ABS Direct Equity Fund LLC Has $1.37 Million Position in PHINIA Inc. $PHIN

ABS Direct Equity Fund LLC cut its position in shares of PHINIA Inc. (NYSE:PHIN) by 55.5% in the first quarter, Holdings Channel reports. The institutional investor owned 20,003 shares of the company’s stock after selling 24,997 shares during the period. ABS Direct Equity Fund LLC’s holdings in PHINIA were worth $1,369,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. ION Fund Management Ltd bought a new stake in PHINIA in the 4th quarter valued at approximately $32,285,000. Freestone Grove Partners LP grew its stake in shares of PHINIA by 1,206.1% during the 4th quarter. Freestone Grove Partners LP now owns 557,097 shares of the company’s stock worth $34,924,000 after acquiring an additional 514,442 shares in the last quarter. UBS Group AG grew its stake in shares of PHINIA by 222.9% during the 3rd quarter. UBS Group AG now owns 466,053 shares of the company’s stock worth $26,789,000 after acquiring an additional 321,708 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in shares of PHINIA in the third quarter valued at approximately $8,565,000. Finally, Qube Research & Technologies Ltd lifted its position in shares of PHINIA by 64.4% in the third quarter. Qube Research & Technologies Ltd now owns 378,477 shares of the company’s stock worth $21,755,000 after purchasing an additional 148,210 shares in the last quarter. Institutional investors and hedge funds own 90.94% of the company’s stock.

Insider Activity at PHINIA

In other news, VP Samantha Pombier sold 2,227 shares of the firm’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $82.36, for a total value of $183,415.72. Following the completion of the sale, the vice president directly owned 6,637 shares of the company’s stock, valued at $546,623.32. This trade represents a 25.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Michael Coetzee sold 1,250 shares of PHINIA stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $80.61, for a total value of $100,762.50. Following the transaction, the vice president owned 27,009 shares of the company’s stock, valued at $2,177,195.49. This represents a 4.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages recently commented on PHIN. Zacks Research cut shares of PHINIA from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 30th. KeyCorp began coverage on shares of PHINIA in a research note on Friday, June 12th. They issued an “overweight” rating and a $105.00 price target on the stock. Wall Street Zen raised shares of PHINIA from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 2nd. Weiss Ratings upgraded shares of PHINIA from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, July 21st. Finally, UBS Group raised their price objective on PHINIA from $76.00 to $81.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $75.67.

PHINIA Stock Down 0.2%

PHINIA stock opened at $78.23 on Monday. The firm has a market capitalization of $2.90 billion, a PE ratio of 21.85 and a beta of 1.13. The company’s 50-day moving average is $79.09 and its 200-day moving average is $74.00. PHINIA Inc. has a fifty-two week low of $48.94 and a fifty-two week high of $86.93. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.82 and a quick ratio of 1.32.

PHINIA (NYSE:PHIN) last issued its earnings results on Thursday, April 30th. The company reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.16. PHINIA had a net margin of 3.96% and a return on equity of 13.23%. The company had revenue of $878.00 million for the quarter, compared to analysts’ expectations of $838.67 million. During the same period in the prior year, the firm earned $0.94 EPS. PHINIA’s quarterly revenue was up 10.3% compared to the same quarter last year. Sell-side analysts anticipate that PHINIA Inc. will post 6.24 earnings per share for the current year.

PHINIA Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Shareholders of record on Tuesday, June 9th were paid a $0.30 dividend. The ex-dividend date was Tuesday, June 9th. This represents a $1.20 annualized dividend and a yield of 1.5%. PHINIA’s dividend payout ratio is currently 33.52%.

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.