BorgWarner (NYSE:BWA) Announces Quarterly Earnings Results, Beats Expectations By $0.17 EPS

BorgWarner (NYSE:BWA) issued its earnings results on Thursday. The auto parts company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.17, Briefing.com reports. The business had revenue of $3.45 billion during the quarter, compared to analyst estimates of $3.50 billion. BorgWarner had a return on equity of 15.50% and a net margin of 4.97%. BorgWarner’s revenue was down 4.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.98 EPS. BorgWarner updated its FY 2024 guidance to 4.150-4.300 EPS and its FY24 guidance to $4.15-$4.30 EPS.

BorgWarner Price Performance

BorgWarner stock traded down $0.19 during mid-day trading on Friday, hitting $33.44. The stock had a trading volume of 2,671,043 shares, compared to its average volume of 2,713,450. The company has a current ratio of 1.62, a quick ratio of 1.26 and a debt-to-equity ratio of 0.52. The firm’s 50 day moving average is $34.06 and its 200 day moving average is $33.86. The firm has a market capitalization of $7.62 billion, a P/E ratio of 10.70, a P/E/G ratio of 0.73 and a beta of 1.20. BorgWarner has a one year low of $29.51 and a one year high of $38.22.

Insider Activity

In related news, CAO Tonit M. Calaway sold 10,868 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $31.74, for a total transaction of $344,950.32. Following the completion of the sale, the chief accounting officer now owns 206,083 shares in the company, valued at approximately $6,541,074.42. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CAO Tonit M. Calaway sold 10,868 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $31.74, for a total value of $344,950.32. Following the sale, the chief accounting officer now directly owns 206,083 shares in the company, valued at approximately $6,541,074.42. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Tania Wingfield sold 2,066 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $32.00, for a total value of $66,112.00. Following the transaction, the executive vice president now owns 46,016 shares of the company’s stock, valued at $1,472,512. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.45% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. StockNews.com upgraded shares of BorgWarner from a “hold” rating to a “buy” rating in a research report on Friday, August 2nd. Bank of America dropped their price target on BorgWarner from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Wells Fargo & Company reduced their price objective on BorgWarner from $44.00 to $42.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. The Goldman Sachs Group dropped their target price on BorgWarner from $38.00 to $36.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 1st. Finally, Evercore ISI raised shares of BorgWarner from an “in-line” rating to an “outperform” rating and upped their price target for the company from $39.00 to $43.00 in a research report on Monday, October 14th. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $41.25.

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.