Verition Fund Management LLC Purchases Shares of 6,545 PHINIA Inc. (NYSE:PHIN)

Verition Fund Management LLC purchased a new position in PHINIA Inc. (NYSE:PHIN) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,545 shares of the company’s stock, valued at approximately $301,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Pacer Advisors Inc. bought a new position in PHINIA in the 3rd quarter worth about $80,154,000. Dimensional Fund Advisors LP increased its position in shares of PHINIA by 19.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,317,846 shares of the company’s stock worth $51,869,000 after purchasing an additional 215,150 shares during the last quarter. American Century Companies Inc. lifted its position in PHINIA by 33.2% during the second quarter. American Century Companies Inc. now owns 1,009,106 shares of the company’s stock valued at $39,718,000 after purchasing an additional 251,650 shares during the last quarter. LSV Asset Management lifted its position in PHINIA by 0.7% during the second quarter. LSV Asset Management now owns 780,569 shares of the company’s stock valued at $30,723,000 after purchasing an additional 5,792 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in PHINIA by 12.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 532,759 shares of the company’s stock worth $20,969,000 after buying an additional 57,068 shares in the last quarter. Hedge funds and other institutional investors own 90.94% of the company’s stock.

Analyst Ratings Changes

PHIN has been the subject of a number of research analyst reports. Morgan Stanley downgraded shares of PHINIA from an “overweight” rating to an “equal weight” rating and set a $50.00 price objective for the company. in a report on Wednesday, September 25th. UBS Group assumed coverage on PHINIA in a research note on Wednesday, September 4th. They set a “buy” rating and a $55.00 price target for the company.

PHINIA Trading Down 1.2 %

Shares of PHIN opened at $52.67 on Friday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.46 and a current ratio of 1.93. PHINIA Inc. has a fifty-two week low of $27.71 and a fifty-two week high of $57.23. The firm has a 50 day moving average price of $49.99 and a 200-day moving average price of $46.25. The firm has a market cap of $2.22 billion, a price-to-earnings ratio of 22.61 and a beta of 1.10.

PHINIA (NYSE:PHIN) last posted its quarterly earnings results 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 business had revenue of $839.00 million during the quarter, compared to the consensus estimate of $829.82 million. PHINIA had a net margin of 3.10% and a return on equity of 9.79%. The firm’s revenue for the quarter was down 6.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.53 earnings per share. As a group, equities research analysts forecast that PHINIA Inc. will post 3.44 earnings per share for the current year.

PHINIA Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Monday, November 25th were given a dividend of $0.25 per share. The ex-dividend date was Monday, November 25th. This represents a $1.00 annualized dividend and a yield of 1.90%. PHINIA’s payout ratio is 42.92%.

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.