State Street Corporation reports beneficial ownership of 1,524,970 shares of Badger Meter Inc. The filing shows 1,524,970 shares beneficially owned (5.2% of the class) as of 03/31/2026, with shared voting power of 1,429,918. The disclosure lists multiple State Street advisory subsidiaries as the holders of the reported position and is signed by a corporate officer.
Positive
None.
Negative
None.
Insights
Large passive holder disclosure: confirms a 5.2% stake held via advisory entities.
State Street's Schedule 13G reports 1,524,970 shares representing 5.2% of common stock as of 03/31/2026. The position is shown as shared voting and dispositive power across State Street advisory subsidiaries.
Concentration at this scale can affect shareholder votes and index/tracking flows; subsequent filings will show whether this remains passive or converts to active ownership.
Filing structure and attribution point to institutional, passive reporting under Schedule 13G.
The form lists SSGA FUNDS MANAGEMENT, INC. and other State Street advisory entities as the relevant subsidiaries. The Schedule 13G treatment implies a passive investor posture under applicable rules.
Watch for any later amendments or a switch to Schedule 13D if the holder's intent or control changes.
Key Figures
Shares beneficially owned:1,524,970 sharesPercent of class:5.2%Shared voting power:1,429,918 shares+1 more
4 metrics
Shares beneficially owned1,524,970 sharesBeneficial ownership as reported
Percent of class5.2%Percent of class as reported as of <date>03/31/2026</date>
Shared voting power1,429,918 sharesShared power to vote or to direct the vote
Shared dispositive power1,524,970 sharesShared power to dispose or to direct the disposition
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Shared Dispositive Powerregulatory
"Item 4. (iv) Shared power to dispose or to direct the disposition of: 1,524,970"
Advisory subsidiariesother
"Item 7. SSGA FUNDS MANAGEMENT, INC.; STATE STREET GLOBAL ADVISORS LIMITED"
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
BADGER METER INC
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
056525108
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
056525108
1
Names of Reporting Persons
STATE STREET CORPORATION
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
MASSACHUSETTS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,429,918.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,524,970.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,524,970.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.2 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
BADGER METER INC
(b)
Address of issuer's principal executive offices:
4545 WEST BROWN DEER ROAD, PO BOX 245036, MILWAUKEE, WISCONSIN, 53223
Item 2.
(a)
Name of person filing:
STATE STREET CORPORATION;
(b)
Address or principal business office or, if none, residence:
ONE CONGRESS STREET, SUITE 1, BOSTON MA 02114, UNITED STATES
(c)
Citizenship:
MA
(d)
Title of class of securities:
COMMON STOCK
(e)
CUSIP Number(s):
056525108
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
1524970.00
(b)
Percent of class:
5.2 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
1,429,918
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
1,524,970
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
NOT APPLICABLE
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
SSGA FUNDS MANAGEMENT, INC. (IA);STATE STREET GLOBAL ADVISORS EUROPE LIMITED (IA);STATE STREET GLOBAL ADVISORS LIMITED (IA);STATE STREET GLOBAL ADVISORS TRUST COMPANY (IA);STATE STREET GLOBAL ADVISORS, LTD. (IA);
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
NOT APPLICABLE
Item 9.
Notice of Dissolution of Group.
Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5.
NOT APPLICABLE
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
What stake does State Street report in BADGER METER INC (BMI)?
State Street reports beneficial ownership of 1,524,970 shares, equal to 5.2% of the class as of 03/31/2026. The position is reported as shared voting and dispositive power held through State Street advisory subsidiaries.
Does the Schedule 13G indicate active control by State Street in BMI?
No. The Schedule 13G format and filing language indicate a passive investor posture. Entities listed are advisory subsidiaries, and the filing does not assert control or active acquisition intent.
Which State Street entities are named as holders of the BMI shares?
The filing names multiple State Street advisory affiliates, including SSGA Funds Management, Inc. and other State Street Global Advisors entities as the relevant subsidiaries holding the reported shares.
What voting and dispositive powers are shown for the 1,524,970 shares?
The filing reports shared voting power of 1,429,918 and shared dispositive power of 1,524,970 for the reported shares, with no sole voting or dispositive power claimed.
When was the Schedule 13G position reported and who signed the filing?
The ownership is reported as of 03/31/2026, and the filing is signed by Elizabeth Schaefer, Senior Vice President, Chief Accounting Officer, dated 05/12/2026.
