Rhumbline Advisers Reduces Position in PHINIA Inc. (NYSE:PHIN)

Rhumbline Advisers lessened its stake in shares of PHINIA Inc. (NYSE:PHIN) by 6.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 124,083 shares of the company’s stock after selling 8,610 shares during the period. Rhumbline Advisers owned approximately 0.30% of PHINIA worth $5,265,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Brandywine Global Investment Management LLC purchased a new stake in shares of PHINIA in the 4th quarter valued at $6,874,000. Barclays PLC boosted its holdings in shares of PHINIA by 14.7% in the 4th quarter. Barclays PLC now owns 83,529 shares of the company’s stock valued at $4,023,000 after acquiring an additional 10,724 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in shares of PHINIA by 4.2% in the 4th quarter. Alliancebernstein L.P. now owns 60,963 shares of the company’s stock valued at $2,937,000 after acquiring an additional 2,445 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of PHINIA by 0.4% in the 4th quarter. Principal Financial Group Inc. now owns 228,584 shares of the company’s stock valued at $11,011,000 after acquiring an additional 842 shares during the last quarter. Finally, Handelsbanken Fonder AB purchased a new stake in shares of PHINIA in the 4th quarter valued at $776,000. Hedge funds and other institutional investors own 90.94% of the company’s stock.

PHINIA Trading Down 0.6%

Shares of PHIN stock opened at $43.81 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.90 and a quick ratio of 1.44. The firm has a market cap of $1.74 billion, a PE ratio of 25.03 and a beta of 1.55. The company has a 50-day moving average of $42.02 and a two-hundred day moving average of $46.35. PHINIA Inc. has a 1-year low of $36.25 and a 1-year high of $57.23.

PHINIA (NYSE:PHIN) last posted its quarterly earnings data on Friday, April 25th. The company reported $0.94 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.10). The business had revenue of $796.00 million during the quarter, compared to analysts’ expectations of $813.24 million. PHINIA had a net margin of 2.32% and a return on equity of 10.12%. The company’s revenue for the quarter was down 7.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.08 EPS. On average, analysts predict that PHINIA Inc. will post 4.21 EPS for the current year.

PHINIA Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be issued a $0.27 dividend. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.47%. PHINIA’s payout ratio is 61.36%.

Insider Activity

In other PHINIA news, Director Meggan M. Walsh acquired 1,400 shares of the firm’s stock in a transaction that occurred on Thursday, May 22nd. The shares were acquired at an average cost of $42.71 per share, for a total transaction of $59,794.00. Following the transaction, the director now directly owns 7,492 shares of the company’s stock, valued at approximately $319,983.32. This represents a 22.98% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Brady D. Ericson bought 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 30th. The stock was purchased at an average cost of $39.73 per share, with a total value of $397,300.00. Following the purchase, the chief executive officer now directly owns 436,486 shares in the company, valued at $17,341,588.78. The trade was a 2.34% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Bank of America upped their price objective on shares of PHINIA from $53.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, May 15th. UBS Group reiterated a “neutral” rating and issued a $45.00 target price (down from $56.00) on shares of PHINIA in a research note on Thursday, April 10th. BNP Paribas cut shares of PHINIA from an “outperform” rating to a “neutral” rating and set a $46.00 target price for the company. in a research note on Wednesday, April 23rd. CL King initiated coverage on shares of PHINIA in a research note on Monday, March 24th. They issued a “buy” rating and a $54.00 target price for the company. Finally, Morgan Stanley decreased their target price on shares of PHINIA from $50.00 to $46.00 and set an “equal weight” rating for the company in a research note on Monday, May 19th. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, PHINIA presently has an average rating of “Moderate Buy” and an average target price of $51.17.

About PHINIA

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.