Badger Meter (BMI) will raise its quarterly dividend by 5.9 percent to 18 cents per share in 2020. This comes after a 13.3 percent hike to $0.17 per share in 2019. This marks the 28th consecutive year of annual dividend increases by the industrial company.

The next dividend is payable September 11, 2020, to shareholders of record on August 28, 2020. The new annual dividend rate for common stock is $0.72 per share and yields 1.1 percent at a stock price of $67.60.

“Today’s 6% dividend increase marks the company’s 28th consecutive year of increasing its dividend and is reflective of our ability to deliver strong free cash flow even during uncertain times. We recognize the importance of dividend growth as a component of our balanced approach to allocating capital, along with investing in Badger Meter’s future growth, both organically and via acquisition. Our Board’s action today to increase the dividend rate reinforces the resilience of Badger Meter’s long-term business strategy,” said Kenneth C. Bockhorst, Chairman, President and Chief Executive Officer in the company's press release dated August 7, announcing this dividend hike.

Badger Meter, Inc. provides flow measurement, control and communications solutions, serving water utilities, municipalities, and commercial and industrial customers worldwide. The company’s products measure water, oil, chemicals, and other fluids. BMI's product lines fall into two categories: sales of water meters, radios and related technologies to municipal water utilities and sales of meters, valves and other products for industrial applications in water, wastewater, and other industries. The company's products are sold throughout the world through employees, resellers and representatives. Badger Meter was founded in 1905.