HITE Hedge Asset Management LLC Acquires 234,574 Shares of PHINIA Inc. $PHIN

Key Points

• HITE Hedge Asset Management LLC increased its stake in PHINIA Inc. by 257.0%, acquiring an additional 234,574 shares to bring its total holdings to 325,853 shares, valued at approximately $13.8 million.
• Several analysts have upgraded their ratings on PHINIA, with UBS recently raising its price target to $55.00 and maintaining a "neutral" rating, while Bank of America upgraded their target from $53.00 to $55.00.
• The company announced a quarterly dividend of $0.27 per share, translating to an annualized dividend of $1.08 and a yield of 2.0%, payable on September 12th.

HITE Hedge Asset Management LLC boosted its holdings in shares of PHINIA Inc. (NYSE:PHIN - Free Report) by 257.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 325,853 shares of the company's stock after buying an additional 234,574 shares during the period. HITE Hedge Asset Management LLC owned approximately 0.82% of PHINIA worth $13,826,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of PHIN. Wells Fargo & Company MN grew its holdings in PHINIA by 6.8% during the fourth quarter. Wells Fargo & Company MN now owns 47,583 shares of the company's stock valued at $2,292,000 after purchasing an additional 3,024 shares during the period. Envestnet Asset Management Inc. boosted its holdings in PHINIA by 5.7% during the 4th quarter. Envestnet Asset Management Inc. now owns 6,870 shares of the company's stock valued at $331,000 after acquiring an additional 373 shares during the period. Barclays PLC raised its holdings in PHINIA by 14.7% during the 4th quarter. Barclays PLC now owns 83,529 shares of the company's stock valued at $4,023,000 after buying an additional 10,724 shares during the last quarter. Mariner LLC increased its position in shares of PHINIA by 1.3% in the fourth quarter. Mariner LLC now owns 19,739 shares of the company's stock valued at $951,000 after acquiring an additional 245 shares during the period. Finally, Commerce Bank raised its position in PHINIA by 1.7% during the 4th quarter. Commerce Bank now owns 13,696 shares of the company's stock valued at $660,000 after purchasing an additional 231 shares during the last quarter. 90.94% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. UBS Group restated a "neutral" rating and issued a $55.00 price objective (up from $52.00) on shares of PHINIA in a report on Friday, July 25th. Bank of America upped their price target on PHINIA from $53.00 to $55.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Morgan Stanley boosted their target price on shares of PHINIA from $46.00 to $48.00 and gave the company an "equal weight" rating in a report on Tuesday, August 12th. Wall Street Zen upgraded shares of PHINIA from a "hold" rating to a "strong-buy" rating in a research note on Saturday, July 26th. Finally, BNP Paribas cut shares of 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. Three research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $53.17.

Insider Buying and Selling at PHINIA

In related news, Director Meggan M. Walsh bought 1,400 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The shares were bought at an average price of $42.71 per share, for a total transaction of $59,794.00. Following the completion of the acquisition, the director owned 7,492 shares of the company's stock, valued at $319,983.32. This trade represents a 22.98% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.00% of the stock is owned by insiders.

PHINIA Trading Down 1.2%

NYSE:PHIN opened at $55.23 on Monday. The stock has a market cap of $2.15 billion, a price-to-earnings ratio of 21.32, a PEG ratio of 0.49 and a beta of 1.51. 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 company's 50 day moving average price is $47.96 and its 200-day moving average price is $45.52. PHINIA Inc. has a 52 week low of $36.25 and a 52 week high of $57.23.

PHINIA (NYSE:PHIN - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $1.27 EPS for the quarter, beating the consensus estimate of $0.99 by $0.28. PHINIA had a return on equity of 10.74% and a net margin of 3.22%. The business had revenue of $890.00 million for the quarter, compared to the consensus estimate of $836.51 million. During the same period last year, the business posted $0.88 EPS. The company's revenue was up 2.5% compared to the same quarter last year. On average, equities research analysts forecast that PHINIA Inc. will post 4.21 earnings per share for the current fiscal year.

PHINIA Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Friday, August 22nd will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, August 22nd. PHINIA's payout ratio is presently 41.70%.

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.

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