First Trust Advisors LP Acquires 458,650 Shares of PHINIA Inc. (NYSE:PHIN)

First Trust Advisors LP increased its holdings in shares of PHINIA Inc. (NYSE:PHIN) by 32.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,866,894 shares of the company’s stock after acquiring an additional 458,650 shares during the quarter. First Trust Advisors LP owned about 4.44% of PHINIA worth $89,928,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of PHIN. Smartleaf Asset Management LLC raised 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 valued at $33,000 after buying an additional 418 shares in the last quarter. KBC Group NV increased its stake in PHINIA by 45.8% during the 4th quarter. KBC Group NV now owns 2,180 shares of the company’s stock worth $105,000 after acquiring an additional 685 shares during the period. AlphaQuest LLC acquired a new position in PHINIA in the 4th quarter valued at $173,000. State of Michigan Retirement System acquired a new stake in shares of PHINIA during the 4th quarter worth $203,000. Finally, Optimize Financial Inc bought a new position in shares of PHINIA in the fourth quarter worth $206,000. Institutional investors and hedge funds own 90.94% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on PHIN shares. Northland Securities began coverage on shares of PHINIA in a research report on Thursday, January 30th. They set an “outperform” rating and a $61.00 price objective for the company. Northland Capmk upgraded shares of PHINIA to a “strong-buy” rating in a research report on Thursday, January 30th. UBS Group restated a “neutral” rating and set a $45.00 target price (down from $56.00) on shares of PHINIA in a research note on Thursday, April 10th. Bank of America began coverage on PHINIA in a report on Thursday, April 10th. They set a “buy” rating and a $53.00 price target for the company. Finally, CL King started coverage on PHINIA in a research note on Monday, March 24th. They issued a “buy” rating and a $54.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.60.

PHINIA Trading Up 0.9 %

NYSE PHIN opened at $41.24 on Monday. The company has a market cap of $1.64 billion, a price-to-earnings ratio of 23.56 and a beta of 1.56. PHINIA Inc. has a twelve month low of $36.25 and a twelve month high of $57.23. The company has a quick ratio of 1.44, a current ratio of 1.90 and a debt-to-equity ratio of 0.61. The business’s fifty day moving average is $44.40 and its 200 day moving average is $47.83.

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 the consensus estimate of $0.80 by ($0.09). The firm had revenue of $833.00 million for the quarter, compared to the consensus estimate of $811.94 million. PHINIA had a return on equity of 10.12% and a net margin of 2.32%. As a group, sell-side analysts expect that PHINIA Inc. will post 4.21 EPS for the current fiscal year.

PHINIA Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date was Friday, February 28th. This is a positive change from PHINIA’s previous quarterly dividend of $0.25. PHINIA’s payout ratio is 61.71%.

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.