PHINIA Inc. (NYSE:PHIN) Shares Acquired by ABS Direct Equity Fund LLC

ABS Direct Equity Fund LLC grew its position in PHINIA Inc. (NYSE:PHIN - Free Report) by 20.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,000 shares of the company's stock after purchasing an additional 10,000 shares during the period. PHINIA makes up approximately 3.4% of ABS Direct Equity Fund LLC's holdings, making the stock its 12th largest holding. ABS Direct Equity Fund LLC owned approximately 0.15% of PHINIA worth $2,546,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Principal Financial Group Inc. boosted its position in PHINIA by 0.4% during the 4th quarter. Principal Financial Group Inc. now owns 228,584 shares of the company's stock valued at $11,011,000 after purchasing an additional 842 shares during the period. Handelsbanken Fonder AB acquired a new position in PHINIA during the fourth quarter valued at $776,000. QRG Capital Management Inc. grew its stake in PHINIA by 29.1% in the fourth quarter. QRG Capital Management Inc. now owns 9,610 shares of the company's stock valued at $463,000 after purchasing an additional 2,168 shares in the last quarter. Smartleaf Asset Management LLC grew its stake in PHINIA by 149.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 698 shares of the company's stock valued at $33,000 after purchasing an additional 418 shares in the last quarter. Finally, State of Michigan Retirement System purchased a new position in PHINIA in the fourth quarter valued at about $203,000. 90.94% of the stock is currently owned by hedge funds and other institutional investors.

PHINIA Trading Down 3.9%

NYSE:PHIN opened at $42.10 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.90 and a quick ratio of 1.44. The company has a market cap of $1.68 billion, a P/E ratio of 24.06 and a beta of 1.55. PHINIA Inc. has a 1 year low of $36.25 and a 1 year high of $57.23. The stock's fifty day moving average price is $42.11 and its two-hundred day moving average price is $46.20.

PHINIA (NYSE:PHIN - Get Free Report) last announced its quarterly earnings data on Friday, April 25th. The company reported $0.94 earnings per share for the quarter, missing the consensus estimate of $1.04 by ($0.10). PHINIA had a net margin of 2.32% and a return on equity of 10.12%. The company had revenue of $796.00 million during the quarter, compared to the consensus estimate of $813.24 million. During the same quarter in the previous year, the firm posted $1.08 EPS. The business's revenue for the quarter was down 7.8% compared to the same quarter last year. As a group, analysts expect that PHINIA Inc. will post 4.21 EPS for the current year.

PHINIA Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date is Monday, June 2nd. PHINIA's dividend payout ratio is 61.36%.

Insider Buying and Selling at PHINIA

In other news, CEO Brady D. Ericson purchased 10,000 shares of the stock in a transaction that occurred on Wednesday, April 30th. The stock was purchased at an average price of $39.73 per share, for a total transaction of $397,300.00. Following the completion of the acquisition, the chief executive officer now owns 436,486 shares of the company's stock, valued at approximately $17,341,588.78. This trade represents a 2.34% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Meggan M. Walsh purchased 1,400 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was purchased at an average price of $42.71 per share, with a total value of $59,794.00. Following the acquisition, the director now directly owns 7,492 shares of the company's stock, valued at $319,983.32. This trade represents a 22.98% increase in their position. The disclosure for this purchase can be found here. 2.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PHIN has been the subject of several research analyst reports. CL King initiated coverage on PHINIA in a research report on Monday, March 24th. They set a "buy" rating and a $54.00 price objective for the company. BNP Paribas downgraded PHINIA from an "outperform" rating to a "neutral" rating and set a $46.00 price objective for the company. in a research report on Wednesday, April 23rd. UBS Group reissued a "neutral" rating and issued a $45.00 target price (down from $56.00) on shares of PHINIA in a report on Thursday, April 10th. Morgan Stanley dropped their price target on PHINIA from $50.00 to $46.00 and set an "equal weight" rating for the company in a report on Monday, May 19th. Finally, Bank of America boosted their target price on PHINIA from $53.00 to $55.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Three research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, PHINIA currently has an average rating of "Moderate Buy" and a consensus target price of $51.17.

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.

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