BorgWarner Inc. (BWA) Price Target Raised to $56.00 at KeyCorp
BorgWarner Inc. (NYSE:BWA) had its price target lifted by analysts at KeyCorp from $50.00 to $56.00 in a research report issued on Friday. The brokerage currently has a “buy” rating on the auto parts company’s stock. KeyCorp’s price objective points to a potential upside of 9.98% from the stock’s current price.
BWA has been the subject of several other reports. Zacks Investment Research cut BorgWarner from a “buy” rating to a “hold” rating in a research report on Wednesday, August 30th. Jefferies Group LLC reiterated a “buy” rating and set a $56.00 price target on shares of BorgWarner in a research report on Tuesday, August 29th. BMO Capital Markets reiterated an “outperform” rating and set a $55.00 price target (up from $50.00) on shares of BorgWarner in a research report on Friday, July 28th. Bank of America Corporation reiterated an “underperform” rating and set a $27.00 price target (down from $30.00) on shares of BorgWarner in a research report on Friday, June 16th. Finally, ValuEngine cut BorgWarner from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 1st. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $45.60.
BorgWarner (NYSE:BWA) last issued its quarterly earnings results on Thursday, July 27th. The auto parts company reported $0.96 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.89 by $0.07. BorgWarner had a return on equity of 20.75% and a net margin of 2.06%. The firm had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.27 billion. During the same period in the previous year, the business earned $0.84 earnings per share. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis.
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In related news, EVP Tonit M. Calaway sold 3,000 shares of BorgWarner stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $44.99, for a total transaction of $134,970.00. Following the completion of the transaction, the executive vice president now directly owns 34,120 shares of the company’s stock, valued at $1,535,058.80. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Brady D. Ericson sold 11,052 shares of BorgWarner stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $45.38, for a total value of $501,539.76. Following the transaction, the insider now directly owns 23,418 shares of the company’s stock, valued at $1,062,708.84. The disclosure for this sale can be found here. Insiders own 0.66% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. CENTRAL TRUST Co raised its holdings in BorgWarner by 5.3% during the second quarter. CENTRAL TRUST Co now owns 2,679 shares of the auto parts company’s stock worth $114,000 after purchasing an additional 135 shares during the last quarter. Van ECK Associates Corp raised its holdings in BorgWarner by 6.8% during the first quarter. Van ECK Associates Corp now owns 2,702 shares of the auto parts company’s stock worth $113,000 after purchasing an additional 171 shares during the last quarter. Exane Derivatives acquired a new position in BorgWarner during the second quarter worth $135,000. Global X Management Co. LLC raised its holdings in BorgWarner by 29.9% during the first quarter. Global X Management Co. LLC now owns 3,694 shares of the auto parts company’s stock worth $154,000 after purchasing an additional 851 shares during the last quarter. Finally, Pacer Advisors Inc. raised its holdings in BorgWarner by 3.1% during the first quarter. Pacer Advisors Inc. now owns 4,092 shares of the auto parts company’s stock worth $171,000 after purchasing an additional 123 shares during the last quarter. 91.16% of the stock is owned by hedge funds and other institutional investors.
BorgWarner Inc is engaged in providing technology solutions for combustion, hybrid and electric vehicles. The Company’s segments include Engine and Drivetrain. The Engine segment’s products include turbochargers, timing devices and chains, emissions systems and thermal systems. The Engine segment develops and manufactures products for gasoline and diesel engines, and alternative powertrains.
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