PHINIA Inc. (NYSE:PHIN) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. grew its position in shares of PHINIA Inc. (NYSE:PHIN) by 0.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 229,854 shares of the company’s stock after acquiring an additional 1,270 shares during the quarter. Principal Financial Group Inc. owned about 0.58% of PHINIA worth $9,753,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PHIN. Millennium Management LLC increased its stake in PHINIA by 28.3% during the fourth quarter. Millennium Management LLC now owns 2,424,949 shares of the company’s stock worth $116,810,000 after acquiring an additional 535,222 shares during the last quarter. First Trust Advisors LP boosted its position in shares of PHINIA by 32.6% in the fourth quarter. First Trust Advisors LP now owns 1,866,894 shares of the company’s stock worth $89,928,000 after buying an additional 458,650 shares during the period. Voss Capital LP boosted its position in shares of PHINIA by 31.8% in the fourth quarter. Voss Capital LP now owns 1,417,081 shares of the company’s stock worth $68,261,000 after buying an additional 342,081 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of PHINIA by 14.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,048,051 shares of the company’s stock worth $98,653,000 after buying an additional 253,345 shares during the period. Finally, Brandywine Global Investment Management LLC purchased a new stake in shares of PHINIA in the fourth quarter worth about $6,874,000. 90.94% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other PHINIA news, CEO Brady D. Ericson bought 10,000 shares of the stock in a transaction that occurred on Wednesday, April 30th. The shares were purchased at an average cost of $39.73 per share, for a total transaction of $397,300.00. Following the transaction, the chief executive officer directly owned 436,486 shares in the company, valued at $17,341,588.78. The trade was a 2.34% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Meggan M. Walsh bought 1,400 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was acquired at an average price of $42.71 per share, for a total transaction of $59,794.00. Following the completion of the transaction, the director owned 7,492 shares in the company, valued at $319,983.32. This trade represents a 22.98% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 11,423 shares of company stock worth $458,069 over the last quarter. Insiders own 2.00% of the company’s stock.

PHINIA Trading Up 1.5%

NYSE:PHIN opened at $49.00 on Tuesday. The company has a quick ratio of 1.36, a current ratio of 1.85 and a debt-to-equity ratio of 0.63. The business’s 50 day moving average is $43.95 and its two-hundred day moving average is $45.23. PHINIA Inc. has a 52 week low of $36.25 and a 52 week high of $57.23. The company has a market cap of $1.95 billion, a PE ratio of 27.84, a P/E/G ratio of 0.52 and a beta of 1.49.

PHINIA (NYSE:PHIN) last announced its quarterly earnings results on Friday, April 25th. The company reported $0.94 earnings per share for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.10). The company had revenue of $796.00 million for the quarter, compared to analyst estimates of $813.24 million. PHINIA had a return on equity of 9.88% and a net margin of 2.28%. The firm’s revenue for the quarter was down 7.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.08 earnings per share. On average, analysts predict that PHINIA Inc. will post 4.21 EPS for the current year.

PHINIA Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date of this dividend was Monday, June 2nd. PHINIA’s payout ratio is 61.36%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on PHIN shares. Morgan Stanley decreased their target price on PHINIA from $50.00 to $46.00 and set an “equal weight” rating for the company in a research report on Monday, May 19th. Bank of America increased their price target on PHINIA from $53.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, May 15th. BNP Paribas downgraded PHINIA from an “outperform” rating to a “neutral” rating and set a $46.00 price target for the company. in a report on Wednesday, April 23rd. UBS Group increased their price target on PHINIA from $48.00 to $52.00 and gave the company a “neutral” rating in a report on Monday. Finally, CL King started coverage on PHINIA in a report on Monday, March 24th. They issued a “buy” rating and a $54.00 price target for the company. Three investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $52.33.

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.