Sprucegrove Investment Management Ltd. boosted its position in shares of BorgWarner Inc. (NYSE:BWA) by 0.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,385,600 shares of the auto parts company’s stock after buying an additional 16,000 shares during the quarter. BorgWarner makes up about 2.7% of Sprucegrove Investment Management Ltd.’s holdings, making the stock its 14th biggest holding. Sprucegrove Investment Management Ltd.’s holdings in BorgWarner were worth $110,596,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. Jacobi Capital Management LLC bought a new stake in BorgWarner during the 4th quarter valued at $26,000. Winslow Evans & Crocker Inc. raised its holdings in BorgWarner by 113.2% during the 4th quarter. Winslow Evans & Crocker Inc. now owns 757 shares of the auto parts company’s stock valued at $29,000 after buying an additional 402 shares during the last quarter. Valley Brook Capital Group bought a new stake in BorgWarner during the 4th quarter valued at $29,000. Ropes Wealth Advisors LLC bought a new stake in BorgWarner during the 4th quarter valued at $33,000. Finally, Cranbrook Wealth Management LLC bought a new stake in BorgWarner during the 1st quarter valued at $39,000. Institutional investors own 92.83% of the company’s stock.
In related news, CAO Tonit M. Calaway sold 18,212 shares of the company’s stock in a transaction on Friday, May 7th. The shares were sold at an average price of $51.57, for a total value of $939,192.84. Following the completion of the transaction, the chief accounting officer now owns 49,533 shares of the company’s stock, valued at approximately $2,554,416.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Stefan Demmerle sold 4,500 shares of the stock in a transaction on Wednesday, June 2nd. The stock was sold at an average price of $55.22, for a total value of $248,490.00. Following the completion of the sale, the vice president now owns 127,977 shares of the company’s stock, valued at approximately $7,066,889.94. The disclosure for this sale can be found here. Insiders sold a total of 111,362 shares of company stock worth $5,796,851 in the last quarter. Company insiders own 0.36% of the company’s stock.
BorgWarner (NYSE:BWA) last issued its quarterly earnings data on Tuesday, May 4th. The auto parts company reported $1.21 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.29. BorgWarner had a net margin of 3.67% and a return on equity of 12.53%. The firm had revenue of $4.01 billion for the quarter, compared to analysts’ expectations of $3.57 billion. During the same quarter in the prior year, the business earned $0.77 EPS. The business’s quarterly revenue was up 75.9% on a year-over-year basis. As a group, equities research analysts forecast that BorgWarner Inc. will post 4.16 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 15th. Stockholders of record on Tuesday, June 1st will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.30%. The ex-dividend date is Friday, May 28th. BorgWarner’s dividend payout ratio (DPR) is presently 24.64%.
Several research analysts have commented on the stock. Wells Fargo & Company assumed coverage on shares of BorgWarner in a report on Wednesday, March 31st. They issued an “overweight” rating and a $64.00 price objective for the company. Barclays upped their price objective on shares of BorgWarner from $45.00 to $53.00 and gave the stock an “equal weight” rating in a report on Thursday, May 6th. Morgan Stanley upped their price objective on shares of BorgWarner from $29.00 to $31.00 and gave the stock an “underweight” rating in a report on Thursday, May 13th. JPMorgan Chase & Co. restated an “overweight” rating and issued a $58.00 price objective on shares of BorgWarner in a report on Wednesday, March 24th. Finally, Robert W. Baird increased their price target on shares of BorgWarner from $53.00 to $59.00 and gave the stock an “outperform” rating in a research note on Wednesday. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, six have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $49.13.
BorgWarner Company Profile
BorgWarner Inc provides solutions for combustion, hybrid, and electric vehicles worldwide. The company's Engine segment offers turbocharger and turbocharger actuators; eBoosters; and timing systems products, including timing chains, variable cam timing, crankshaft and camshaft sprockets, tensioners, guides and snubbers, front-wheel drive transmission chains, four-wheel drive chains, and hybrid power transmission chains.
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