Peregrine Capital Management LLC Trims Holdings in PHINIA Inc. (NYSE:PHIN)

Peregrine Capital Management LLC decreased its position in PHINIA Inc. (NYSE:PHIN - Free Report) by 24.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 258,609 shares of the company's stock after selling 85,100 shares during the period. Peregrine Capital Management LLC owned approximately 0.55% of PHINIA worth $7,833,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of PHIN. Oakworth Capital Inc. bought a new position in PHINIA in the 3rd quarter worth about $27,000. Whittier Trust Co. bought a new position in PHINIA in the 3rd quarter worth about $29,000. Truvestments Capital LLC bought a new position in PHINIA in the 3rd quarter worth about $35,000. Salem Investment Counselors Inc. bought a new position in PHINIA in the 3rd quarter worth about $39,000. Finally, Fifth Third Bancorp bought a new position in PHINIA during the 3rd quarter valued at about $42,000. Institutional investors own 90.94% of the company's stock.

Analysts Set New Price Targets

Separately, Morgan Stanley initiated coverage on shares of PHINIA in a research note on Monday, March 11th. They set an "overweight" rating and a $50.00 target price on the stock.

PHINIA Stock Performance

PHIN traded down $1.32 during midday trading on Wednesday, hitting $38.76. 741,135 shares of the company traded hands, compared to its average volume of 671,295. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.68 and a quick ratio of 1.25. The company's 50-day moving average is $35.06 and its 200 day moving average is $30.07. PHINIA Inc. has a 52 week low of $23.46 and a 52 week high of $40.12.

PHINIA (NYSE:PHIN - Get Free Report) last posted its earnings results on Wednesday, February 21st. The company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.06. The company had revenue of $882.00 million for the quarter, compared to the consensus estimate of $900.00 million. PHINIA's revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.75 EPS. Sell-side analysts predict that PHINIA Inc. will post 4.05 earnings per share for the current year.

PHINIA Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Monday, February 26th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.58%. The ex-dividend date was Friday, February 23rd.

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.