Focus Partners Wealth Purchases New Stake in PHINIA Inc. (NYSE:PHIN)

Focus Partners Wealth bought a new stake in PHINIA Inc. (NYSE:PHIN - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 8,556 shares of the company's stock, valued at approximately $412,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Smartleaf Asset Management LLC lifted its holdings in shares of PHINIA by 149.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 698 shares of the company's stock valued at $33,000 after purchasing an additional 418 shares during the last quarter. KBC Group NV lifted its holdings in shares of 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. AlphaQuest LLC purchased a new stake in shares of PHINIA in the 4th quarter valued at about $173,000. State of Michigan Retirement System purchased a new stake in shares of PHINIA in the 4th quarter valued at about $203,000. Finally, Optimize Financial Inc purchased a new stake in PHINIA during the 4th quarter valued at approximately $206,000. 90.94% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PHIN has been the subject of several analyst reports. Morgan Stanley reduced their price objective on PHINIA from $50.00 to $46.00 and set an "equal weight" rating for the company in a research note on Monday, May 19th. CL King initiated coverage on PHINIA in a research note on Monday, March 24th. They set a "buy" rating and a $54.00 price objective for the company. Northland Capmk raised PHINIA to a "strong-buy" rating in a research note on Thursday, January 30th. Northland Securities initiated coverage on PHINIA in a research note on Thursday, January 30th. They set an "outperform" rating and a $61.00 price objective for the company. Finally, 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. Three investment 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. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $51.17.

PHINIA Stock Performance

Shares of PHIN stock traded down $0.04 during trading hours on Friday, reaching $42.81. 373,048 shares of the company's stock were exchanged, compared to its average volume of 591,396. The company has a market cap of $1.70 billion, a P/E ratio of 24.46 and a beta of 1.59. The company's 50 day moving average is $41.95 and its two-hundred day moving average is $47.28. PHINIA Inc. has a 1 year low of $36.25 and a 1 year high of $57.23. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.90 and a quick ratio of 1.44.

PHINIA (NYSE:PHIN - Get Free Report) last issued its earnings results on Friday, April 25th. The company reported $0.94 earnings per share (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 return on equity of 10.12% and a net margin of 2.32%. The business's quarterly revenue was down 7.8% on a year-over-year basis. During the same period last year, the company posted $1.08 earnings per share. Equities research 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 will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend is Monday, June 2nd. PHINIA's dividend payout ratio (DPR) is 61.36%.

Insider Transactions at PHINIA

In other news, CEO Brady D. Ericson purchased 10,000 shares of the stock in a transaction that occurred on Wednesday, April 30th. The shares were acquired at an average price of $39.73 per share, for a total transaction of $397,300.00. Following the acquisition, the chief executive officer now directly owns 436,486 shares in the company, valued at approximately $17,341,588.78. The trade was a 2.34% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Meggan M. Walsh purchased 1,400 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was purchased at an average price of $42.71 per share, for a total transaction of $59,794.00. Following the acquisition, the director now owns 7,492 shares in the company, valued at approximately $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. Company insiders own 2.00% of the company's stock.

PHINIA 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.