Louisiana State Employees Retirement System Purchases New Holdings in PHINIA Inc. $PHIN

Key Points

• Louisiana State Employees Retirement System opened a new position in PHINIA during the first quarter, buying 16,800 shares worth about $1.15 million.
• Institutional interest in PHINIA remains high, with hedge funds and other investors owning 90.94% of the stock; several firms also recently increased their stakes significantly.
• PHINIA reported strong quarterly results, beating earnings and revenue estimates, while analysts currently rate the stock a Moderate Buy with an average price target of $74.83.

Louisiana State Employees Retirement System acquired a new position in PHINIA Inc. (NYSE:PHIN - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 16,800 shares of the company's stock, valued at approximately $1,150,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PHIN. ION Fund Management Ltd bought a new stake in PHINIA in the fourth quarter worth about $32,285,000. Freestone Grove Partners LP grew its stake in shares of PHINIA by 1,206.1% during the fourth quarter. Freestone Grove Partners LP now owns 557,097 shares of the company's stock valued at $34,924,000 after buying an additional 514,442 shares during the last quarter. UBS Group AG raised its holdings in shares of PHINIA by 222.9% in the third quarter. UBS Group AG now owns 466,053 shares of the company's stock worth $26,789,000 after buying an additional 321,708 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in shares of PHINIA in the third quarter worth approximately $8,565,000. Finally, Qube Research & Technologies Ltd lifted its stake in shares of PHINIA by 64.4% during the 3rd quarter. Qube Research & Technologies Ltd now owns 378,477 shares of the company's stock worth $21,755,000 after acquiring an additional 148,210 shares during the last quarter. 90.94% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Wall Street Zen upgraded PHINIA from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 2nd. Zacks Research lowered PHINIA from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 30th. KeyCorp assumed coverage on PHINIA in a research report on Friday, June 12th. They set an "overweight" rating and a $105.00 target price for the company. Finally, Weiss Ratings lowered shares of PHINIA from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, June 23rd. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, PHINIA has a consensus rating of "Moderate Buy" and an average price target of $74.83.

PHINIA Stock Performance

Shares of NYSE:PHIN opened at $75.58 on Friday. The firm has a market cap of $2.80 billion, a PE ratio of 21.11 and a beta of 1.13. The firm's 50 day simple moving average is $78.29 and its 200-day simple moving average is $72.10. PHINIA Inc. has a one year low of $46.70 and a one year high of $86.93. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.32 and a current ratio of 1.82.

PHINIA (NYSE:PHIN - Get Free Report) last issued its earnings results on Thursday, April 30th. The company reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.16. PHINIA had a return on equity of 13.23% and a net margin of 3.96%.The business had revenue of $878.00 million during the quarter, compared to analysts' expectations of $838.67 million. During the same period in the prior year, the business earned $0.94 EPS. The business's revenue for the quarter was up 10.3% compared to the same quarter last year. As a group, equities analysts predict that PHINIA Inc. will post 6.24 EPS for the current year.

PHINIA Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Tuesday, June 9th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Tuesday, June 9th. PHINIA's dividend payout ratio is presently 33.52%.

Insider Buying and Selling

In related news, VP Michael Coetzee sold 1,250 shares of PHINIA stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $80.61, for a total transaction of $100,762.50. Following the transaction, the vice president directly owned 27,009 shares of the company's stock, valued at $2,177,195.49. This trade represents a 4.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Samantha Pombier sold 2,227 shares of the business's stock in a transaction that occurred on 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 transaction, the vice president directly owned 6,637 shares of the company's stock, valued at $546,623.32. This trade represents a 25.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.20% of the stock is currently owned by company insiders.

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. 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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