Royce & Associates LP Acquires 13,261 Shares of PHINIA Inc. (NYSE:PHIN)

Key Points

• Royce & Associates LP increased its position in PHINIA Inc. by 52.7% in Q1, owning 38,401 shares valued at approximately $1.63 million, highlighting growing institutional interest in the company.
• PHINIA reported an EPS of $1.27 for the quarter, exceeding analyst expectations, with revenue reaching $890 million, up 2.5% compared to the previous year.
• The company announced a quarterly dividend of $0.27 per share, representing an annual yield of 2.00%, with a payout ratio of 41.70%.

Royce & Associates LP grew its stake in PHINIA Inc. (NYSE:PHIN - Free Report) by 52.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 38,401 shares of the company's stock after acquiring an additional 13,261 shares during the quarter. Royce & Associates LP owned 0.10% of PHINIA worth $1,629,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Brandywine Global Investment Management LLC bought a new position in PHINIA in the fourth quarter valued at about $6,874,000. Janney Montgomery Scott LLC lifted its holdings 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 period. Principal Financial Group Inc. lifted its holdings 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 period. Barclays PLC lifted its holdings 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 period. Finally, Nisa Investment Advisors LLC increased 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 worth $725,000 after buying an additional 274 shares in the last quarter. 90.94% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PHIN has been the subject of a number of analyst reports. 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 report on Thursday, May 15th. UBS Group restated a "neutral" rating and issued a $55.00 price target (up previously from $52.00) on shares of PHINIA in a research report on Friday, July 25th. BNP Paribas cut PHINIA from an "outperform" rating to a "neutral" rating and set a $46.00 price target for the company. in a research report on Wednesday, April 23rd. Wall Street Zen upgraded PHINIA from a "hold" rating to a "strong-buy" rating in a research report on Saturday, July 26th. Finally, Morgan Stanley reduced their price target on PHINIA from $50.00 to $46.00 and set an "equal weight" rating for the company in a research report on Monday, May 19th. Three equities research analysts have rated the stock with a hold rating, three have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $52.83.

Insiders Place Their Bets

In other news, Director Meggan M. Walsh purchased 1,400 shares of the business's stock in a transaction on Thursday, May 22nd. The stock was acquired at an average price of $42.71 per share, for a total transaction of $59,794.00. Following the acquisition, the director directly owned 7,492 shares of the company's stock, valued at $319,983.32. This represents a 22.98% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.00% of the stock is owned by corporate insiders.

PHINIA Price Performance

Shares of NYSE:PHIN traded down $0.71 during trading on Friday, hitting $49.99. 131,953 shares of the company's stock were exchanged, compared to its average volume of 520,624. 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 Inc. has a 52-week low of $36.25 and a 52-week high of $57.23. The business's 50-day simple moving average is $45.87 and its 200 day simple moving average is $45.46. The company has a market cap of $1.94 billion, a price-to-earnings ratio of 19.31, a PEG ratio of 0.47 and a beta of 1.49.

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

PHINIA Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Shareholders 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 yield of 2.2%. PHINIA's dividend payout ratio is presently 41.70%.

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.