Handelsbanken Fonder AB Takes Position in PHINIA Inc. (NYSE:PHIN)

Handelsbanken Fonder AB bought a new stake in shares of PHINIA Inc. (NYSE:PHIN - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 16,100 shares of the company's stock, valued at approximately $776,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Quantinno Capital Management LP lifted its holdings in PHINIA by 2.4% in the third quarter. Quantinno Capital Management LP now owns 14,637 shares of the company's stock valued at $674,000 after acquiring an additional 345 shares during the last quarter. Old North State Wealth Management LLC grew its holdings in shares of PHINIA by 4.9% during the 3rd quarter. Old North State Wealth Management LLC now owns 9,589 shares of the company's stock worth $442,000 after purchasing an additional 451 shares during the period. KBC Group NV increased its position in shares of PHINIA by 49.4% during the 3rd quarter. KBC Group NV now owns 1,495 shares of the company's stock worth $69,000 after purchasing an additional 494 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of PHINIA by 0.4% during the 4th quarter. Principal Financial Group Inc. now owns 228,584 shares of the company's stock worth $11,011,000 after purchasing an additional 842 shares during the last quarter. Finally, International Assets Investment Management LLC raised its holdings in PHINIA by 4,502.9% in the 3rd quarter. International Assets Investment Management LLC now owns 3,222 shares of the company's stock valued at $148,000 after buying an additional 3,152 shares during the period. Hedge funds and other institutional investors own 90.94% of the company's stock.

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Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on PHIN shares. Northland Capmk upgraded shares of PHINIA to a "strong-buy" rating in a research report on Thursday, January 30th. UBS Group lifted their target price on shares of PHINIA from $55.00 to $57.00 and gave the company a "buy" rating in a report on Thursday, January 16th. Finally, Northland Securities initiated coverage on PHINIA in a research note on Thursday, January 30th. They set an "outperform" rating and a $61.00 price target on the stock.

PHINIA Stock Down 2.5 %

PHIN stock traded down $1.18 during midday trading on Tuesday, hitting $46.15. The company's stock had a trading volume of 293,704 shares, compared to its average volume of 603,438. The firm has a 50-day simple moving average of $49.80 and a 200-day simple moving average of $49.14. The firm has a market capitalization of $1.88 billion, a P/E ratio of 26.37 and a beta of 1.38. The company has a quick ratio of 1.44, a current ratio of 1.90 and a debt-to-equity ratio of 0.61. PHINIA Inc. has a 52-week low of $33.83 and a 52-week high of $57.23.

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

PHINIA Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be paid a $0.27 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.08 dividend on an annualized basis and a yield of 2.34%. This is an increase from PHINIA's previous quarterly dividend of $0.25. PHINIA's payout ratio is currently 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.