New York State Common Retirement Fund Trims Stock Position in BorgWarner Inc. (NYSE:BWA)

New York State Common Retirement Fund lessened its holdings in BorgWarner Inc. (NYSE:BWA) by 4.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 264,312 shares of the auto parts company’s stock after selling 11,753 shares during the period. New York State Common Retirement Fund owned 0.11% of BorgWarner worth $12,980,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of BWA. Envestnet Asset Management Inc. lifted its holdings in shares of BorgWarner by 1,080.8% in the first quarter. Envestnet Asset Management Inc. now owns 2,956,068 shares of the auto parts company’s stock valued at $19,773,000 after purchasing an additional 2,705,713 shares in the last quarter. Norges Bank purchased a new stake in shares of BorgWarner in the fourth quarter valued at about $92,430,000. Ceredex Value Advisors LLC lifted its holdings in shares of BorgWarner by 97.2% in the first quarter. Ceredex Value Advisors LLC now owns 1,595,641 shares of the auto parts company’s stock valued at $78,362,000 after purchasing an additional 786,542 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of BorgWarner by 24.7% in the first quarter. Invesco Ltd. now owns 3,637,381 shares of the auto parts company’s stock valued at $141,495,000 after purchasing an additional 720,690 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of BorgWarner by 2.2% in the first quarter. Vanguard Group Inc. now owns 26,131,243 shares of the auto parts company’s stock valued at $1,016,505,000 after purchasing an additional 570,039 shares in the last quarter. Hedge funds and other institutional investors own 92.35% of the company’s stock.

BorgWarner Price Performance

BorgWarner stock opened at $40.43 on Thursday. BorgWarner Inc. has a 52-week low of $31.14 and a 52-week high of $51.14. The firm has a fifty day moving average of $42.71 and a 200-day moving average of $45.62. The firm has a market capitalization of $9.50 billion, a P/E ratio of 9.98, a PEG ratio of 0.89 and a beta of 1.44. The company has a quick ratio of 1.18, a current ratio of 1.62 and a debt-to-equity ratio of 0.54.

BorgWarner (NYSE:BWA) last released its quarterly earnings data on Wednesday, August 2nd. The auto parts company reported $1.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.21. BorgWarner had a net margin of 5.63% and a return on equity of 15.45%. The company had revenue of $4.52 billion during the quarter, compared to analyst estimates of $4.39 billion. As a group, analysts predict that BorgWarner Inc. will post 3.76 EPS for the current year.

BorgWarner Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 1.09%. The ex-dividend date of this dividend is Thursday, August 31st. BorgWarner’s dividend payout ratio (DPR) is 10.86%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Morgan Stanley reduced their price objective on shares of BorgWarner from $50.00 to $47.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 8th. Bank of America raised shares of BorgWarner from a “neutral” rating to a “buy” rating and upped their price objective for the company from $54.00 to $67.00 in a research note on Thursday, July 6th. Citigroup upped their price objective on shares of BorgWarner from $43.98 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday, July 18th. Nomura Instinet reissued a “neutral” rating and set a $44.00 price objective on shares of BorgWarner in a research note on Thursday, August 17th. Finally, Barclays reduced their price objective on shares of BorgWarner from $58.00 to $57.00 in a research note on Monday, July 10th. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $51.64.

BorgWarner Company Profile

BorgWarner Inc 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, canisters, cabin heaters, battery modules and systems, battery packs, battery heaters, and battery charging.