Turtle Creek Asset Management adds BorgWarner (BWA) to its portfolio

BorgWarner (BWA) : Turtle Creek Asset Management added new position in BorgWarner during the most recent quarter end. The investment management firm now holds 520,900 shares of BorgWarner which is valued at $17.2 Million , the company said in a statement filed on May 12, 2016 with the SEC.BorgWarner makes up approximately 9.42% of Turtle Creek Asset Management’s portfolio.

Other Hedge Funds, Including , Harris Associates L P boosted its stake in BWA in the latest quarter, The investment management firm added 81,425 additional shares and now holds a total of 8,503,878 shares of BorgWarner which is valued at $280.4 Million. BorgWarner makes up approx 0.54% of Harris Associates L P’s portfolio. Coconut Grove Bank sold out all of its stake in BWA during the most recent quarter. The investment firm sold 1,215 shares of BWA which is valued $40,059. Fdo Partners sold out all of its stake in BWA during the most recent quarter. The investment firm sold 24,206 shares of BWA which is valued $798,072.Andra Ap-fonden boosted its stake in BWA in the latest quarter, The investment management firm added 800 additional shares and now holds a total of 29,700 shares of BorgWarner which is valued at $1 Million. BorgWarner makes up approx 0.03% of Andra Ap-fonden’s portfolio.

BorgWarner opened for trading at $32.5 and hit $32.96 on the upside on Friday, eventually ending the session at $32.84, with a gain of 1.61% or 0.52 points. The heightened volatility saw the trading volume jump to 10,44,639 shares. Company has a market cap of $7,147 M.

On the company’s financial health, BorgWarner reported $0.80 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Apr 28, 2016. Analyst had a consensus of $0.78. The company had revenue of $2268.60 million for the quarter, compared to analysts expectations of $2233.73 million. The company’s revenue was up 14.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.78 EPS.

Investors should note that on Apr 27, 2016, BorgWarner announced a cash dividend of $0.1300. The company’s management has announced May 27, 2016 as the ex-dividend date and fixed the record date on Jun 1, 2016. The payable date has been fixed on Jun 15, 2016.

Many Wall Street Analysts have commented on BorgWarner. Company shares were Reiterated by RBC Capital Mkts on Apr 1, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 39 from a previous price target of $33 .BorgWarner was Downgraded by Citigroup to ” Neutral” on Mar 29, 2016. BorgWarner was Downgraded by Sterne Agee CRT to ” Neutral” on Feb 16, 2016.

BorgWarner Inc. is a supplier of engineered automotive systems and components for powertrain applications. The Company operates through two segments: Engine and Drivetrain. The Engine segment’ develops and manufactures products in gasoline and diesel engines and alternative powertrains. The Drivetrain segment develops and manufactures products for automatic transmissions and all-wheel drive (AWD) vehicles. The Company manufactures and sells the product across the world to equipment manufacturers (OEMs) of light vehicles. The Company sells the products to other OEMs of commercial vehicles and off-highway vehicles (agricultural and construction machinery and marine applications). It also manufactures and sells its products to Tier One vehicle systems suppliers and into the aftermarket for light commercial and off-highway vehicles. The Company operates manufacturing facilities serving customers in the Americas Europe and Asia and is an equipment supplier to automotive OEM.

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