.5M 59.0K shares
FMR LLC Institution	−$25.9M −145.2K shares	$2.2M 12.5K shares
D D. E. Shaw & Co., Inc. Institution	−$24.9M −139.6K shares	$10.0M 55.7K shares
C COMERICA BANK Institution	−$17.1M −95.9K shares	$1.7M 9.4K shares
A AGF MANAGEMENT LTD Institution	−$15.2M −85.1K shares	$2.2M 12.3K shares
AMERIPRISE FINANCIAL INC Institution	−$14.4M −80.6K shares	$21.5M 120.2K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited BMI in Q3 2025

New Positions: 32
New Value: $99.9M
Exited Positions: 98
Exited Value: $299.1M

New Positions

Institution	Position Value
BAMCO INC /NY/ Long Only Manager	$45.4M 254.4K shares
DF DENT & CO INC Long Only Manager	$22.9M 128.0K shares
JUPITER ASSET MANAGEMENT LTD Long Only Manager	$14.3M 80.2K shares
L La Banque Postale Asset Management SA Institution	$6.7M 37.7K shares
B BLI - Banque de Luxembourg Investments Institution	$2.5M 14.0K shares
Kestra Advisory Services, LLC RIA/Wealth	$1.1M 6.3K shares
LEVEL FOUR ADVISORY SERVICES, LLC RIA/Wealth	$1.1M 6.2K shares
R Raiffeisen Bank International AG Institution	$885.2K 5.0K shares
S Sumitomo Mitsui Trust Holdings, Inc. Institution	$681.8K 3.8K shares
M Meiji Yasuda Life Insurance Co Institution	$660.7K 3.7K shares

Exited Positions

Institution	Previous Position
WESTFIELD CAPITAL MANAGEMENT CO LP Long Only Manager	$150.1M 612.8K shares
LORD, ABBETT & CO. LLC Long Only Manager	$43.7M 178.3K shares
C Capital World Investors Institution	$13.1M 53.3K shares
Edgestream Partners, L.P. Hedge Fund•Quant Macro	$10.3M 42.1K shares
T TEXAS PERMANENT SCHOOL FUND Institution	$6.1M 25.1K shares
EAM Investors, LLC Long Only Manager	$5.7M 23.4K shares
C Campbell & CO Investment Adviser LLC Hedge Fund•Quant Macro	$5.4M 22.1K shares
EAM Global Investors LLC Long Only Manager	$4.6M 18.7K shares
XXEC, Inc. RIA/Wealth	$4.3M 17.7K shares
ZACKS INVESTMENT MANAGEMENT RIA/Wealth	$4.2M 17.3K shares

Options Activity

Institutions with the largest Call and Put options positions in BMI as of Q3 2025

Call Positions: 7
Call Value: $66.7M
Put Positions: 6
Put Value: $30.1M

Call Positions

Institution	Position Value
T TORNO CAPITAL, LLC Institution	$33.5M 1.9K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$28.8M 1.6K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$3.2M 177.0 contracts
W WOLVERINE TRADING, LLC Institution	$584.2K 33.0 contracts
J JANE STREET GROUP, LLC Institution	$428.6K 24.0 contracts
L LPL Financial LLC Institution	$267.9K 15.0 contracts
P PEAK6 LLC Institution	- - contracts

Put Positions

Institution	Position Value
T TORNO CAPITAL, LLC Institution	$13.8M 770.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$13.2M 737.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$2.5M 139.0 contracts
W WOLVERINE TRADING, LLC Institution	$354.1K 20.0 contracts
J JANE STREET GROUP, LLC Institution	$303.6K 17.0 contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	- - contracts

Most Committed Institutions

Institutions with BMI as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Palisades Investment Partners, LLC RIA/Wealth	Quinn R. Stills Managing Partner	2.40% $6.1M	0.12% 34.2K shares	Q2 2024 Held for 1y 5m	$254.6M
R Rodgers Brothers Inc. RIA/Wealth	Mark Carey Rodgers CEO	1.90% $15.4M	0.29% 86.3K shares	≤ Q2 2013 Held for 12y 5m+	$810.6M
Farrow Financial Inc. RIA/Wealth	Jody Lee White CFO	1.70% $2.9M	0.06% 16.4K shares	Q4 2023 Held for 1y 11m	$172.3M
Bridge City Capital, LLC Long Only Manager	Alexander Jackson Woodward President	1.68% $6.3M	0.12% 35.1K shares	Q4 2023 Held for 1y 11m	$374.5M
B BROWN CAPITAL MANAGEMENT LLC Long Only Manager	Johnny Rayburn Brown CEO	1.54% $37.5M	0.71% 209.7K shares	Q1 2025 Held for 8 months	$2.4B
Tower View Investment Management & Research LLC RIA/Wealth	Raman John Ghei Founder	1.43% $2.8M	0.05% 15.5K shares	Q3 2023 Held for 2y 2m	$193.3M
Belpointe Asset Management LLC RIA/Wealth	Gregory Hasbrouck Skidmore CEO	1.23% $32.0M	0.61% 179.2K shares	Q4 2018 Held for 6y 11m	$2.6B
NORTHSTAR ASSET MANAGEMENT INC RIA/Wealth	Julie N.W. Goodridge CEO	1.17% $4.5M	0.09% 25.2K shares	Q1 2021 Held for 4y 8m	$384.6M
C Cavalier Investments Institution	-	0.91% $2.2M	0.05% 13.8K shares	Q2 2023 Held for 2y 5m	$247.6M
T Triodos Investment Management BV Institution	-	0.84% $11.6M	0.22% 65.0K shares	Q2 2018 Held for 7y 5m	$1.4B

Hedge Fund Spotlight

Discover hedge funds investing in BMI

Engineers Gate Manager LP

Hedge Fund • Quant

Portfolio ManagerRobert Gregory Eisner

Portfolio Value: $8.8B
Positions: 2,112
Last Reported: Q3 2025

Sector Allocation

Position in Badger Meter

Market Value: $6.6M
Shares Held: 36.9K
Portfolio Weight: 0.08%
Owned Since: 2023-Q2

Top Holding	Sector	Market Value	Weight
1 Invesco QQQ Trust QQQ	ETF ETF	$155.2M	1.77%
2 SPDR S&P 500 ETF Trust SPY	ETF ETF	$115.3M	1.32%
3 Sabra Healthcare SBRA	REIT - Healthcare Facilities Real Estate	$112.9M	1.29%