PHINIA Inc. $PHIN Holdings Cut by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC lowered its stake in shares of PHINIA Inc. (NYSE:PHIN) by 38.3% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 277,528 shares of the company’s stock after selling 172,323 shares during the period. HITE Hedge Asset Management LLC owned about 0.72% of PHINIA worth $15,952,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. UBS Group AG increased its stake in shares of PHINIA by 222.9% in the third quarter. UBS Group AG now owns 466,053 shares of the company’s stock worth $26,789,000 after acquiring an additional 321,708 shares during the last quarter. Voss Capital LP boosted its position in PHINIA by 10.8% during the second quarter. Voss Capital LP now owns 2,290,000 shares of the company’s stock valued at $101,882,000 after purchasing an additional 222,658 shares during the last quarter. Teacher Retirement System of Texas grew its stake in PHINIA by 92.2% in the third quarter. Teacher Retirement System of Texas now owns 416,328 shares of the company’s stock valued at $23,931,000 after purchasing an additional 199,756 shares in the last quarter. LSV Asset Management grew its stake in PHINIA by 19.4% in the second quarter. LSV Asset Management now owns 1,199,218 shares of the company’s stock valued at $53,353,000 after purchasing an additional 194,627 shares in the last quarter. Finally, Heartland Advisors Inc. increased its position in PHINIA by 157.0% in the 3rd quarter. Heartland Advisors Inc. now owns 257,018 shares of the company’s stock worth $14,773,000 after purchasing an additional 157,018 shares during the last quarter. 90.94% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PHIN has been the subject of a number of recent research reports. Zacks Research raised PHINIA from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 31st. Freedom Capital cut PHINIA from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 26th. Northland Securities set a $93.00 price objective on PHINIA in a report on Friday, February 13th. Wall Street Zen upgraded shares of PHINIA from a “buy” rating to a “strong-buy” rating in a research note on Sunday, February 22nd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of PHINIA in a research report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $66.33.

PHINIA Stock Performance

NYSE:PHIN opened at $64.03 on Friday. The firm has a market capitalization of $2.43 billion, a PE ratio of 19.70 and a beta of 1.36. PHINIA Inc. has a 1 year low of $36.25 and a 1 year high of $81.11. The company has a current ratio of 1.86, a quick ratio of 1.36 and a debt-to-equity ratio of 0.61. The firm’s fifty day simple moving average is $71.05 and its 200 day simple moving average is $61.41.

PHINIA (NYSE:PHIN) last released its earnings results on Thursday, February 12th. The company reported $1.18 earnings per share for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.17). PHINIA had a return on equity of 12.56% and a net margin of 3.73%.The firm had revenue of $889.00 million for the quarter, compared to analyst estimates of $843.59 million. During the same period in the prior year, the firm earned $0.71 EPS. The firm’s revenue was up 6.7% on a year-over-year basis. On average, sell-side analysts anticipate that PHINIA Inc. will post 4.21 EPS for the current year.

PHINIA Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, March 6th. This represents a $1.20 annualized dividend and a dividend yield of 1.9%. This is a boost from PHINIA’s previous quarterly dividend of $0.27. PHINIA’s payout ratio is presently 36.92%.

Insider Activity

In related news, VP Christopher Gustanski sold 3,812 shares of the stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $72.73, for a total transaction of $277,246.76. Following the completion of the sale, the vice president owned 14,871 shares in the company, valued at $1,081,567.83. This represents a 20.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Neil Fryer sold 624 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $72.75, for a total value of $45,396.00. Following the completion of the sale, the vice president directly owned 18,180 shares in the company, valued at $1,322,595. This trade represents a 3.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.00% of the stock is currently owned by insiders.

PHINIA Company Profile

PHINIA Inc engages in the development, design, and manufacture of integrated components and systems that optimize performance, increase efficiency, and reduce emissions in combustion and hybrid propulsion for commercial and light vehicles, and industrial applications. The company operates through Fuel Systems and Aftermarket segments. The Fuel Systems segment provides advanced fuel injection systems, including pumps, injectors, fuel rail assemblies, and engine control modules; fuel delivery modules; canisters; sensors; and electronic control modules.