PNC Financial Services Group Inc. Sells 6,699 Shares of BorgWarner Inc. (NYSE:BWA)

PNC Financial Services Group Inc. reduced its position in BorgWarner Inc. (NYSE:BWA) by 5.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 118,990 shares of the auto parts company’s stock after selling 6,699 shares during the period. PNC Financial Services Group Inc. owned 0.05% of BorgWarner worth $4,266,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BWA. Hennessy Advisors Inc. purchased a new position in BorgWarner during the 4th quarter valued at about $2,294,000. Vanguard Group Inc. grew its holdings in BorgWarner by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 27,147,545 shares of the auto parts company’s stock valued at $973,239,000 after buying an additional 331,401 shares in the last quarter. Wahed Invest LLC grew its holdings in BorgWarner by 11.2% during the 4th quarter. Wahed Invest LLC now owns 3,980 shares of the auto parts company’s stock valued at $143,000 after buying an additional 402 shares in the last quarter. ICA Group Wealth Management LLC purchased a new position in BorgWarner during the 4th quarter valued at about $66,000. Finally, Royal London Asset Management Ltd. grew its holdings in BorgWarner by 6.4% during the 4th quarter. Royal London Asset Management Ltd. now owns 91,872 shares of the auto parts company’s stock valued at $3,294,000 after buying an additional 5,502 shares in the last quarter. 95.67% of the stock is currently owned by institutional investors.

BorgWarner Stock Performance

NYSE:BWA opened at $33.02 on Wednesday. The business has a 50 day moving average of $34.87 and a 200 day moving average of $33.87. The company has a market capitalization of $7.52 billion, a price-to-earnings ratio of 12.51, a PEG ratio of 0.78 and a beta of 1.28. BorgWarner Inc. has a 1-year low of $29.51 and a 1-year high of $50.04. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.54 and a quick ratio of 1.20.

BorgWarner (NYSE:BWA) last released its earnings results on Thursday, May 2nd. The auto parts company reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.16. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.51 billion. BorgWarner had a return on equity of 15.33% and a net margin of 4.02%. BorgWarner’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.09 EPS. On average, sell-side analysts predict that BorgWarner Inc. will post 4.07 earnings per share for the current fiscal year.

BorgWarner announced that its Board of Directors has authorized a stock buyback plan on Thursday, May 2nd that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the auto parts company to reacquire up to 6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

BorgWarner Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 3rd were given a $0.11 dividend. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $0.44 annualized dividend and a yield of 1.33%. BorgWarner’s payout ratio is currently 16.67%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. BNP Paribas lowered BorgWarner from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $43.00 to $35.00 in a report on Tuesday, February 20th. Robert W. Baird lifted their target price on BorgWarner from $36.00 to $40.00 and gave the company a “neutral” rating in a report on Friday, May 3rd. Oppenheimer boosted their price objective on BorgWarner from $39.00 to $40.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. Barclays boosted their price objective on BorgWarner from $44.00 to $45.00 and gave the stock an “overweight” rating in a report on Monday, May 6th. Finally, TD Cowen boosted their price objective on BorgWarner from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, May 3rd. Seven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, BorgWarner has an average rating of “Moderate Buy” and a consensus price target of $43.76.

About BorgWarner

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.