Cornerstone Investment Partners LLC lowered its stake in BorgWarner Inc. (NYSE:BWA) by 25.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,000 shares of the auto parts company’s stock after selling 3,097 shares during the quarter. Cornerstone Investment Partners LLC’s holdings in BorgWarner were worth $318,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently modified their holdings of the company. CIBC Asset Management Inc raised its stake in shares of BorgWarner by 1.7% in the second quarter. CIBC Asset Management Inc now owns 17,450 shares of the auto parts company’s stock worth $616,000 after purchasing an additional 295 shares during the last quarter. CSat Investment Advisory L.P. raised its stake in shares of BorgWarner by 20.4% in the first quarter. CSat Investment Advisory L.P. now owns 2,162 shares of the auto parts company’s stock worth $53,000 after purchasing an additional 366 shares during the last quarter. Aviva PLC raised its stake in shares of BorgWarner by 0.5% in the first quarter. Aviva PLC now owns 72,576 shares of the auto parts company’s stock worth $1,769,000 after purchasing an additional 380 shares during the last quarter. MML Investors Services LLC raised its stake in shares of BorgWarner by 2.7% in the first quarter. MML Investors Services LLC now owns 15,206 shares of the auto parts company’s stock worth $371,000 after purchasing an additional 403 shares during the last quarter. Finally, Acorn Financial Advisory Services Inc. ADV raised its stake in shares of BorgWarner by 1.7% in the first quarter. Acorn Financial Advisory Services Inc. ADV now owns 26,010 shares of the auto parts company’s stock worth $634,000 after purchasing an additional 442 shares during the last quarter. Institutional investors and hedge funds own 98.09% of the company’s stock.
In related news, VP Joseph F. Fadool sold 26,000 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $37.36, for a total transaction of $971,360.00. Following the completion of the transaction, the vice president now directly owns 113,214 shares of the company’s stock, valued at $4,229,675.04. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Brady D. Ericson sold 29,156 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $31.43, for a total value of $916,373.08. Following the transaction, the vice president now directly owns 35,892 shares of the company’s stock, valued at $1,128,085.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 83,935 shares of company stock valued at $2,888,093. 0.51% of the stock is owned by corporate insiders.
BorgWarner (NYSE:BWA) last announced its quarterly earnings results on Wednesday, May 6th. The auto parts company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.28. BorgWarner had a return on equity of 17.15% and a net margin of 7.24%. The company had revenue of $2.28 billion during the quarter, compared to analyst estimates of $2.01 billion. During the same period in the prior year, the company earned $1.00 earnings per share. The firm’s revenue was down 11.2% on a year-over-year basis. Analysts anticipate that BorgWarner Inc. will post 1.9 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.86%. BorgWarner’s payout ratio is presently 16.46%.
A number of analysts recently commented on BWA shares. Morgan Stanley reduced their price objective on BorgWarner from $24.00 to $22.00 and set an “equal weight” rating for the company in a research report on Monday, May 18th. Deutsche Bank upped their price objective on BorgWarner from $27.00 to $31.00 and gave the company a “hold” rating in a research report on Friday, May 8th. Wolfe Research upgraded BorgWarner from a “peer perform” rating to an “outperform” rating and set a $49.00 price objective for the company in a research report on Thursday, May 28th. KeyCorp boosted their price target on BorgWarner from $40.00 to $43.00 and gave the company an “overweight” rating in a report on Tuesday, July 7th. Finally, JPMorgan Chase & Co. boosted their price target on BorgWarner from $35.00 to $40.00 and gave the company an “overweight” rating in a report on Friday, June 19th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $40.63.
BorgWarner Company Profile
BorgWarner Inc provides solutions for combustion, hybrid, and electric vehicles worldwide. It operates in two segments, Engine and Drivetrain. The Engine segment develops and manufactures turbochargers; eBoosters; and timing systems products, including timing chains, variable cam timing crankshaft and camshaft sprockets, tensioners, guides and snubbers, front-wheel drive transmission chains, four-wheel drive chains, and hybrid power transmission chains.
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