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

Bank of New York Mellon Corp trimmed its stake in shares of PHINIA Inc. (NYSE:PHIN - Free Report) by 4.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 386,702 shares of the company's stock after selling 16,792 shares during the quarter. Bank of New York Mellon Corp owned 0.97% of PHINIA worth $16,408,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. CX Institutional bought a new stake in shares of PHINIA in the 1st quarter valued at $31,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in PHINIA in the 4th quarter worth $144,000. Optimize Financial Inc acquired a new position in PHINIA in the 4th quarter worth $206,000. Magnetar Financial LLC acquired a new position in PHINIA in the 4th quarter worth $264,000. Finally, Oppenheimer Asset Management Inc. boosted its stake in PHINIA by 11.3% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 5,498 shares of the company's stock worth $233,000 after purchasing an additional 560 shares during the period. 90.94% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Brady D. Ericson acquired 10,000 shares of the company's stock in a transaction dated Wednesday, April 30th. The stock was bought at an average cost of $39.73 per share, with a total value of $397,300.00. Following the acquisition, the chief executive officer owned 436,486 shares of the company's stock, valued at approximately $17,341,588.78. The trade was a 2.34% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Meggan M. Walsh acquired 1,400 shares of the company's stock in a transaction dated Thursday, May 22nd. The shares were bought at an average cost of $42.71 per share, with a total value of $59,794.00. Following the completion of the acquisition, the director directly owned 7,492 shares in the company, valued at $319,983.32. The trade was a 22.98% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 11,423 shares of company stock worth $458,069 in the last ninety days. 2.00% of the stock is currently owned by insiders.

PHINIA Stock Performance

PHIN traded up $0.26 during midday trading on Monday, reaching $48.55. The company had a trading volume of 67,002 shares, compared to its average volume of 535,827. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.36 and a current ratio of 1.85. The stock has a market cap of $1.93 billion, a PE ratio of 27.61, a P/E/G ratio of 0.52 and a beta of 1.49. PHINIA Inc. has a 12-month low of $36.25 and a 12-month high of $57.23. The business has a 50-day moving average price of $44.63 and a two-hundred day moving average price of $45.25.

PHINIA (NYSE:PHIN - Get Free Report) last announced its quarterly earnings results on Friday, April 25th. The company reported $0.94 EPS for the quarter, missing analysts' consensus estimates of $1.04 by ($0.10). The business had revenue of $796.00 million for the quarter, compared to analysts' expectations of $813.24 million. PHINIA had a net margin of 2.28% and a return on equity of 9.88%. The business's quarterly revenue 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, sell-side analysts expect that PHINIA Inc. will post 4.21 earnings per share for the current fiscal year.

PHINIA Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend was Monday, June 2nd. PHINIA's dividend payout ratio (DPR) is presently 61.36%.

Analysts Set New Price Targets

A number of research firms have recently commented on PHIN. 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. UBS Group raised their target price 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. CL King began 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. Bank of America raised their target price 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. Finally, BNP Paribas downgraded 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. Three research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, PHINIA presently has an average rating of "Moderate Buy" and an average target price of $52.33.

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.