This week, I'm looking for the fourth technology representative of six for my Ivy portfolio.

The technology sector includes nineteen industries ranging from communication equipment, computers, consumer electronics, and contract manufacturing, to health, and information technology and services, to internet, scientific instruments, software, solar and all such technological enterprises.

Today I'm reviewing a small-cap scientific and technical instruments organization named Badger Meter, Inc. Its trading ticker symbol is BMI.

Badger Meter, Inc. was founded in 1905 and is headquartered in Milwaukee, Wisconsin.

Badger Meter Inc is a manufacturer and marketer of products incorporating flow measurement, control and communication solutions. The company's products measure water, oil, chemicals, and other fluids, provide and communicate timely measurement data. Badger's product lines include two categories: sales of water meters and related technologies to municipal water utilities (municipal water), and sales of meters to various industries for water and other fluids (flow instrumentation). It derives most of its revenues from the United States. The company sells its products through employees, resellers, and representatives. 

I use three key data points to gauge the value of any dividend equity-like Badger Meter:

(1) Price

 (2) Dividends 

(3) Returns

Besides those three, several other keys will finally unlock an equity or fund in which to invest. Those first three primary keys, however, best tell whether a company has made, is making, and will make money.

BMI Price

Badger Meter's price per share closed at $54.88 Friday. A year ago its price was $42.45. Price increased $12.43 or 29.3% in the past year.

Assuming Badger's stock trades in the range of $50.00 to 60.00 this year, I project that BMI's recent $54.88 price could rise by $1.12 and go to $56.00 by early May 2020.

BMI Dividends

Badger's most recent declared quarterly dividend was $0.15 declared April 26, 2019, and payable June 14th. A $0.15 Q dividend equates to an annual payout of $.60, for a yield of 1.09% at Friday's $54.88 closing price.

Gains For BMI?

Adding a $0.60 annual estimated dividend to my $1.12 estimate of Badger's price upside shows a $1.72 potential gross annual gain, per share, which will be reduced by costs to trade those shares.

If we pay a little under $1,000.00 today, at the $54.88 recent stock price that would buy us 18 BMI shares.

A $10 broker fee paid half at purchase and half at sale will cost us $0.56 per share.

Subtract that $0.56 brokerage cost from the estimated $1.72 gross annual gain leaves a net gain of $1.16 X 18 shares

= $20.88 or a 2.1% net gain on a $987.84 investment.

Therefore, BMI now shows a possible net gain of 2.1% including a 1.08% dividend yield.

Six brokers cover this stock:

• One says BMI will "outperform."
• Five say "hold" BMI.
• The consensus score is "hold"

However, you can look at Badger Meter, and see it has made money, is making money, and could net 2.1% gains including a 1.08% dividend yield. It could be more, it could be less.

The above speculation is based on past year performance. The actual results remain to be seen to determine if Badger Meter, Inc. is worth your time and money.