SCHEDULE: Vanguard Amends Badger Meter Stake, Details Internal Shift

The Vanguard Group updated its beneficial ownership in Badger Meter Inc., reporting a 13.5% stake and detailing an internal realignment.

Summary

• The Vanguard Group filed an Amendment No. 13 to its Schedule 13G for Badger Meter Inc. Common Stock.
• As of December 31, 2025, The Vanguard Group beneficially owned 3,979,893 shares of Badger Meter Inc., representing 13.50% of the class of securities.
• The Vanguard Group holds 0 shares with sole voting power, 245,880 shares with shared voting power, 0 shares with sole dispositive power, and 3,979,893 shares with shared dispositive power.
• An internal realignment occurred on January 12, 2026, where The Vanguard Group, Inc. ceased performing portfolio management services or administering proxy voting.
• Following this realignment, certain subsidiaries or business divisions of The Vanguard Group, Inc. are expected to report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a routine disclosure of a significant passive institutional stake. While not directly indicative of new company performance, the continued large holding by Vanguard is a stable signal.

Positives

• The Vanguard Group, a major institutional investor, maintains a significant 13.5% beneficial ownership stake in Badger Meter Inc., indicating continued institutional confidence.

Future Outlook

The Vanguard Group anticipates that certain subsidiaries or business divisions will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. following an internal realignment on January 12, 2026.

Management Comments

• The Vanguard Group certified that its acquisition and holding of Badger Meter Inc. securities are in the ordinary course of business and not for the purpose of changing or influencing the issuer's control.

Industry Context

StockSavvy.ai notes that large passive fund managers like Vanguard frequently file 13Gs to disclose their significant, often index-driven, stakes in public companies. This filing reflects a routine update to their holdings in Badger Meter Inc. and an internal operational change within Vanguard.

Comparison to Industry Standards

• The 13.5% stake held by The Vanguard Group in Badger Meter Inc. is a substantial institutional holding, typical for companies included in broad market indices managed by passive investment firms.
• This level of ownership is consistent with the investment strategies of major index fund providers, which aim to mirror market performance by holding proportional stakes in constituent companies.

Stakeholder Impact

• Shareholders: Provides transparency regarding a major institutional investor's stake, potentially reinforcing confidence due to Vanguard's continued significant holding.
• Investment Professionals: Offers updated data on institutional ownership, which is a key factor in market analysis and liquidity assessments.

Next Steps

• The Vanguard Group's subsidiaries or business divisions are expected to report beneficial ownership separately in future filings.

Key Dates

Recommendation

This Schedule 13G/A filing is a routine disclosure of a passive institutional ownership stake by The Vanguard Group. It does not contain new information regarding Badger Meter Inc.'s operational performance, financial health, or strategic direction that would warrant a change in investment recommendation. The continued significant holding by a major index fund manager is expected and does not provide a catalyst for a 'buy' or 'sell' decision.

Keywords

Badger Meter Inc, Vanguard Group, Schedule 13G, Beneficial Ownership, Institutional Investor, Common Stock, SEC Filing, Investment Adviser