Rock Creek Group LP Purchases Shares of 35,000 PHINIA Inc. (NYSE:PHIN)

Key Points

• Rock Creek Group LP has acquired a new stake in PHINIA Inc., purchasing 35,000 shares valued at approximately $1.49 million, making it the firm's 28th largest position.
• PHINIA reported earnings of $1.27 per share, exceeding analysts' expectations, with revenue of $890 million for the quarter, which is a 2.5% increase year-over-year.
• The company announced a quarterly dividend of $0.27, scheduled for payment on September 12th, representing an annual yield of 2.0%.

Rock Creek Group LP acquired a new stake in shares of PHINIA Inc. (NYSE:PHIN - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 35,000 shares of the company's stock, valued at approximately $1,485,000. PHINIA accounts for approximately 0.2% of Rock Creek Group LP's holdings, making the stock its 28th largest holding. Rock Creek Group LP owned 0.09% of PHINIA as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. CX Institutional purchased a new stake in PHINIA during the 1st quarter worth $31,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in PHINIA during the 4th quarter worth $144,000. Optimize Financial Inc purchased a new stake in PHINIA during the 4th quarter worth $206,000. One Wealth Advisors LLC purchased a new stake in PHINIA during the 1st quarter worth $210,000. Finally, Oppenheimer Asset Management Inc. boosted its position in PHINIA by 11.3% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 5,498 shares of the company's stock worth $233,000 after purchasing an additional 560 shares during the period. 90.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PHIN. BNP Paribas cut shares of 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 $55.00 price objective (up from $52.00) on shares of PHINIA in a research report on Friday, July 25th. Bank of America upped their price objective on shares of PHINIA from $53.00 to $55.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Wall Street Zen raised shares of PHINIA from a "hold" rating to a "strong-buy" rating in a research report on Saturday, July 26th. Finally, Morgan Stanley upped their price objective on shares of PHINIA from $46.00 to $48.00 and gave the company an "equal weight" rating in a research report on Tuesday. Three analysts have rated the stock with a hold rating, three have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $53.17.

Insider Activity

In related news, Director Meggan M. Walsh bought 1,400 shares of the business's 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 purchase, the director owned 7,492 shares in the company, valued at $319,983.32. This trade represents a 22.98% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 2.00% of the company's stock.

PHINIA Stock Down 1.2%

Shares of PHINIA stock traded down $0.66 during trading on Friday, reaching $55.23. The company had a trading volume of 295,178 shares, compared to its average volume of 476,336. The company has a market cap of $2.15 billion, a price-to-earnings ratio of 21.32, a price-to-earnings-growth ratio of 0.50 and a beta of 1.51. The firm's fifty day moving average is $47.96 and its 200-day moving average is $45.59. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.36 and a current ratio of 1.86. PHINIA Inc. has a fifty-two week low of $36.25 and a fifty-two week high of $57.23.

PHINIA (NYSE:PHIN - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $1.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.99 by $0.28. The business had revenue of $890.00 million for the quarter, compared to analyst estimates of $836.51 million. PHINIA had a net margin of 3.22% and a return on equity of 10.74%. The company's revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.88 EPS. On average, analysts anticipate that PHINIA Inc. will post 4.21 EPS for the current year.

PHINIA Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Friday, August 22nd will be paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Friday, August 22nd. PHINIA's dividend payout ratio is 41.70%.

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.