Allspring Global Investments Holdings LLC Cuts Holdings in PHINIA Inc. (NYSE:PHIN)

Allspring Global Investments Holdings LLC decreased its stake in PHINIA Inc. (NYSE:PHIN) by 17.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,765 shares of the company’s stock after selling 975 shares during the period. Allspring Global Investments Holdings LLC’s holdings in PHINIA were worth $188,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Norges Bank purchased a new stake in PHINIA during the fourth quarter valued at about $16,896,000. Jacobs Levy Equity Management Inc. raised its holdings in shares of PHINIA by 3,027.2% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 438,180 shares of the company’s stock valued at $16,839,000 after buying an additional 424,168 shares in the last quarter. Boston Partners lifted its position in PHINIA by 1,067.0% in the 4th quarter. Boston Partners now owns 463,710 shares of the company’s stock worth $13,975,000 after buying an additional 423,974 shares during the last quarter. Vision One Management Partners LP purchased a new stake in PHINIA in the fourth quarter worth approximately $8,379,000. Finally, Bank of Nova Scotia bought a new position in PHINIA during the fourth quarter valued at approximately $5,058,000. Hedge funds and other institutional investors own 90.94% of the company’s stock.

PHINIA Stock Down 2.3 %

Shares of NYSE:PHIN opened at $46.19 on Friday. The stock has a market capitalization of $2.02 billion, a P/E ratio of 9.33 and a beta of 0.86. The stock’s 50-day moving average price is $44.22 and its 200-day moving average price is $41.24. The company has a current ratio of 1.85, a quick ratio of 1.38 and a debt-to-equity ratio of 0.47. PHINIA Inc. has a 12-month low of $23.46 and a 12-month high of $49.31.

PHINIA (NYSE:PHIN) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $0.88 EPS for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.27). PHINIA had a return on equity of 8.04% and a net margin of 2.48%. The company had revenue of $868.00 million during the quarter, compared to analysts’ expectations of $889.00 million. During the same period last year, the firm earned $1.61 earnings per share. PHINIA’s revenue for the quarter was down 2.1% on a year-over-year basis. On average, equities analysts anticipate that PHINIA Inc. will post 3.37 earnings per share for the current year.

PHINIA Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Friday, August 23rd will be given a dividend of $0.25 per share. The ex-dividend date is Friday, August 23rd. This represents a $1.00 annualized dividend and a yield of 2.16%. PHINIA’s payout ratio is currently 20.20%.

Analysts Set New Price Targets

Separately, UBS Group began coverage on shares of PHINIA in a report on Wednesday. They issued a “buy” rating and a $55.00 price objective for the company.

Insiders Place Their Bets

In other news, VP Michael Coetzee sold 900 shares of the company’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $47.71, for a total transaction of $42,939.00. Following the completion of the transaction, the vice president now directly owns 29,540 shares of the company’s stock, valued at $1,409,353.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.50% of the company’s stock.

PHINIA Company 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.