Allspring Global Investments Holdings LLC Sells 49,427 Shares of BorgWarner Inc. (NYSE:BWA)

Allspring Global Investments Holdings LLC decreased its holdings in BorgWarner Inc. (NYSE:BWA) by 8.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 536,961 shares of the auto parts company’s stock after selling 49,427 shares during the period. Allspring Global Investments Holdings LLC owned about 0.24% of BorgWarner worth $15,325,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its stake in shares of BorgWarner by 7.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 11,284,040 shares of the auto parts company’s stock worth $358,720,000 after purchasing an additional 753,344 shares during the last quarter. Invesco Ltd. raised its holdings in BorgWarner by 10.2% in the fourth quarter. Invesco Ltd. now owns 6,795,020 shares of the auto parts company’s stock worth $216,014,000 after purchasing an additional 628,930 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of BorgWarner by 6.8% during the fourth quarter. Alliancebernstein L.P. now owns 5,981,196 shares of the auto parts company’s stock valued at $190,142,000 after buying an additional 381,504 shares during the last quarter. LSV Asset Management boosted its holdings in shares of BorgWarner by 22.5% in the 4th quarter. LSV Asset Management now owns 4,308,145 shares of the auto parts company’s stock valued at $136,956,000 after buying an additional 792,100 shares in the last quarter. Finally, Turtle Creek Asset Management Inc. grew its position in shares of BorgWarner by 7.0% in the 4th quarter. Turtle Creek Asset Management Inc. now owns 4,078,780 shares of the auto parts company’s stock worth $129,664,000 after buying an additional 267,250 shares during the last quarter. Hedge funds and other institutional investors own 95.67% of the company’s stock.

BorgWarner Stock Up 2.0%

NYSE:BWA opened at $35.51 on Thursday. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.97 and a quick ratio of 1.60. The company’s fifty day moving average price is $32.24 and its 200-day moving average price is $30.67. BorgWarner Inc. has a 1-year low of $24.40 and a 1-year high of $37.29. The firm has a market capitalization of $7.80 billion, a P/E ratio of 28.41, a PEG ratio of 1.53 and a beta of 1.09.

BorgWarner (NYSE:BWA) last announced its quarterly earnings results on Wednesday, May 7th. The auto parts company reported $1.11 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.13. The company had revenue of $3.52 billion for the quarter, compared to the consensus estimate of $3.39 billion. BorgWarner had a return on equity of 16.13% and a net margin of 2.06%. The firm’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same period last year, the firm earned $1.03 EPS. As a group, equities research analysts anticipate that BorgWarner Inc. will post 4.28 EPS for the current year.

BorgWarner Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 1.24%. BorgWarner’s payout ratio is presently 35.20%.

Insider Activity at BorgWarner

In other news, EVP Tonit M. Calaway sold 27,736 shares of BorgWarner stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $32.83, for a total transaction of $910,572.88. Following the completion of the transaction, the executive vice president directly owned 214,521 shares of the company’s stock, valued at $7,042,724.43. The trade was a 11.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Isabelle Mckenzie sold 5,000 shares of the firm’s stock in a transaction on Friday, May 16th. The shares were sold at an average price of $33.25, for a total transaction of $166,250.00. Following the sale, the vice president owned 63,445 shares in the company, valued at approximately $2,109,546.25. This represents a 7.31% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.45% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on BWA shares. Robert W. Baird increased their target price on shares of BorgWarner from $29.00 to $32.00 and gave the company a “neutral” rating in a research report on Thursday, May 8th. TD Cowen lowered BorgWarner from a “buy” rating to a “hold” rating and set a $31.00 price objective for the company. in a report on Friday, March 7th. Bank of America boosted their target price on BorgWarner from $35.00 to $41.00 and gave the stock a “buy” rating in a research note on Monday, June 16th. Piper Sandler reaffirmed an “overweight” rating and set a $37.00 target price (up from $36.00) on shares of BorgWarner in a research report on Thursday, May 22nd. Finally, Guggenheim lowered their price target on BorgWarner from $38.00 to $33.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $37.53.

BorgWarner Profile

BorgWarner Inc, together with its subsidiaries, provides solutions for combustion, hybrid, and electric vehicles worldwide. It offers turbochargers, eBoosters, eTurbos, timing systems, emissions systems, thermal systems, gasoline ignition technology, smart remote actuators, powertrain sensors, cabin heaters, battery modules and systems, battery heaters, and battery charging.