PHINIA Inc. (NYSE:PHIN) Stake Boosted by Millennium Management LLC

Millennium Management LLC boosted its holdings in shares of PHINIA Inc. (NYSE:PHIN - Free Report) by 28.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,424,949 shares of the company's stock after purchasing an additional 535,222 shares during the period. Millennium Management LLC owned 5.77% of PHINIA worth $116,810,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in PHIN. Smartleaf Asset Management LLC boosted its stake in shares of PHINIA by 149.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 698 shares of the company's stock valued at $33,000 after buying an additional 418 shares during the period. KBC Group NV increased its position in shares of PHINIA by 45.8% during the 4th quarter. KBC Group NV now owns 2,180 shares of the company's stock valued at $105,000 after purchasing an additional 685 shares during the last quarter. AlphaQuest LLC purchased a new stake in shares of PHINIA during the 4th quarter worth approximately $173,000. State of Michigan Retirement System purchased a new position in PHINIA in the 4th quarter valued at approximately $203,000. Finally, Optimize Financial Inc bought a new stake in shares of PHINIA during the 4th quarter worth $206,000. 90.94% of the stock is currently owned by institutional investors.

Insider Transactions at PHINIA

In other news, CEO Brady D. Ericson acquired 10,000 shares of the stock in a transaction that occurred on Wednesday, April 30th. The shares were purchased at an average cost of $39.73 per share, for a total transaction of $397,300.00. Following the transaction, the chief executive officer now directly owns 436,486 shares in the company, valued at approximately $17,341,588.78. This represents a 2.34% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.00% of the company's stock.

PHINIA Price Performance

NYSE:PHIN traded down $0.24 during trading hours on Friday, reaching $44.18. 309,034 shares of the company were exchanged, compared to its average volume of 595,485. The company has a current ratio of 1.90, a quick ratio of 1.44 and a debt-to-equity ratio of 0.61. The stock's 50-day moving average is $41.86 and its 200-day moving average is $47.37. The firm has a market cap of $1.76 billion, a PE ratio of 25.25 and a beta of 1.59. PHINIA Inc. has a twelve month low of $36.25 and a twelve month high of $57.23.

PHINIA (NYSE:PHIN - Get Free Report) last released its earnings results on Friday, April 25th. The company reported $0.94 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.04 by ($0.10). PHINIA had a return on equity of 10.12% and a net margin of 2.32%. The business had revenue of $796.00 million for the quarter, compared to analysts' expectations of $813.24 million. During the same period in the previous year, the company earned $1.08 EPS. PHINIA's quarterly revenue was down 7.8% compared to the same quarter last year. On average, sell-side analysts anticipate that PHINIA Inc. will post 4.21 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on PHIN shares. UBS Group restated a "neutral" rating and issued a $45.00 price objective (down previously from $56.00) on shares of PHINIA in a research report on Thursday, April 10th. Northland Capmk upgraded shares of PHINIA to a "strong-buy" rating in a research report on Thursday, January 30th. Bank of America increased their price objective on shares of PHINIA from $53.00 to $55.00 and gave the stock a "buy" rating in a research note on Thursday. Northland Securities assumed coverage on shares of PHINIA in a research note on Thursday, January 30th. They set an "outperform" rating and a $61.00 target price for the company. Finally, CL King assumed coverage on shares of PHINIA in a report on Monday, March 24th. They issued a "buy" rating and a $54.00 target price for the company. Three equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $51.83.

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.