Bank of New York Mellon Corp Sells 16,792 Shares of PHINIA Inc. (NYSE:PHIN)

Bank of New York Mellon Corp decreased its stake in PHINIA Inc. (NYSE:PHIN) by 4.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 386,702 shares of the company’s stock after selling 16,792 shares during the period. Bank of New York Mellon Corp owned 0.97% of PHINIA worth $16,408,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. OneDigital Investment Advisors LLC increased its stake in shares of PHINIA by 3.1% in the first quarter. OneDigital Investment Advisors LLC now owns 9,253 shares of the company’s stock worth $393,000 after purchasing an additional 279 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of PHINIA by 0.6% in the first quarter. Principal Financial Group Inc. now owns 229,854 shares of the company’s stock worth $9,753,000 after purchasing an additional 1,270 shares in the last quarter. Teacher Retirement System of Texas increased its stake in shares of PHINIA by 15.3% in the first quarter. Teacher Retirement System of Texas now owns 78,665 shares of the company’s stock worth $3,338,000 after purchasing an additional 10,455 shares in the last quarter. Illinois Municipal Retirement Fund increased its stake in shares of PHINIA by 1.6% in the first quarter. Illinois Municipal Retirement Fund now owns 24,643 shares of the company’s stock worth $1,046,000 after purchasing an additional 396 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. increased its stake in shares of PHINIA by 11.3% in the first quarter. Oppenheimer Asset Management Inc. now owns 5,498 shares of the company’s stock worth $233,000 after purchasing an additional 560 shares in the last quarter. Institutional investors own 90.94% of the company’s stock.

Insider Buying and Selling

In other PHINIA news, Director Meggan M. Walsh acquired 1,400 shares of the stock in a transaction dated Thursday, May 22nd. The stock was purchased at an average cost of $42.71 per share, for a total transaction of $59,794.00. Following the acquisition, the director owned 7,492 shares in the company, valued at $319,983.32. The trade was a 22.98% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Brady D. Ericson acquired 10,000 shares of the stock in a transaction dated Wednesday, April 30th. The stock was acquired at an average price of $39.73 per share, with a total value of $397,300.00. Following the completion of the acquisition, the chief executive officer owned 436,486 shares in the company, valued at approximately $17,341,588.78. The trade was a 2.34% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 11,423 shares of company stock valued at $458,069. Company insiders own 2.00% of the company’s stock.

PHINIA Trading Down 0.1%

Shares of PHINIA stock opened at $48.33 on Friday. PHINIA Inc. has a 1 year low of $36.25 and a 1 year high of $57.23. The firm has a market cap of $1.92 billion, a PE ratio of 27.46, a PEG ratio of 0.52 and a beta of 1.49. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.85 and a quick ratio of 1.36. The company has a 50 day simple moving average of $44.63 and a two-hundred day simple moving average of $45.29.

PHINIA (NYSE:PHIN) last announced its quarterly earnings data 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 business had revenue of $796.00 million during the quarter, compared to the consensus estimate of $813.24 million. PHINIA had a return on equity of 9.88% and a net margin of 2.28%. The company’s revenue was down 7.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.08 earnings per share. Analysts expect that PHINIA Inc. will post 4.21 earnings per share for the current fiscal year.

PHINIA Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were issued a $0.27 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.23%. PHINIA’s payout ratio is 61.36%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. CL King assumed 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. BNP Paribas cut shares of PHINIA from an “outperform” rating to a “neutral” rating and set a $46.00 price objective for the company. in a research note on Wednesday, April 23rd. Bank of America boosted their price objective on shares of PHINIA from $53.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, May 15th. Morgan Stanley reduced their price objective 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. Finally, UBS Group boosted their price objective on shares of PHINIA from $48.00 to $52.00 and gave the company a “neutral” rating in a research note on Monday, July 14th. Three research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus 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.