Millennium Management LLC Purchases 535,222 Shares of PHINIA Inc. (NYSE:PHIN)

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

Several other hedge funds have also recently bought and sold shares of PHIN. First Trust Advisors LP boosted its position in PHINIA by 32.6% during the 4th quarter. First Trust Advisors LP now owns 1,866,894 shares of the company's stock worth $89,928,000 after acquiring an additional 458,650 shares during the last quarter. Voss Capital LP lifted its holdings in shares of PHINIA by 31.8% during the fourth quarter. Voss Capital LP now owns 1,417,081 shares of the company's stock worth $68,261,000 after buying an additional 342,081 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of PHINIA by 14.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,048,051 shares of the company's stock worth $98,653,000 after purchasing an additional 253,345 shares during the period. Brandywine Global Investment Management LLC bought a new position in shares of PHINIA in the fourth quarter worth $6,874,000. Finally, American Century Companies Inc. grew its position in PHINIA by 8.5% in the fourth quarter. American Century Companies Inc. now owns 1,414,155 shares of the company's stock valued at $68,120,000 after acquiring an additional 110,931 shares during the last quarter. 90.94% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at PHINIA

In related news, CEO Brady D. Ericson bought 10,000 shares of the business's stock in a transaction on Wednesday, April 30th. The stock was bought at an average price 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 $17,341,588.78. This represents a 2.34% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Bank of America boosted their price target on PHINIA from $53.00 to $55.00 and gave the stock a "buy" rating in a report on Thursday. Northland Securities assumed coverage on shares of PHINIA in a report on Thursday, January 30th. They issued an "outperform" rating and a $61.00 price target on the stock. BNP Paribas downgraded shares of PHINIA from an "outperform" rating to a "neutral" rating and set a $46.00 price objective for the company. in a report on Wednesday, April 23rd. UBS Group reaffirmed a "neutral" rating and issued a $45.00 price target (down previously from $56.00) on shares of PHINIA in a report on Thursday, April 10th. Finally, Morgan Stanley reduced their price objective on PHINIA from $50.00 to $46.00 and set an "equal weight" rating on the stock in a research note on Monday. Three investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $51.17.

PHINIA Trading Down 0.7%

Shares of PHIN traded down $0.30 during trading on Monday, reaching $43.90. 98,805 shares of the company traded hands, compared to its average volume of 592,062. The company has a quick ratio of 1.44, a current ratio of 1.90 and a debt-to-equity ratio of 0.61. PHINIA Inc. has a twelve month low of $36.25 and a twelve month high of $57.23. The stock has a market cap of $1.75 billion, a PE ratio of 25.03 and a beta of 1.59. The stock has a 50-day simple moving average of $41.86 and a 200-day simple moving average of $47.40.

PHINIA (NYSE:PHIN - Get Free Report) last announced its quarterly 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 net margin of 2.32% and a return on equity of 10.12%. The company had revenue of $796.00 million during the quarter, compared to analysts' expectations of $813.24 million. During the same quarter in the prior year, the business earned $1.08 EPS. The business's revenue for the quarter was down 7.8% compared to the same quarter last year. On average, analysts anticipate that PHINIA Inc. will post 4.21 earnings per share for the current year.

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.