Cullen Capital Management LLC cut its stake in shares of BorgWarner Inc. (NYSE:BWA) by 27.1% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 25,380 shares of the auto parts company’s stock after selling 9,417 shares during the period. Cullen Capital Management LLC’s holdings in BorgWarner were worth $1,075,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of BWA. UBS Asset Management Americas Inc. boosted its position in BorgWarner by 7.4% during the first quarter. UBS Asset Management Americas Inc. now owns 619,106 shares of the auto parts company’s stock valued at $25,872,000 after purchasing an additional 42,792 shares during the last quarter. Ameritas Investment Partners Inc. acquired a new position in BorgWarner during the first quarter valued at approximately $201,000. Pacer Advisors Inc. boosted its position in BorgWarner by 3.1% during the first quarter. Pacer Advisors Inc. now owns 4,092 shares of the auto parts company’s stock valued at $171,000 after purchasing an additional 123 shares during the last quarter. Clinton Group Inc. acquired a new position in BorgWarner during the first quarter valued at approximately $205,000. Finally, Van ECK Associates Corp boosted its position in BorgWarner by 6.8% during the first quarter. Van ECK Associates Corp now owns 2,702 shares of the auto parts company’s stock valued at $113,000 after purchasing an additional 171 shares during the last quarter. 91.16% of the stock is owned by hedge funds and other institutional investors.
Several research analysts recently commented on BWA shares. ValuEngine cut BorgWarner from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 1st. Zacks Investment Research raised BorgWarner from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Tuesday, August 29th. CLSA started coverage on BorgWarner in a research report on Thursday, June 22nd. They set a “hold” rating and a $45.00 price target for the company. Jefferies Group LLC reissued a “buy” rating and set a $48.00 price target on shares of BorgWarner in a research report on Tuesday, July 4th. Finally, BidaskClub upgraded BorgWarner from a “buy” rating to a “strong-buy” rating in a research note on Thursday, July 6th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $45.60.
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BorgWarner (NYSE:BWA) last released its quarterly earnings results on Thursday, July 27th. The auto parts company reported $0.96 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.89 by $0.07. BorgWarner had a net margin of 2.06% and a return on equity of 20.75%. The company had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.27 billion. During the same period in the prior year, the firm earned $0.84 earnings per share. BorgWarner’s revenue was up 2.5% on a year-over-year basis.
The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, September 1st were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.10%. The ex-dividend date of this dividend was Wednesday, August 30th. BorgWarner’s payout ratio is currently 62.92%.
In related news, insider Brady D. Ericson sold 11,052 shares of the stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $45.38, for a total value of $501,539.76. Following the completion of the transaction, the insider now directly owns 23,418 shares of the company’s stock, valued at $1,062,708.84. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Tonit M. Calaway sold 3,000 shares of the stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $44.99, for a total transaction of $134,970.00. Following the completion of the transaction, the executive vice president now directly owns 34,120 shares of the company’s stock, valued at $1,535,058.80. The disclosure for this sale can be found here. 0.66% of the stock is owned by corporate insiders.
BorgWarner Company Profile
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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