Cornerstone Investment Partners LLC Sells 611,248 Shares of BorgWarner Inc. (BWA)
Cornerstone Investment Partners LLC cut its position in shares of BorgWarner Inc. (NYSE:BWA) by 26.2% during the third quarter, according to its most recent disclosure with the SEC. The firm 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 holdings, making the stock its 20th largest position. Cornerstone Investment Partners LLC owned approximately 0.80% of BorgWarner worth $60,516,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in the stock. Mizuho Asset Management Co. Ltd. boosted its position in shares of BorgWarner by 106.2% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 3,567 shares of the company’s stock worth $105,000 after buying an additional 1,837 shares in the last quarter. River & Mercantile Asset Management LLP boosted its position in shares of BorgWarner by 166.7% in the second quarter. River & Mercantile Asset Management LLP now owns 4,000 shares of the company’s stock worth $118,000 after buying an additional 2,500 shares in the last quarter. Pacer Advisors Inc. boosted its position in shares of BorgWarner by 7.2% in the second quarter. Pacer Advisors Inc. now owns 4,021 shares of the company’s stock worth $119,000 after buying an additional 271 shares in the last quarter. Washington Trust Bank boosted its position in shares of BorgWarner by 1.4% in the second quarter. Washington Trust Bank now owns 4,054 shares of the company’s stock worth $120,000 after buying an additional 54 shares in the last quarter. Finally, Seven Eight Capital LLC acquired a new position in shares of BorgWarner during the second quarter worth about $121,000. Institutional investors own 86.26% of the company’s stock.
Shares of BorgWarner Inc. (NYSE:BWA) traded down 0.42% during midday trading on Monday, reaching $35.53. 915,485 shares of the company’s stock were exchanged. The company’s 50 day moving average is $35.06 and its 200-day moving average is $33.79. BorgWarner Inc. has a 12 month low of $27.52 and a 12 month high of $44.35. The stock has a market cap of $7.57 billion, a PE ratio of 14.47 and a beta of 1.75.
BorgWarner (NYSE:BWA) last released its quarterly earnings data on Thursday, October 27th. The company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.01. BorgWarner had a net margin of 6.01% and a return on equity of 18.50%. The company earned $2.21 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter in the prior year, the firm posted $0.73 earnings per share. BorgWarner’s revenue for the quarter was up 17.5% on a year-over-year basis. Equities analysts forecast that BorgWarner Inc. will post $3.26 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, December 1st will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.57%. This is a boost from BorgWarner’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Tuesday, November 29th. BorgWarner’s dividend payout ratio is presently 21.14%.
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Several equities research analysts have recently weighed in on the stock. Goldman Sachs Group Inc. lowered shares of BorgWarner from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $37.00 to $35.00 in a report on Thursday, October 6th. Robert W. Baird reaffirmed an “outperform” rating and issued a $46.00 target price on shares of BorgWarner in a report on Wednesday, September 7th. Buckingham Research assumed coverage on shares of BorgWarner in a report on Tuesday, August 2nd. They issued a “neutral” rating and a $33.00 target price on the stock. Bank of America Corp. lowered shares of BorgWarner from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $39.00 to $29.00 in a report on Wednesday, November 9th. Finally, Berenberg Bank assumed coverage on shares of BorgWarner in a report on Tuesday, November 22nd. They issued a “sell” rating and a $28.00 target price on the stock. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the company. The company has a consensus 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.
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