Cornerstone Investment Partners LLC reduced its stake in shares of BorgWarner Inc. (NYSE:BWA) by 26.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,720,185 shares of the company’s stock after selling 611,248 shares during the period. BorgWarner makes up approximately 2.6% of Cornerstone Investment Partners LLC’s investment portfolio, making the stock its 20th largest position. Cornerstone Investment Partners LLC’s holdings in BorgWarner were worth $60,516,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of BorgWarner by 2.0% in the second quarter. Vanguard Group Inc. now owns 19,469,808 shares of the company’s stock worth $574,749,000 after buying an additional 384,993 shares during the period. Harris Associates L P raised its stake in shares of BorgWarner by 18.5% in the second quarter. Harris Associates L P now owns 10,074,318 shares of the company’s stock worth $297,394,000 after buying an additional 1,570,440 shares during the period. BlackRock Institutional Trust Company N.A. raised its stake in shares of BorgWarner by 0.5% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 5,693,136 shares of the company’s stock worth $168,061,000 after buying an additional 27,275 shares during the period. BlackRock Fund Advisors raised its stake in shares of BorgWarner by 1.3% in the second quarter. BlackRock Fund Advisors now owns 3,392,171 shares of the company’s stock worth $100,137,000 after buying an additional 44,339 shares during the period. Finally, Waddell & Reed Financial Inc. raised its stake in shares of BorgWarner by 3.5% in the second quarter. Waddell & Reed Financial Inc. now owns 2,576,922 shares of the company’s stock worth $76,071,000 after buying an additional 87,437 shares during the period. Institutional investors and hedge funds own 86.26% of the company’s stock.
BorgWarner Inc. (NYSE:BWA) traded down 0.42% during midday trading on Monday, reaching $35.53. 915,485 shares of the company traded hands. BorgWarner Inc. has a 12 month low of $27.52 and a 12 month high of $44.35. The stock has a market capitalization of $7.57 billion, a price-to-earnings ratio of 14.47 and a beta of 1.75. The firm has a 50 day moving average of $35.06 and a 200-day moving average of $33.79.
BorgWarner (NYSE:BWA) last released its quarterly earnings data on Thursday, October 27th. The company reported $0.78 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.01. The business earned $2.21 billion during the quarter, compared to analyst estimates of $2.19 billion. BorgWarner had a return on equity of 18.50% and a net margin of 6.01%. The company’s revenue was up 17.5% on a year-over-year basis. During the same quarter last year, the business posted $0.73 EPS. Analysts forecast that BorgWarner Inc. will post $3.26 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, December 1st will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Tuesday, November 29th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.57%. This is a positive change from BorgWarner’s previous quarterly dividend of $0.13. BorgWarner’s dividend payout ratio (DPR) is presently 21.14%.
BWA has been the topic of a number of analyst reports. Zacks Investment Research upgraded shares of BorgWarner from a “sell” rating to a “hold” rating in a research report on Monday, August 1st. Buckingham Research initiated coverage on shares of BorgWarner in a research report on Tuesday, August 2nd. They set a “neutral” rating and a $33.00 target price on the stock. Seaport Global Securities initiated coverage on shares of BorgWarner in a research report on Tuesday, August 9th. They set a “neutral” rating on the stock. Robert W. Baird restated an “outperform” rating and set a $46.00 target price on shares of BorgWarner in a research report on Wednesday, September 7th. Finally, Goldman Sachs Group Inc. lowered shares of BorgWarner from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $37.00 to $35.00 in a research report on Thursday, October 6th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $37.00.
BorgWarner Company Profile
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.