Corebridge Financial Inc. Cuts Stock Position in BorgWarner Inc. (NYSE:BWA)

Corebridge Financial Inc. trimmed its stake in shares of BorgWarner Inc. (NYSE:BWA) by 8.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 51,778 shares of the auto parts company’s stock after selling 4,767 shares during the period. Corebridge Financial Inc.’s holdings in BorgWarner were worth $1,646,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Avior Wealth Management LLC lifted its stake in BorgWarner by 31.3% in the 4th quarter. Avior Wealth Management LLC now owns 1,435 shares of the auto parts company’s stock valued at $46,000 after buying an additional 342 shares in the last quarter. Generali Asset Management SPA SGR acquired a new position in shares of BorgWarner during the fourth quarter valued at approximately $59,000. Wilmington Savings Fund Society FSB purchased a new position in shares of BorgWarner in the third quarter valued at approximately $62,000. Principal Securities Inc. boosted its stake in shares of BorgWarner by 59.1% in the fourth quarter. Principal Securities Inc. now owns 1,939 shares of the auto parts company’s stock worth $62,000 after acquiring an additional 720 shares during the last quarter. Finally, TD Private Client Wealth LLC increased its position in shares of BorgWarner by 126.2% during the fourth quarter. TD Private Client Wealth LLC now owns 2,377 shares of the auto parts company’s stock worth $76,000 after purchasing an additional 1,326 shares in the last quarter. Institutional investors and hedge funds own 95.67% of the company’s stock.

Insider Buying and Selling at BorgWarner

In other BorgWarner news, CAO Tonit M. Calaway sold 13,500 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $30.16, for a total value of $407,160.00. Following the completion of the transaction, the chief accounting officer now owns 259,310 shares of the company’s stock, valued at $7,820,789.60. This trade represents a 4.95 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Tania Wingfield sold 24,000 shares of the company’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $28.79, for a total value of $690,960.00. Following the sale, the executive vice president now directly owns 39,110 shares in the company, valued at $1,125,976.90. This represents a 38.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 45,800 shares of company stock valued at $1,347,701 in the last three months. 0.45% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on BWA. Evercore ISI lowered their target price on shares of BorgWarner from $43.00 to $40.00 and set an “outperform” rating on the stock in a research note on Monday, February 10th. Barclays lowered their price target on shares of BorgWarner from $43.00 to $42.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 11th. Guggenheim set a $38.00 price objective on shares of BorgWarner in a report on Wednesday, March 5th. Morgan Stanley lowered their target price on BorgWarner from $45.00 to $40.00 and set an “overweight” rating on the stock in a report on Monday, March 3rd. Finally, Piper Sandler cut their price target on BorgWarner from $43.00 to $36.00 and set an “overweight” rating for the company in a report on Thursday, March 20th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $39.06.

BorgWarner Price Performance

Shares of BWA opened at $29.09 on Thursday. The firm has a 50-day simple moving average of $29.87 and a two-hundred day simple moving average of $32.36. The stock has a market cap of $6.39 billion, a PE ratio of 20.34, a P/E/G ratio of 0.77 and a beta of 1.21. BorgWarner Inc. has a 1-year low of $27.65 and a 1-year high of $38.23. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.79 and a quick ratio of 1.45.

BorgWarner (NYSE:BWA) last announced its earnings results on Thursday, February 6th. The auto parts company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.08. BorgWarner had a return on equity of 15.93% and a net margin of 2.40%. As a group, analysts forecast that BorgWarner Inc. will post 4.28 EPS for the current year.

BorgWarner Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date was Monday, March 3rd. BorgWarner’s dividend payout ratio (DPR) is 30.77%.

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.