ABS Direct Equity Fund LLC Has $2.55 Million Stock Holdings in PHINIA Inc. (NYSE:PHIN)

ABS Direct Equity Fund LLC grew its holdings in shares of PHINIA Inc. (NYSE:PHIN - Free Report) by 20.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 60,000 shares of the company's stock after buying an additional 10,000 shares during the quarter. PHINIA accounts for 3.4% of ABS Direct Equity Fund LLC's portfolio, making the stock its 12th largest position. ABS Direct Equity Fund LLC owned about 0.15% of PHINIA worth $2,546,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in PHIN. Brandywine Global Investment Management LLC bought a new stake in PHINIA in the fourth quarter valued at about $6,874,000. Barclays PLC boosted its holdings in PHINIA by 14.7% in the fourth quarter. Barclays PLC now owns 83,529 shares of the company's stock worth $4,023,000 after purchasing an additional 10,724 shares during the period. Alliancebernstein L.P. increased its stake in PHINIA by 4.2% during the fourth quarter. Alliancebernstein L.P. now owns 60,963 shares of the company's stock valued at $2,937,000 after purchasing an additional 2,445 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of PHINIA by 0.4% during the fourth quarter. Principal Financial Group Inc. now owns 228,584 shares of the company's stock worth $11,011,000 after purchasing an additional 842 shares during the period. Finally, Handelsbanken Fonder AB bought a new position in shares of PHINIA in the 4th quarter worth about $776,000. Hedge funds and other institutional investors own 90.94% of the company's stock.

PHINIA Stock Performance

PHIN stock traded up $0.48 on Wednesday, reaching $42.63. The company's stock had a trading volume of 516,491 shares, compared to its average volume of 582,361. The firm has a fifty day moving average of $42.23 and a two-hundred day moving average of $46.01. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.85 and a quick ratio of 1.36. The company has a market capitalization of $1.70 billion, a P/E ratio of 24.22, a price-to-earnings-growth ratio of 0.47 and a beta of 1.55. PHINIA Inc. has a 52 week low of $36.25 and a 52 week high of $57.23.

PHINIA (NYSE:PHIN - Get Free Report) last issued its quarterly earnings data on Friday, April 25th. The company reported $0.94 earnings per share for the quarter, missing analysts' consensus estimates of $1.04 by ($0.10). The company had revenue of $796.00 million for the quarter, compared to the consensus estimate of $813.24 million. PHINIA had a net margin of 2.28% and a return on equity of 9.88%. PHINIA's revenue for the quarter was down 7.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.08 earnings per share. As a group, analysts predict that PHINIA Inc. will post 4.21 EPS for the current fiscal year.

PHINIA Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were issued a $0.27 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $1.08 annualized dividend and a dividend yield of 2.53%. PHINIA's dividend payout ratio (DPR) is 61.36%.

Insider Activity at PHINIA

In other PHINIA news, Director Meggan M. Walsh purchased 1,400 shares of the stock in a transaction dated Thursday, May 22nd. The shares were acquired at an average price of $42.71 per share, for a total transaction of $59,794.00. Following the completion of the acquisition, the director now owns 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 filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Brady D. Ericson purchased 10,000 shares of the company's stock in a transaction that occurred on Wednesday, April 30th. The shares were acquired at an average cost of $39.73 per share, for a total transaction of $397,300.00. Following the completion of the transaction, the chief executive officer now directly owns 436,486 shares of the company's stock, valued at $17,341,588.78. This trade represents a 2.34% increase in their position. The disclosure for this purchase can be found here. Insiders bought 11,423 shares of company stock valued at $458,069 over the last 90 days. 2.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. UBS Group reaffirmed a "neutral" rating and issued a $45.00 price target (down from $56.00) on shares of PHINIA in a report on Thursday, April 10th. BNP Paribas lowered PHINIA from an "outperform" rating to a "neutral" rating and set a $46.00 target price for the company. in a report on Wednesday, April 23rd. Bank of America raised their price target on PHINIA from $53.00 to $55.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. CL King assumed 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. Finally, Morgan Stanley dropped their target price on PHINIA from $50.00 to $46.00 and set an "equal weight" rating on the stock in a research report on Monday, May 19th. Three investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus 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.