Prevatt Capital Ltd Buys 60,000 Shares of PHINIA Inc. $PHIN

Key Points

• Prevatt Capital Ltd increased its PHINIA stake by 18.8% in Q1, buying 60,000 more shares to bring its total to 380,000 shares, worth about $26.0 million. PHINIA now makes up roughly 7% of the fund’s portfolio.
• PHINIA reported strong quarterly results, with EPS of $1.29 beating estimates and revenue of $878 million topping expectations. Revenue also rose 10.3% year over year.
• The company paid a quarterly dividend of $0.30 per share, equal to an annualized yield of 1.6%. Meanwhile, analysts currently rate the stock a “Moderate Buy” with an average price target of $74.83.

Prevatt Capital Ltd grew its stake in PHINIA Inc. (NYSE:PHIN - Free Report) by 18.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 380,000 shares of the company's stock after purchasing an additional 60,000 shares during the quarter. PHINIA makes up approximately 7.0% of Prevatt Capital Ltd's investment portfolio, making the stock its 5th largest holding. Prevatt Capital Ltd owned approximately 1.01% of PHINIA worth $26,007,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Royal Bank of Canada boosted its holdings in shares of PHINIA by 464.8% during the 1st quarter. Royal Bank of Canada now owns 75,745 shares of the company's stock worth $3,214,000 after buying an additional 62,333 shares during the period. AQR Capital Management LLC raised its holdings in PHINIA by 62.3% in the 1st quarter. AQR Capital Management LLC now owns 22,343 shares of the company's stock valued at $938,000 after acquiring an additional 8,576 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in PHINIA by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,891 shares of the company's stock valued at $1,056,000 after acquiring an additional 1,093 shares during the period. Goldman Sachs Group Inc. lifted its position in PHINIA by 6.4% during the first quarter. Goldman Sachs Group Inc. now owns 977,177 shares of the company's stock worth $41,462,000 after acquiring an additional 58,875 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in PHINIA by 7.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 94,270 shares of the company's stock worth $4,000,000 after acquiring an additional 6,478 shares during the last quarter. 90.94% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, VP Michael Coetzee sold 1,250 shares of the stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $80.61, for a total transaction of $100,762.50. Following the sale, the vice president directly owned 27,009 shares of the company's stock, valued at approximately $2,177,195.49. This represents a 4.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Samantha Pombier sold 2,227 shares of the stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $82.36, for a total value of $183,415.72. Following the sale, the vice president directly owned 6,637 shares in the company, valued at approximately $546,623.32. This trade represents a 25.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.20% of the stock is owned by company insiders.

PHINIA Stock Performance

NYSE PHIN opened at $75.58 on Friday. The company has a quick ratio of 1.32, a current ratio of 1.82 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $2.80 billion, a P/E ratio of 21.11 and a beta of 1.13. PHINIA Inc. has a 12-month low of $46.70 and a 12-month high of $86.93. The firm has a 50-day moving average price of $78.22 and a two-hundred day moving average price of $72.07.

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

PHINIA Announces Dividend

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

Analysts Set New Price Targets

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

PHINIA 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.