HITE Hedge Asset Management LLC Cuts Position in PHINIA Inc. $PHIN

Key Points

• HITE Hedge Asset Management reduced its PHINIA stake by 13.1% in the fourth quarter, selling 36,412 shares and ending with 241,116 shares valued at about $15.1 million.
• PHINIA reported a strong quarterly beat, posting $1.29 EPS versus the $1.13 consensus and revenue of $878 million, up 10.3% year over year.
• The company declared a quarterly dividend of $0.30 per share payable June 23, while two vice presidents also sold shares in recent insider transactions.

HITE Hedge Asset Management LLC trimmed its holdings in shares of PHINIA Inc. (NYSE:PHIN - Free Report) by 13.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 241,116 shares of the company's stock after selling 36,412 shares during the quarter. PHINIA accounts for about 1.0% of HITE Hedge Asset Management LLC's portfolio, making the stock its 26th largest position. HITE Hedge Asset Management LLC owned approximately 0.63% of PHINIA worth $15,116,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PHIN. Larson Financial Group LLC grew its stake in PHINIA by 151.5% during the 4th quarter. Larson Financial Group LLC now owns 425 shares of the company's stock worth $27,000 after buying an additional 256 shares during the last quarter. Federation des caisses Desjardins du Quebec grew its stake in PHINIA by 2,500.0% during the 4th quarter. Federation des caisses Desjardins du Quebec now owns 780 shares of the company's stock worth $49,000 after buying an additional 750 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in PHINIA by 34.4% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 868 shares of the company's stock worth $50,000 after buying an additional 222 shares during the last quarter. MAI Capital Management grew its stake in PHINIA by 845.4% during the 3rd quarter. MAI Capital Management now owns 917 shares of the company's stock worth $53,000 after buying an additional 820 shares during the last quarter. Finally, State of Wyoming purchased a new position in PHINIA during the 2nd quarter worth $60,000. 90.94% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at PHINIA

In other PHINIA news, VP Samantha Pombier sold 2,227 shares of PHINIA stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $82.36, for a total transaction of $183,415.72. Following the completion of the sale, the vice president owned 6,637 shares of the company's stock, valued at approximately $546,623.32. The trade was a 25.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Michael Coetzee sold 1,250 shares of PHINIA stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $80.61, for a total value of $100,762.50. Following the sale, the vice president directly owned 27,009 shares of the company's stock, valued at approximately $2,177,195.49. This represents a 4.42% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 2.20% of the company's stock.

PHINIA Stock Performance

Shares of PHIN opened at $85.25 on Friday. The stock has a 50-day moving average of $75.39 and a two-hundred day moving average of $69.40. PHINIA Inc. has a one year low of $41.59 and a one year high of $86.65. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.32 and a current ratio of 1.82. The stock has a market cap of $3.16 billion, a P/E ratio of 23.81 and a beta of 1.16.

PHINIA (NYSE:PHIN - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The company reported $1.29 EPS for the quarter, topping analysts' consensus estimates of $1.13 by $0.16. PHINIA had a return on equity of 13.23% and a net margin of 3.96%.The company had revenue of $878.00 million during the quarter, compared to analysts' expectations of $838.67 million. During the same quarter in the previous year, the firm posted $0.94 EPS. The firm's revenue was up 10.3% compared to the same quarter last year. As a group, research analysts predict that PHINIA Inc. will post 6.36 EPS for the current year.

PHINIA Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 23rd. Shareholders of record on Tuesday, June 9th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, June 9th. This represents a $1.20 dividend on an annualized basis and a yield of 1.4%. PHINIA's payout ratio is currently 33.52%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PHIN. UBS Group restated a "neutral" rating and set a $76.00 target price on shares of PHINIA in a research note on Friday, February 13th. Freedom Capital downgraded PHINIA from a "strong-buy" rating to a "hold" rating in a research note on Thursday, February 26th. Zacks Research upgraded PHINIA from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, May 13th. KeyCorp began coverage on PHINIA in a research note on Friday. They set an "overweight" rating and a $105.00 target price on the stock. Finally, Northland Securities set a $93.00 target price on PHINIA in a research note on Friday, February 13th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $74.83.

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. The Fuel Systems segment provides advanced fuel injection systems, including pumps, injectors, fuel rail assemblies, and engine control modules; fuel delivery modules; canisters; sensors; and electronic control modules.

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