HITE Hedge Asset Management LLC Has $4.40 Million Holdings in PHINIA Inc. (NYSE:PHIN)

HITE Hedge Asset Management LLC grew its position in shares of PHINIA Inc. (NYSE:PHIN - Free Report) by 31.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 91,279 shares of the company's stock after buying an additional 22,022 shares during the period. HITE Hedge Asset Management LLC owned approximately 0.22% of PHINIA worth $4,397,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of PHIN. Smartleaf Asset Management LLC raised its stake in PHINIA by 149.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 698 shares of the company's stock worth $33,000 after purchasing an additional 418 shares in the last quarter. KBC Group NV increased its holdings in shares of PHINIA by 45.8% during the fourth quarter. KBC Group NV now owns 2,180 shares of the company's stock worth $105,000 after purchasing an additional 685 shares during the period. AlphaQuest LLC acquired a new stake in shares of PHINIA in the fourth quarter valued at approximately $173,000. State of Michigan Retirement System bought a new stake in shares of PHINIA in the fourth quarter valued at approximately $203,000. Finally, Optimize Financial Inc acquired a new stake in PHINIA during the fourth quarter worth approximately $206,000. Institutional investors and hedge funds own 90.94% of the company's stock.

PHINIA Price Performance

Shares of PHINIA stock traded up $0.87 during midday trading on Wednesday, hitting $42.80. 190,616 shares of the company traded hands, compared to its average volume of 608,676. The stock has a market cap of $1.70 billion, a price-to-earnings ratio of 24.46 and a beta of 1.56. PHINIA Inc. has a 12 month low of $36.25 and a 12 month high of $57.23. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.44 and a current ratio of 1.90. The firm's fifty day moving average price is $44.09 and its 200-day moving average price is $47.76.

PHINIA (NYSE:PHIN - Get Free Report) last announced its quarterly earnings results on Thursday, February 13th. The company reported $0.71 EPS for the quarter, missing analysts' consensus estimates of $0.80 by ($0.09). PHINIA had a net margin of 2.32% and a return on equity of 10.12%. The firm had revenue of $833.00 million for the quarter, compared to analyst estimates of $811.94 million. As a group, sell-side analysts forecast that PHINIA Inc. will post 4.21 earnings per share for the current year.

PHINIA Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were paid a dividend of $0.27 per share. The ex-dividend date was Friday, February 28th. This represents a $1.08 annualized dividend and a dividend yield of 2.52%. This is an increase from PHINIA's previous quarterly dividend of $0.25. PHINIA's dividend payout ratio (DPR) is presently 61.71%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on PHIN shares. Bank of America started coverage on PHINIA in a report on Thursday, April 10th. They issued a "buy" rating and a $53.00 price objective for the company. CL King assumed coverage on shares of PHINIA in a research report on Monday, March 24th. They set a "buy" rating and a $54.00 price objective for the company. UBS Group reissued a "neutral" rating and issued a $45.00 target price (down from $56.00) on shares of PHINIA in a report on Thursday, April 10th. BNP Paribas downgraded shares of PHINIA from an "outperform" rating to a "neutral" rating and set a $46.00 price target for the company. in a report on Wednesday. Finally, Northland Capmk raised shares of PHINIA to a "strong-buy" rating in a research note on Thursday, January 30th. Three equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $51.50.

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.