Victory Capital Management Inc. Acquires 59,808 Shares of PHINIA Inc. (NYSE:PHIN)

Victory Capital Management Inc. boosted its holdings in shares of PHINIA Inc. (NYSE:PHIN - Free Report) by 33.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 236,760 shares of the company's stock after buying an additional 59,808 shares during the quarter. Victory Capital Management Inc. owned approximately 0.59% of PHINIA worth $10,046,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of PHIN. CX Institutional acquired a new stake in PHINIA during the first quarter worth approximately $31,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in PHINIA during the fourth quarter worth $144,000. Optimize Financial Inc bought a new stake in PHINIA during the fourth quarter worth $206,000. Oppenheimer Asset Management Inc. lifted its stake in PHINIA by 11.3% during the first 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 last quarter. Finally, Bryce Point Capital LLC bought a new stake in PHINIA during the fourth quarter worth $271,000. Institutional investors and hedge funds own 90.94% of the company's stock.

PHINIA Stock Up 4.8%

Shares of PHIN traded up $2.38 during trading hours on Friday, hitting $52.28. The stock had a trading volume of 646,059 shares, compared to its average volume of 418,783. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.86 and a quick ratio of 1.36. The firm has a 50 day simple moving average of $44.99 and a 200-day simple moving average of $45.30. The firm has a market capitalization of $2.08 billion, a P/E ratio of 20.19, a price-to-earnings-growth ratio of 0.53 and a beta of 1.49. PHINIA Inc. has a 1-year low of $36.25 and a 1-year high of $57.23.

PHINIA (NYSE:PHIN - Get Free Report) last released its quarterly 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 during the quarter, compared to the consensus estimate of $836.51 million. PHINIA had a return on equity of 10.74% and a net margin of 3.22%. The company's quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.88 EPS. Sell-side analysts predict that PHINIA Inc. will post 4.21 EPS for the current fiscal year.

PHINIA Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were paid a dividend of $0.27 per share. The ex-dividend date was Monday, June 2nd. This represents a $1.08 dividend on an annualized basis and a yield of 2.07%. PHINIA's dividend payout ratio (DPR) is currently 61.36%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on PHIN shares. Morgan Stanley cut their target price on PHINIA from $50.00 to $46.00 and set an "equal weight" rating for the company in a research note on Monday, May 19th. BNP Paribas cut PHINIA from an "outperform" rating to a "neutral" rating and set a $46.00 price target for the company. in a research note on Wednesday, April 23rd. UBS Group raised their target price on PHINIA from $52.00 to $55.00 and gave the stock a "neutral" rating in a research report on Friday. Finally, Bank of America raised 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 equities research 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. According to data from MarketBeat, PHINIA currently has a consensus rating of "Moderate Buy" and an average price target of $52.83.

Insider Transactions at PHINIA

In other news, CEO Brady D. Ericson bought 10,000 shares of the company's stock in a transaction on Wednesday, April 30th. The shares were purchased at an average price of $39.73 per share, with a total value of $397,300.00. Following the transaction, the chief executive officer directly owned 436,486 shares in the company, valued at $17,341,588.78. This represents a 2.34% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Meggan M. Walsh bought 1,400 shares of the company's stock in a transaction on Thursday, May 22nd. The shares were purchased at an average cost of $42.71 per share, for a total transaction of $59,794.00. Following the transaction, the director owned 7,492 shares in the company, valued at approximately $319,983.32. This represents a 22.98% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 11,423 shares of company stock valued at $458,069 in the last quarter. Company insiders own 2.00% of the company's stock.

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.