State of Tennessee Treasury Department Decreases Position in BorgWarner Inc. (BWA)
State of Tennessee Treasury Department trimmed its position in shares of BorgWarner Inc. (NYSE:BWA) by 0.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 73,194 shares of the auto parts company’s stock after selling 190 shares during the period. State of Tennessee Treasury Department’s holdings in BorgWarner were worth $3,100,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. CENTRAL TRUST Co increased its stake in BorgWarner by 5.3% in the 2nd quarter. CENTRAL TRUST Co now owns 2,679 shares of the auto parts company’s stock worth $114,000 after purchasing an additional 135 shares during the period. Van ECK Associates Corp increased its stake in BorgWarner by 6.8% in the 1st quarter. Van ECK Associates Corp now owns 2,702 shares of the auto parts company’s stock worth $113,000 after purchasing an additional 171 shares during the period. Harel Insurance Investments & Financial Services Ltd. purchased a new position in BorgWarner in the 1st quarter worth approximately $105,000. SRS Capital Advisors Inc. increased its stake in BorgWarner by 13.7% in the 1st quarter. SRS Capital Advisors Inc. now owns 2,929 shares of the auto parts company’s stock worth $122,000 after purchasing an additional 354 shares during the period. Finally, Exane Derivatives purchased a new position in BorgWarner in the 2nd quarter worth approximately $135,000. 91.11% of the stock is currently owned by institutional investors.
In other news, EVP Tonit M. Calaway sold 3,000 shares of the stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $44.99, for a total value of $134,970.00. Following the sale, the executive vice president now directly owns 34,120 shares in the company, valued at $1,535,058.80. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Brady D. Ericson sold 11,052 shares of the stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $45.38, for a total value of $501,539.76. Following the completion of the sale, the insider now owns 23,418 shares in the company, valued at $1,062,708.84. The disclosure for this sale can be found here. Corporate insiders own 0.66% of the company’s stock.
Shares of BorgWarner Inc. (BWA) opened at 48.25 on Friday. BorgWarner Inc. has a 12 month low of $33.09 and a 12 month high of $48.29. The company has a market capitalization of $10.18 billion, a price-to-earnings ratio of 53.79 and a beta of 1.73. The stock has a 50 day moving average price of $45.82 and a 200-day moving average price of $43.01.
BorgWarner (NYSE:BWA) last issued its quarterly earnings results on Thursday, July 27th. The auto parts company reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.07. BorgWarner had a return on equity of 20.75% and a net margin of 2.06%. The firm had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.27 billion. During the same period in the prior year, the business posted $0.84 earnings per share. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. Analysts expect that BorgWarner Inc. will post $3.70 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be issued a $0.14 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.56 annualized dividend and a dividend yield of 1.16%. BorgWarner’s payout ratio is 62.92%.
A number of equities analysts have commented on BWA shares. Zacks Investment Research cut BorgWarner from a “buy” rating to a “hold” rating in a research note on Wednesday, August 30th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $56.00 price target on shares of BorgWarner in a research note on Tuesday, August 29th. Bank of America Corporation reaffirmed an “underperform” rating and issued a $27.00 price target (down from $30.00) on shares of BorgWarner in a research note on Friday, June 16th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $55.00 price target (up from $50.00) on shares of BorgWarner in a research note on Friday, July 28th. Finally, ValuEngine cut BorgWarner from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 1st. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $44.00.
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BorgWarner Inc is engaged in providing technology solutions for combustion, hybrid and electric vehicles. The Company’s segments include Engine and Drivetrain. The Engine segment’s products include turbochargers, timing devices and chains, emissions systems and thermal systems. The Engine segment develops and manufactures products for gasoline and diesel engines, and alternative powertrains.
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