Nuveen Asset Management LLC Trims Stake in PHINIA Inc. (NYSE:PHIN)

Nuveen Asset Management LLC lessened its stake in PHINIA Inc. (NYSE:PHIN - Free Report) by 13.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 258,302 shares of the company's stock after selling 41,416 shares during the quarter. Nuveen Asset Management LLC owned about 0.61% of PHINIA worth $12,442,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in PHIN. Millennium Management LLC increased its position in shares of PHINIA by 28.3% in the 4th quarter. Millennium Management LLC now owns 2,424,949 shares of the company's stock worth $116,810,000 after purchasing an additional 535,222 shares during the last quarter. Hudson Bay Capital Management LP grew its position in PHINIA by 64.3% during the fourth quarter. Hudson Bay Capital Management LP now owns 115,000 shares of the company's stock valued at $5,540,000 after purchasing an additional 45,000 shares in the last quarter. Gotham Asset Management LLC grew its position in PHINIA by 24.1% during the fourth quarter. Gotham Asset Management LLC now owns 180,725 shares of the company's stock valued at $8,706,000 after purchasing an additional 35,062 shares in the last quarter. Focus Partners Wealth purchased a new position in PHINIA during the fourth quarter valued at approximately $412,000. Finally, Ethic Inc. purchased a new position in PHINIA during the fourth quarter valued at approximately $651,000. Institutional investors and hedge funds own 90.94% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PHIN. Bank of America upped their price objective on shares of PHINIA from $53.00 to $55.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. CL King began coverage on shares of PHINIA in a report on Monday, March 24th. They set a "buy" rating and a $54.00 price objective for the company. UBS Group reaffirmed a "neutral" rating and set a $45.00 price objective (down from $56.00) on shares of PHINIA in a report on Thursday, April 10th. Morgan Stanley decreased their price objective on shares of PHINIA from $50.00 to $46.00 and set an "equal weight" rating for the company in a report on Monday, May 19th. Finally, BNP Paribas cut shares of PHINIA from an "outperform" rating to a "neutral" rating and set a $46.00 target price for the company. in a research note on Wednesday, April 23rd. Three analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $51.17.

Insider Transactions at PHINIA

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

PHINIA Stock Performance

PHIN stock traded down $0.37 during midday trading on Friday, reaching $43.39. 630,705 shares of the company were exchanged, compared to its average volume of 588,639. 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 business has a 50-day moving average price of $41.84 and a two-hundred day moving average price of $46.96. PHINIA Inc. has a one year low of $36.25 and a one year high of $57.23. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of 24.79 and a beta of 1.59.

PHINIA (NYSE:PHIN - Get Free Report) last posted 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). The firm had revenue of $796.00 million for the quarter, compared to the consensus estimate of $813.24 million. PHINIA had a return on equity of 10.12% and a net margin of 2.32%. The company's revenue for the quarter was down 7.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.08 EPS. Equities research analysts forecast that PHINIA Inc. will post 4.21 EPS for the current year.

PHINIA Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date is Monday, June 2nd. PHINIA's payout ratio is 61.36%.

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.