State of New Jersey Common Pension Fund D Sells 1,663 Shares of PHINIA Inc. (NYSE:PHIN)

State of New Jersey Common Pension Fund D cut its position in shares of PHINIA Inc. (NYSE:PHIN) by 3.9% during the 3rd quarter, Holdings Channel reports. The firm owned 40,597 shares of the company’s stock after selling 1,663 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in PHINIA were worth $1,869,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC increased its position in shares of PHINIA by 100.4% during the 2nd quarter. GAMMA Investing LLC now owns 1,132 shares of the company’s stock valued at $45,000 after purchasing an additional 567 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in PHINIA during the second quarter worth about $49,000. EntryPoint Capital LLC purchased a new position in PHINIA in the first quarter valued at about $60,000. Rothschild Investment LLC bought a new position in shares of PHINIA during the 2nd quarter valued at approximately $66,000. Finally, Meeder Asset Management Inc. purchased a new stake in shares of PHINIA during the 2nd quarter worth approximately $76,000. 90.94% of the stock is owned by institutional investors.

PHINIA Stock Performance

NYSE PHIN opened at $53.10 on Tuesday. The firm has a market cap of $2.23 billion, a P/E ratio of 22.79 and a beta of 0.86. The company has a quick ratio of 1.46, a current ratio of 1.93 and a debt-to-equity ratio of 0.58. The company’s 50 day moving average is $47.22 and its 200-day moving average is $44.87. PHINIA Inc. has a 12-month low of $25.19 and a 12-month high of $53.72.

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

PHINIA Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Monday, November 25th will be paid a $0.25 dividend. The ex-dividend date is Monday, November 25th. This represents a $1.00 annualized dividend and a yield of 1.88%. PHINIA’s dividend payout ratio is currently 42.92%.

Insider Buying and Selling at PHINIA

In other PHINIA news, VP Michael Coetzee sold 900 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $47.71, for a total value of $42,939.00. Following the sale, the vice president now directly owns 29,540 shares in the company, valued at $1,409,353.40. This represents a 2.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.50% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on PHIN. Morgan Stanley downgraded 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. UBS Group started 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.

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.