JPMorgan Chase & Co. Cuts Stock Holdings in PHINIA Inc. $PHIN

JPMorgan Chase & Co. lowered its stake in shares of PHINIA Inc. (NYSE:PHIN) by 8.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 359,429 shares of the company’s stock after selling 33,806 shares during the quarter. JPMorgan Chase & Co.’s holdings in PHINIA were worth $20,660,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Royal Bank of Canada boosted its holdings in PHINIA by 464.8% during the 1st quarter. Royal Bank of Canada now owns 75,745 shares of the company’s stock worth $3,214,000 after acquiring an additional 62,333 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of PHINIA by 62.3% in the first quarter. AQR Capital Management LLC now owns 22,343 shares of the company’s stock valued at $938,000 after purchasing an additional 8,576 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of PHINIA by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,891 shares of the company’s stock valued at $1,056,000 after purchasing an additional 1,093 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of PHINIA by 6.4% during the first quarter. Goldman Sachs Group Inc. now owns 977,177 shares of the company’s stock valued at $41,462,000 after purchasing an additional 58,875 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in PHINIA by 7.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 94,270 shares of the company’s stock worth $4,000,000 after purchasing an additional 6,478 shares during the last quarter. 90.94% of the stock is owned by hedge funds and other institutional investors.

PHINIA Stock Performance

Shares of PHIN stock opened at $67.41 on Wednesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.36 and a current ratio of 1.86. The firm has a market cap of $2.56 billion, a price-to-earnings ratio of 20.74 and a beta of 1.36. PHINIA Inc. has a 52 week low of $36.25 and a 52 week high of $81.11. The firm’s 50-day simple moving average is $70.54 and its two-hundred day simple moving average is $61.77.

PHINIA (NYSE:PHIN) last released its earnings results on Thursday, February 12th. The company reported $1.18 earnings per share for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.17). PHINIA had a net margin of 3.73% and a return on equity of 12.56%. The company had revenue of $889.00 million for the quarter, compared to the consensus estimate of $843.59 million. During the same period in the prior year, the company earned $0.71 earnings per share. The firm’s revenue was up 6.7% on a year-over-year basis. As a group, equities analysts forecast that PHINIA Inc. will post 4.21 earnings per share for the current year.

PHINIA Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 20th. Shareholders of record on Friday, March 6th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.8%. This is a positive change from PHINIA’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend was Friday, March 6th. PHINIA’s dividend payout ratio is currently 36.92%.

Analysts Set New Price Targets

PHIN has been the subject of several analyst reports. Wall Street Zen upgraded shares of PHINIA from a “buy” rating to a “strong-buy” rating in a research note on Sunday, February 22nd. UBS Group restated a “neutral” rating and issued a $76.00 target price on shares of PHINIA in a research note on Friday, February 13th. Freedom Capital downgraded PHINIA from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 26th. Weiss Ratings reiterated a “hold (c)” rating on shares of PHINIA in a report on Monday, December 29th. Finally, Zacks Research raised PHINIA from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 31st. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $68.80.

Insider Buying and Selling at PHINIA

In other PHINIA news, VP Christopher Gustanski sold 3,812 shares of the firm’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $72.73, for a total value of $277,246.76. Following the completion of the sale, the vice president directly owned 14,871 shares of the company’s stock, valued at $1,081,567.83. This trade represents a 20.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Neil Fryer sold 624 shares of the business’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $72.75, for a total value of $45,396.00. Following the completion of the sale, the vice president owned 18,180 shares in the company, valued at approximately $1,322,595. The trade was a 3.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.00% of the stock is currently owned by corporate insiders.

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. The Fuel Systems segment provides advanced fuel injection systems, including pumps, injectors, fuel rail assemblies, and engine control modules; fuel delivery modules; canisters; sensors; and electronic control modules.