First Citizens Bank & Trust Co. Makes New Investment in PHINIA Inc. $PHIN

First Citizens Bank & Trust Co. purchased a new stake in shares of PHINIA Inc. (NYSE:PHIN - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 13,312 shares of the company's stock, valued at approximately $592,000.

Other institutional investors have also recently made changes to their positions in the company. Janney Montgomery Scott LLC lifted its position in shares of PHINIA by 8.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 9,196 shares of the company's stock valued at $390,000 after buying an additional 698 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of PHINIA by 0.6% during the 1st quarter. Principal Financial Group Inc. now owns 229,854 shares of the company's stock valued at $9,753,000 after buying an additional 1,270 shares during the last quarter. ABS Direct Equity Fund LLC lifted its position in shares of PHINIA by 16.7% during the 2nd quarter. ABS Direct Equity Fund LLC now owns 70,000 shares of the company's stock valued at $3,114,000 after buying an additional 10,000 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in shares of PHINIA by 1.6% during the 1st quarter. Nisa Investment Advisors LLC now owns 17,080 shares of the company's stock valued at $725,000 after buying an additional 274 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. purchased a new position in shares of PHINIA during the 2nd quarter valued at $581,000. Hedge funds and other institutional investors own 90.94% of the company's stock.

Wall Street Analysts Forecast Growth

PHIN has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of PHINIA in a research report on Saturday. Citigroup reiterated a "neutral" rating on shares of PHINIA in a research note on Tuesday, October 14th. UBS Group boosted their price objective on PHINIA from $55.00 to $62.00 and gave the company a "neutral" rating in a research note on Monday, October 6th. Wall Street Zen upgraded PHINIA from a "hold" rating to a "strong-buy" rating in a research note on Saturday, July 26th. Finally, Zacks Research lowered PHINIA from a "strong-buy" rating to a "hold" rating in a research note on Friday, October 10th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, PHINIA currently has an average rating of "Moderate Buy" and an average price target of $55.83.

PHINIA Price Performance

Shares of NYSE PHIN opened at $54.72 on Friday. The firm has a market capitalization of $2.13 billion, a P/E ratio of 21.13, a P/E/G ratio of 0.53 and a beta of 1.48. The company has a quick ratio of 1.36, a current ratio of 1.86 and a debt-to-equity ratio of 0.59. The stock's 50-day simple moving average is $56.57 and its two-hundred day simple moving average is $49.14. PHINIA Inc. has a twelve month low of $36.25 and a twelve month high of $59.88.

PHINIA (NYSE:PHIN - Get Free Report) last announced its earnings results on Thursday, July 24th. The company reported $1.27 earnings per share for the quarter, topping analysts' consensus estimates of $0.99 by $0.28. The business had revenue of $890.00 million for the quarter, compared to analyst estimates of $836.51 million. PHINIA had a return on equity of 10.74% and a net margin of 3.22%.The company's quarterly revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.88 EPS. As a group, equities analysts anticipate that PHINIA Inc. will post 4.21 EPS for the current fiscal year.

PHINIA Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Friday, August 22nd were paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date was Friday, August 22nd. PHINIA's dividend payout ratio is currently 41.70%.

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.

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