PHINIA Inc. (NYSE:PHIN) Stake Raised by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC grew its stake in shares of PHINIA Inc. (NYSE:PHIN) by 140.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 69,257 shares of the company’s stock after acquiring an additional 40,468 shares during the period. HITE Hedge Asset Management LLC owned 0.16% of PHINIA worth $3,188,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its position in PHINIA by 147.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 36,512 shares of the company’s stock valued at $1,404,000 after purchasing an additional 21,731 shares in the last quarter. SG Americas Securities LLC increased its stake in PHINIA by 157.3% in the second quarter. SG Americas Securities LLC now owns 100,845 shares of the company’s stock valued at $3,969,000 after purchasing an additional 61,650 shares during the last quarter. Segall Bryant & Hamill LLC acquired a new stake in PHINIA during the third quarter worth about $1,073,000. Royce & Associates LP purchased a new position in PHINIA in the third quarter valued at about $695,000. Finally, American Century Companies Inc. raised its position in shares of PHINIA by 33.2% during the 2nd quarter. American Century Companies Inc. now owns 1,009,106 shares of the company’s stock worth $39,718,000 after purchasing an additional 251,650 shares during the period. Institutional investors and hedge funds own 90.94% of the company’s stock.

PHINIA Trading Up 0.4 %

Shares of PHIN opened at $56.30 on Tuesday. The stock has a 50 day simple moving average of $48.74 and a 200-day simple moving average of $45.70. The stock has a market cap of $2.37 billion, a PE ratio of 24.16 and a beta of 1.09. PHINIA Inc. has a 1 year low of $26.08 and a 1 year high of $57.23. The company has a current ratio of 1.93, a quick ratio of 1.46 and a debt-to-equity ratio of 0.58.

PHINIA (NYSE:PHIN) last posted its quarterly earnings data on Thursday, October 31st. The company reported $1.17 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.38. The firm had revenue of $839.00 million during the quarter, compared to analyst estimates of $829.82 million. PHINIA had a return on equity of 9.79% and a net margin of 3.10%. The business’s quarterly revenue was down 6.4% on a year-over-year basis. During the same period last year, the company posted $0.53 EPS. On average, sell-side analysts predict that PHINIA Inc. will post 3.44 EPS for the current fiscal year.

PHINIA Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Monday, November 25th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.78%. The ex-dividend date is Monday, November 25th. PHINIA’s dividend payout ratio is currently 42.92%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Morgan Stanley lowered PHINIA from an “overweight” rating to an “equal weight” rating and set a $50.00 price objective on the stock. in a research note on Wednesday, September 25th. UBS Group started coverage on shares of PHINIA in a report on Wednesday, September 4th. They issued a “buy” rating and a $55.00 target price on the stock.

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.