Bank of America Corp DE Has $3.43 Million Stock Holdings in PHINIA Inc. (NYSE:PHIN)

Bank of America Corp DE reduced its holdings in shares of PHINIA Inc. (NYSE:PHIN - Free Report) by 46.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 71,276 shares of the company's stock after selling 61,404 shares during the quarter. Bank of America Corp DE owned 0.17% of PHINIA worth $3,433,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of PHIN. Barclays PLC boosted its stake in shares of PHINIA by 336.2% in the 3rd quarter. Barclays PLC now owns 72,805 shares of the company's stock valued at $3,351,000 after purchasing an additional 56,114 shares in the last quarter. KBC Group NV lifted its stake in PHINIA by 45.8% in the 4th quarter. KBC Group NV now owns 2,180 shares of the company's stock valued at $105,000 after purchasing an additional 685 shares during the last quarter. Vest Financial LLC boosted its position in PHINIA by 79.2% in the fourth quarter. Vest Financial LLC now owns 52,757 shares of the company's stock valued at $2,541,000 after buying an additional 23,310 shares in the last quarter. Empowered Funds LLC grew its stake in shares of PHINIA by 5.1% during the fourth quarter. Empowered Funds LLC now owns 239,821 shares of the company's stock worth $11,552,000 after buying an additional 11,625 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of PHINIA by 0.4% during the fourth quarter. Principal Financial Group Inc. now owns 228,584 shares of the company's stock worth $11,011,000 after buying an additional 842 shares in the last quarter. 90.94% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PHIN has been the topic of several recent research reports. BNP Paribas downgraded PHINIA from an "outperform" rating to a "neutral" rating and set a $46.00 price objective on the stock. in a report on Wednesday, April 23rd. CL King assumed coverage on PHINIA in a research note on Monday, March 24th. They set a "buy" rating and a $54.00 price target on the stock. Bank of America upped their price objective on PHINIA from $53.00 to $55.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. Morgan Stanley dropped their price objective on shares of PHINIA from $50.00 to $46.00 and set an "equal weight" rating for the company in a report on Monday, May 19th. Finally, UBS Group reiterated a "neutral" rating and set a $45.00 target price (down from $56.00) on shares of PHINIA in a research report on Thursday, April 10th. Three investment 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 stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $51.17.

Insider Buying and Selling

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

PHINIA Trading Down 3.2%

Shares of NYSE PHIN traded down $1.36 during trading on Wednesday, reaching $41.62. The company had a trading volume of 577,895 shares, compared to its average volume of 587,325. The stock has a market cap of $1.66 billion, a P/E ratio of 23.78 and a beta of 1.59. The company's fifty day moving average price is $41.72 and its 200-day moving average price is $46.79. The company has a quick ratio of 1.44, a current ratio of 1.90 and a debt-to-equity ratio of 0.61. PHINIA Inc. has a 12 month low of $36.25 and a 12 month high of $57.23.

PHINIA (NYSE:PHIN - Get Free Report) last released its 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). PHINIA had a net margin of 2.32% and a return on equity of 10.12%. The firm had revenue of $796.00 million for the quarter, compared to analyst estimates of $813.24 million. During the same period in the prior year, the company posted $1.08 EPS. The business's revenue for the quarter was down 7.8% compared to the same quarter last year. As a group, research analysts expect that PHINIA Inc. will post 4.21 earnings per share for the current year.

PHINIA Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 2.59%. The ex-dividend date of this dividend is Monday, June 2nd. PHINIA's dividend payout ratio (DPR) is presently 61.36%.

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.