HITE Hedge Asset Management LLC Has $15.95 Million Holdings in PHINIA Inc. $PHIN

HITE Hedge Asset Management LLC cut its stake in PHINIA Inc. (NYSE:PHIN) by 38.3% in the third quarter, Holdings Channel.com reports. The firm owned 277,528 shares of the company’s stock after selling 172,323 shares during the period. HITE Hedge Asset Management LLC’s holdings in PHINIA were worth $15,952,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Voss Capital LP increased its holdings in shares of PHINIA by 10.8% during the 2nd quarter. Voss Capital LP now owns 2,290,000 shares of the company’s stock worth $101,882,000 after purchasing an additional 222,658 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of PHINIA by 0.5% in the third quarter. Dimensional Fund Advisors LP now owns 2,256,782 shares of the company’s stock valued at $129,719,000 after buying an additional 10,750 shares during the period. American Century Companies Inc. lifted its stake in shares of PHINIA by 4.7% in the third quarter. American Century Companies Inc. now owns 1,641,916 shares of the company’s stock valued at $94,377,000 after buying an additional 74,430 shares during the period. LSV Asset Management grew its position in PHINIA by 13.8% during the third quarter. LSV Asset Management now owns 1,364,534 shares of the company’s stock worth $78,433,000 after buying an additional 165,316 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its position in PHINIA by 6.4% during the first quarter. Goldman Sachs Group Inc. now owns 977,177 shares of the company’s stock worth $41,462,000 after buying an additional 58,875 shares in the last quarter. 90.94% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have commented on the company. UBS Group reaffirmed a “neutral” rating and issued a $76.00 price target on shares of PHINIA in a report on Friday, February 13th. Northland Securities set a $93.00 price objective on PHINIA in a report on Friday, February 13th. Freedom Capital cut PHINIA from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 26th. Wall Street Zen upgraded PHINIA from a “buy” rating to a “strong-buy” rating in a research note on Sunday, February 22nd. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of PHINIA in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.33.

PHINIA Stock Performance

NYSE PHIN opened at $64.03 on Friday. PHINIA Inc. has a twelve month low of $36.25 and a twelve month high of $81.11. The company has a quick ratio of 1.36, a current ratio of 1.86 and a debt-to-equity ratio of 0.61. The stock has a market cap of $2.43 billion, a P/E ratio of 19.70 and a beta of 1.36. The company’s 50-day simple moving average is $71.05 and its 200 day simple moving average is $61.41.

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

PHINIA Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be given a dividend of $0.30 per share. This is a boost from PHINIA’s previous quarterly dividend of $0.27. The ex-dividend date is Friday, March 6th. This represents a $1.20 annualized dividend and a dividend yield of 1.9%. PHINIA’s dividend payout ratio is 36.92%.

Insider Buying and Selling at PHINIA

In related news, VP Christopher Gustanski sold 3,812 shares of the business’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 sale, the vice president owned 14,871 shares of the company’s stock, valued at $1,081,567.83. The trade was a 20.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Neil Fryer sold 624 shares of the company’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 $1,322,595. This trade represents a 3.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.00% of the stock is owned by insiders.

About PHINIA

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.