VIRGINIA RETIREMENT SYSTEMS ET Al Invests $2.28 Million in BorgWarner Inc. $BWA

Key Points

• Virginia Retirement Systems invested approximately $2.28 million in BorgWarner Inc. by acquiring 68,200 shares in the 2nd quarter of 2023.
• Multiple institutional investors have recently increased their stakes in BorgWarner, indicating strong confidence in the company's future performance, with institutional ownership now at 95.67%.
• BorgWarner announced a new $1 billion share repurchase program and increased its quarterly dividend from $0.11 to $0.17 per share, reflecting a commitment to returning value to shareholders.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in BorgWarner Inc. (NYSE:BWA - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 68,200 shares of the auto parts company's stock, valued at approximately $2,283,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Manchester Capital Management LLC bought a new stake in shares of BorgWarner in the 1st quarter worth about $30,000. Trust Co. of Vermont increased its position in shares of BorgWarner by 55,000.0% in the 2nd quarter. Trust Co. of Vermont now owns 1,102 shares of the auto parts company's stock worth $37,000 after purchasing an additional 1,100 shares during the last quarter. Meeder Asset Management Inc. increased its position in shares of BorgWarner by 63.5% in the 1st quarter. Meeder Asset Management Inc. now owns 1,388 shares of the auto parts company's stock worth $40,000 after purchasing an additional 539 shares during the last quarter. Allworth Financial LP increased its position in shares of BorgWarner by 123.1% in the 1st quarter. Allworth Financial LP now owns 1,437 shares of the auto parts company's stock worth $41,000 after purchasing an additional 793 shares during the last quarter. Finally, Brooklyn Investment Group increased its position in shares of BorgWarner by 97.9% in the 1st quarter. Brooklyn Investment Group now owns 1,480 shares of the auto parts company's stock worth $42,000 after purchasing an additional 732 shares during the last quarter. Institutional investors own 95.67% of the company's stock.

Insider Buying and Selling at BorgWarner

In other BorgWarner news, Director Alexis P. Michas sold 8,772 shares of the business's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $42.31, for a total transaction of $371,143.32. Following the completion of the transaction, the director directly owned 78,903 shares of the company's stock, valued at $3,338,385.93. The trade was a 10.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Isabelle Mckenzie sold 2,500 shares of the business's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $40.01, for a total transaction of $100,025.00. Following the transaction, the vice president directly owned 55,945 shares of the company's stock, valued at $2,238,359.45. The trade was a 4.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 31,272 shares of company stock valued at $1,263,318 in the last ninety days. Company insiders own 0.63% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on BWA shares. The Goldman Sachs Group boosted their target price on shares of BorgWarner from $45.00 to $52.00 and gave the stock a "buy" rating in a research report on Monday, September 29th. Wells Fargo & Company lifted their price target on shares of BorgWarner from $50.00 to $54.00 and gave the company an "overweight" rating in a report on Thursday, September 25th. Morgan Stanley lifted their price target on shares of BorgWarner from $40.00 to $42.00 and gave the company an "overweight" rating in a report on Tuesday, August 12th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of BorgWarner in a report on Wednesday, October 8th. Finally, Evercore ISI lifted their price target on shares of BorgWarner from $42.00 to $50.00 and gave the company an "outperform" rating in a report on Monday, October 13th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $45.21.

BorgWarner Trading Up 1.9%

NYSE BWA opened at $43.78 on Wednesday. BorgWarner Inc. has a one year low of $24.40 and a one year high of $44.97. The company has a 50-day simple moving average of $43.12 and a 200-day simple moving average of $36.20. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.66 and a current ratio of 2.02. The firm has a market capitalization of $9.47 billion, a PE ratio of 46.57, a price-to-earnings-growth ratio of 1.59 and a beta of 1.09.

BorgWarner (NYSE:BWA - Get Free Report) last posted its earnings results on Thursday, July 31st. The auto parts company reported $1.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.06 by $0.15. The firm had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.56 billion. BorgWarner had a net margin of 1.50% and a return on equity of 16.17%. BorgWarner's revenue was up 1.0% on a year-over-year basis. During the same period in the previous year, the business posted $1.19 EPS. BorgWarner has set its FY 2025 guidance at 4.450-4.65 EPS. On average, equities analysts forecast that BorgWarner Inc. will post 4.28 earnings per share for the current year.

BorgWarner announced that its board has approved a share repurchase program on Thursday, July 31st that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the auto parts company to repurchase up to 13.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company's management believes its shares are undervalued.

BorgWarner Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend was Tuesday, September 2nd. This is a positive change from BorgWarner's previous quarterly dividend of $0.11. BorgWarner's dividend payout ratio (DPR) is presently 72.34%.

BorgWarner Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.