HITE Hedge Asset Management LLC Buys 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 increased its stake in PHINIA Inc. (NYSE:PHIN - Free Report) by 257.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 325,853 shares of the company's stock after purchasing 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 filing with the SEC.

A number of other hedge funds also recently modified their holdings of PHIN. Janney Montgomery Scott LLC grew its position in PHINIA by 8.2% in the first quarter. Janney Montgomery Scott LLC now owns 9,196 shares of the company's stock valued at $390,000 after acquiring an additional 698 shares during the last quarter. Principal Financial Group Inc. grew its position in PHINIA by 0.6% in the first quarter. Principal Financial Group Inc. now owns 229,854 shares of the company's stock valued at $9,753,000 after acquiring an additional 1,270 shares during the last quarter. Barclays PLC grew its position in PHINIA by 14.7% in the fourth quarter. Barclays PLC now owns 83,529 shares of the company's stock valued at $4,023,000 after acquiring an additional 10,724 shares during the last quarter. Nisa Investment Advisors LLC grew its position in PHINIA by 1.6% in the first quarter. Nisa Investment Advisors LLC now owns 17,080 shares of the company's stock valued at $725,000 after acquiring an additional 274 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in PHINIA by 33.8% in the first quarter. Victory Capital Management Inc. now owns 236,760 shares of the company's stock valued at $10,046,000 after acquiring an additional 59,808 shares during the last quarter. 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 analyst reports. Bank of America lifted their target price on PHINIA from $53.00 to $55.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. UBS Group reiterated a "neutral" rating and issued a $55.00 target price (up previously from $52.00) on shares of PHINIA in a research report on Friday, July 25th. Morgan Stanley lifted their price target on PHINIA from $46.00 to $48.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 12th. Finally, Wall Street Zen raised PHINIA from a "hold" rating to a "strong-buy" rating in a research note on Saturday, July 26th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, PHINIA currently has a consensus rating of "Moderate Buy" and a consensus price target of $53.17.

PHINIA Trading Up 3.6%

Shares of PHINIA stock traded up $2.0060 during midday trading on Friday, reaching $58.3360. The company had a trading volume of 548,309 shares, compared to its average volume of 432,628. The stock has a fifty day moving average price of $49.24 and a 200 day moving average price of $45.79. PHINIA Inc. has a fifty-two week low of $36.25 and a fifty-two week high of $58.41. The firm has a market cap of $2.27 billion, a PE ratio of 22.52, a P/E/G ratio of 0.50 and a beta of 1.51. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.86 and a quick ratio of 1.36.

PHINIA (NYSE:PHIN - Get Free Report) last announced 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 analysts' expectations of $836.51 million. During the same period in the prior year, the business posted $0.88 earnings per share. The firm's revenue was up 2.5% on a year-over-year basis. PHINIA has set its FY 2025 guidance at EPS. On average, equities analysts anticipate that PHINIA Inc. will post 4.21 earnings per share for the current year.

PHINIA Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Friday, August 22nd will be issued a $0.27 dividend. The ex-dividend date is Friday, August 22nd. This represents a $1.08 annualized dividend and a yield of 1.9%. PHINIA's dividend payout ratio is presently 41.70%.

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.