Advisors Asset Management Inc. cut its stake in shares of BorgWarner Inc. (NYSE:BWA) by 24.5% during the second quarter, Holdings Channel reports. The firm owned 6,743 shares of the company’s stock after selling 2,189 shares during the period. Advisors Asset Management Inc.’s holdings in BorgWarner were worth $199,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in BWA. State Street Corp increased its stake in BorgWarner by 2.4% in the first quarter. State Street Corp now owns 9,540,071 shares of the company’s stock valued at $366,343,000 after buying an additional 220,421 shares during the period. Franklin Resources Inc. increased its stake in BorgWarner by 2.2% in the first quarter. Franklin Resources Inc. now owns 3,140,294 shares of the company’s stock valued at $120,587,000 after buying an additional 67,029 shares during the period. Fairpointe Capital LLC increased its stake in BorgWarner by 11.5% in the first quarter. Fairpointe Capital LLC now owns 2,321,620 shares of the company’s stock valued at $89,150,000 after buying an additional 238,565 shares during the period. Geode Capital Management LLC increased its stake in BorgWarner by 16.6% in the first quarter. Geode Capital Management LLC now owns 2,055,753 shares of the company’s stock valued at $78,802,000 after buying an additional 292,756 shares during the period. Finally, Douglas Lane & Associates LLC increased its stake in BorgWarner by 6.5% in the second quarter. Douglas Lane & Associates LLC now owns 1,518,337 shares of the company’s stock valued at $44,821,000 after buying an additional 93,270 shares during the period. Institutional investors and hedge funds own 88.29% of the company’s stock.
BorgWarner Inc. (NYSE:BWA) traded up 3.45% during midday trading on Wednesday, hitting $36.26. The company’s stock had a trading volume of 945,818 shares. The company has a market cap of $7.77 billion, a PE ratio of 13.11 and a beta of 1.93. The stock has a 50 day moving average of $34.64 and a 200 day moving average of $34.15. BorgWarner Inc. has a 52-week low of $27.52 and a 52-week high of $48.64.
BorgWarner (NYSE:BWA) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.84 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.02. BorgWarner had a return on equity of 18.50% and a net margin of 7.10%. The business had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.33 billion. During the same quarter last year, the business posted $0.75 earnings per share. The company’s revenue for the quarter was up 14.6% on a year-over-year basis. On average, equities analysts expect that BorgWarner Inc. will post $3.25 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were issued a $0.13 dividend. The ex-dividend date was Tuesday, August 30th. This represents a $0.52 annualized dividend and a dividend yield of 1.48%. BorgWarner’s dividend payout ratio is currently 18.77%.
BWA has been the subject of several recent research reports. Seaport Global Securities initiated coverage on BorgWarner in a research note on Tuesday, August 9th. They issued a “neutral” rating for the company. Zacks Investment Research raised BorgWarner from a “sell” rating to a “hold” rating in a report on Monday, August 1st. Bank of America Corp. cut BorgWarner from a “buy” rating to a “neutral” rating in a report on Tuesday, June 21st. Robert W. Baird reaffirmed a “buy” rating on shares of BorgWarner in a report on Tuesday, June 28th. Finally, Buckingham Research initiated coverage on BorgWarner in a report on Tuesday, August 2nd. They issued a “neutral” rating and a $33.00 price objective for the company. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $42.71.
In other news, VP Brady D. Ericson sold 16,240 shares of BorgWarner stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $33.77, for a total value of $548,424.80. Following the transaction, the vice president now owns 70,156 shares in the company, valued at $2,369,168.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Thomas J. Mcgill sold 5,000 shares of BorgWarner stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $31.83, for a total value of $159,150.00. Following the completion of the transaction, the vice president now owns 31,061 shares in the company, valued at approximately $988,671.63. The disclosure for this sale can be found here. 0.65% of the stock is owned by insiders.
BorgWarner Inc is a supplier of engineered automotive systems and components for powertrain applications. The Company operates through two segments: Engine and Drivetrain. The Engine segment’s products include turbochargers, timing devices and chains, emissions systems and thermal systems. The Drivetrain segment’s products include transmission components and systems, all-wheel drive (AWD) torque transfer systems and rotating electrical devices.
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