Badger Meter exits hedge fund portfolio after reporting Q1 revenue contraction and uncertain recovery outlook.
Badger Meter (BMI) shares fell after Conestoga Capital Advisors exited its position, citing a revenue decline in Q1 and limited visibility for a rebound. The stock closed at $139.44 on August 05, 2026, down 25.65% over the past year, with a market cap of $4.04 billion.
Management attributed the slowdown to an “air pocket” in demand, despite ruling out pandemic-related pull-forward effects. Hedge fund ownership rose to 29 portfolios in Q1, up from 27 in the prior quarter, though the stock was not among the most widely held.
The exit reflects broader concerns over utility sector demand trends and near-term growth challenges.