PHINIA Inc. (NYSE:PHIN) Shares Sold by Ballast Asset Management LP

Ballast Asset Management LP trimmed its holdings in PHINIA Inc. (NYSE:PHIN) by 3.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 135,481 shares of the company’s stock after selling 4,788 shares during the period. PHINIA accounts for approximately 3.3% of Ballast Asset Management LP’s holdings, making the stock its 6th largest holding. Ballast Asset Management LP’s holdings in PHINIA were worth $6,526,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PHIN. Smartleaf Asset Management LLC boosted its position in shares of PHINIA by 149.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 698 shares of the company’s stock worth $33,000 after acquiring an additional 418 shares during the last quarter. KBC Group NV raised its stake in PHINIA by 45.8% during the fourth quarter. KBC Group NV now owns 2,180 shares of the company’s stock worth $105,000 after purchasing an additional 685 shares during the period. AlphaQuest LLC purchased a new position in PHINIA during the fourth quarter worth approximately $173,000. State of Michigan Retirement System acquired a new position in shares of PHINIA in the 4th quarter valued at $203,000. Finally, Magnetar Financial LLC purchased a new stake in shares of PHINIA during the 4th quarter valued at $264,000. Hedge funds and other institutional investors own 90.94% of the company’s stock.

PHINIA Price Performance

Shares of NYSE PHIN opened at $42.56 on Tuesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.90 and a quick ratio of 1.44. PHINIA Inc. has a 1-year low of $36.10 and a 1-year high of $57.23. The company has a market capitalization of $1.74 billion, a price-to-earnings ratio of 24.32 and a beta of 1.38. The business has a 50-day moving average of $47.74 and a 200-day moving average of $48.68.

PHINIA (NYSE:PHIN) last released its quarterly earnings results on Thursday, February 13th. The company reported $0.71 earnings per share for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.09). The company had revenue of $833.00 million during the quarter, compared to analysts’ expectations of $811.94 million. PHINIA had a return on equity of 10.12% and a net margin of 2.32%. On average, equities analysts anticipate that PHINIA Inc. will post 4.21 EPS for the current fiscal year.

PHINIA Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were paid a dividend of $0.27 per share. This is an increase from PHINIA’s previous quarterly dividend of $0.25. The ex-dividend date was Friday, February 28th. This represents a $1.08 annualized dividend and a yield of 2.54%. PHINIA’s payout ratio is 61.71%.

Analysts Set New Price Targets

PHIN has been the topic of a number of research analyst reports. Northland Capmk upgraded PHINIA to a “strong-buy” rating in a report on Thursday, January 30th. UBS Group lifted their price objective on PHINIA from $55.00 to $57.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Northland Securities assumed coverage on shares of PHINIA in a research report on Thursday, January 30th. They set an “outperform” rating and a $61.00 target price for the company. Finally, CL King started coverage on shares of PHINIA in a report on Monday, March 24th. They issued a “buy” rating and a $54.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $55.50.

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.