Liu Xia

Liu Xia, EVP and CFO, has filed 36 Form 4 transactions across two companies, Badger Meter (BMI) and WEC Energy Group (WEC), but the pattern is overwhelmingly one of compensation-driven accumulation rather than discretionary trading. Across all filings, there are zero open-market purchases (code P) and zero open-market sales (code S), with total acquired value of approximately $784,028 coming entirely from grants and awards (code A) and option exercises (code M). The recent activity confirms this: every BMI transaction since mid-2025 has been a code A grant, ranging from roughly $15,000 to $19,000 on quarterly vesting dates (July 1, October 1, January 1, April 1), punctuated by larger annual awards such as $106,595 on April 28, 2025, and $117,058 on April 27, 2026. These are scheduled compensation events, not signals of conviction. The WEC filings show a similar mechanical rhythm, with code A grants at zero value on January 2 of both 2025 and 2026, paired with code F transactions—shares withheld to cover taxes—valued at $57,579 and $115,212 respectively. A separate $108,797 grant on March 5, 2025, and a $58,765 tax-withholding event on January 3, 2025, round out the WEC activity. The code F transactions are automatic deductions, not sales, and the absence of any P or S codes across the entire 36-trade history indicates Liu has not made a single discretionary buy or sell in either stock during the covered period. The net effect is a steady, passive increase in holdings through equity compensation, with no directional bet implied by the filings.