Commonwealth Equity Services LLC boosted its position in Badger Meter by 13.5% during the third quarter, adding 8,387 shares to reach a total of 70,488 shares. This holding represents 0.24% of the company and was valued at 12.59 million dollars at period end. Several other funds also adjusted their allocations: Salomon & Ludwin LLC opened a new position equating to approximately 38 thousand dollars; Cullen Frost Bankers Inc. increased its stake by 170.5% to 165 shares (41 thousand dollars); Global X Japan Co. Ltd. grew its position by 27.3% to 266 shares (48 thousand dollars); Canada Pension Plan Investment Board and the Employees Retirement System of Texas each initiated stakes worth 49 and 54 thousand dollars, respectively. Institutional investors and hedge funds now own over 89% of the company’s outstanding shares.

In its most recent quarter, Badger Meter delivered earnings per share of 1.19, exceeding consensus estimates by 0.08. Revenues climbed 13.1% year-over-year to 235.65 million dollars, supported by strength in both metering and flow control segments. The company reported a net margin of 15.4% and a return on equity of 21.1%. Management declared a quarterly dividend of 0.40 per share—marking the 33rd consecutive annual increase—equivalent to a 1.60 annualized payout and representing a 34.0% payout ratio and a yield near 0.9%. Analysts forecast full-year earnings of approximately 4.65 per share.

Only 40% of Badger Meter’s customer connections have migrated to its advanced metering infrastructure platform, leaving a large replacement cycle opportunity in North America. The company is enhancing its offering with real-time water-quality monitoring, high-frequency pressure analytics and expanded software capabilities. International expansion into Europe and the Middle East is underway to address regional needs. In early 2025, Badger Meter acquired SmartCover—a sewer and lift-station monitoring specialist—for 185 million dollars, gaining sensor-based inflow, infiltration and odor detection technology. This acquisition broadens Badger’s footprint in wastewater applications and creates cross-selling opportunities across its global utility customer base.