PHINIA Inc. (NYSE:PHIN) Shares Purchased by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC lifted its stake in shares of PHINIA Inc. (NYSE:PHIN) by 140.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 69,257 shares of the company’s stock after buying an additional 40,468 shares during the quarter. HITE Hedge Asset Management LLC’s holdings in PHINIA were worth $3,188,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the company. Atom Investors LP grew its position in shares of PHINIA by 71.6% during the third quarter. Atom Investors LP now owns 142,612 shares of the company’s stock worth $6,564,000 after buying an additional 59,515 shares in the last quarter. Paloma Partners Management Co bought a new position in shares of PHINIA in the third quarter worth approximately $258,000. Verition Fund Management LLC bought a new position in PHINIA during the 3rd quarter worth about $301,000. FORA Capital LLC increased its holdings in shares of PHINIA by 92.8% during the 3rd quarter. FORA Capital LLC now owns 21,402 shares of the company’s stock valued at $985,000 after purchasing an additional 10,302 shares in the last quarter. Finally, MetLife Investment Management LLC grew its holdings in shares of PHINIA by 115.3% in the third quarter. MetLife Investment Management LLC now owns 24,790 shares of the company’s stock valued at $1,141,000 after purchasing an additional 13,277 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. UBS Group assumed coverage on shares of PHINIA in a report on Wednesday, September 4th. They issued a “buy” rating and a $55.00 target price for the company. Morgan Stanley lowered shares of PHINIA from an “overweight” rating to an “equal weight” rating and set a $50.00 price objective on the stock. in a research note on Wednesday, September 25th.

PHINIA Stock Up 0.4 %

PHINIA stock opened at $56.30 on Tuesday. The firm has a 50 day moving average price of $48.74 and a two-hundred day moving average price of $45.70. PHINIA Inc. has a 52-week low of $26.08 and a 52-week high of $57.23. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.46 and a current ratio of 1.93. The firm has a market cap of $2.37 billion, a price-to-earnings ratio of 24.16 and a beta of 1.09.

PHINIA (NYSE:PHIN) last announced its quarterly earnings data on Thursday, October 31st. The company reported $1.17 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.38. PHINIA had a return on equity of 9.79% and a net margin of 3.10%. The firm had revenue of $839.00 million during the quarter, compared to the consensus estimate of $829.82 million. During the same quarter in the previous year, the company posted $0.53 earnings per share. The business’s revenue was down 6.4% on a year-over-year basis. Equities analysts predict that PHINIA Inc. will post 3.44 EPS for the current year.

PHINIA Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Monday, November 25th will be paid a dividend of $0.25 per share. The ex-dividend date is Monday, November 25th. This represents a $1.00 annualized dividend and a yield of 1.78%. PHINIA’s payout ratio is presently 42.92%.

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.