ABS Direct Equity Fund LLC Increases Stock Position in PHINIA Inc. (NYSE:PHIN)

ABS Direct Equity Fund LLC increased its holdings in PHINIA Inc. (NYSE:PHIN - Free Report) by 12,400.0% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 50,000 shares of the company's stock after purchasing an additional 49,600 shares during the period. PHINIA makes up about 2.6% of ABS Direct Equity Fund LLC's holdings, making the stock its 15th biggest holding. ABS Direct Equity Fund LLC owned approximately 0.12% of PHINIA worth $2,302,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Pacer Advisors Inc. bought a new stake in PHINIA during the 3rd quarter valued at $80,154,000. Great Lakes Advisors LLC raised its holdings in PHINIA by 1,537.3% during the 2nd quarter. Great Lakes Advisors LLC now owns 338,616 shares of the company's stock valued at $13,328,000 after buying an additional 317,935 shares during the last quarter. American Century Companies Inc. raised its holdings in PHINIA by 33.2% during the 2nd quarter. American Century Companies Inc. now owns 1,009,106 shares of the company's stock valued at $39,718,000 after buying an additional 251,650 shares during the last quarter. Empowered Funds LLC bought a new stake in PHINIA during the 3rd quarter valued at $10,504,000. Finally, Dimensional Fund Advisors LP raised its holdings in PHINIA by 19.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,317,846 shares of the company's stock valued at $51,869,000 after buying an additional 215,150 shares during the last quarter. Hedge funds and other institutional investors own 90.94% of the company's stock.

Analyst Upgrades and Downgrades

PHIN has been the subject of several research reports. Morgan Stanley lowered shares of PHINIA from an "overweight" rating to an "equal weight" rating and set a $50.00 price objective for the company. in a report on Wednesday, September 25th. UBS Group initiated coverage on shares of PHINIA in a report on Wednesday, September 4th. They issued a "buy" rating and a $55.00 price objective for the company.

PHINIA Stock Up 1.2 %

Shares of PHINIA stock traded up $0.64 during trading on Tuesday, hitting $53.69. The company's stock had a trading volume of 350,945 shares, compared to its average volume of 628,487. 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 company has a fifty day simple moving average of $49.54 and a two-hundred day simple moving average of $46.09. The company has a market capitalization of $2.26 billion, a PE ratio of 23.04 and a beta of 1.09. PHINIA Inc. has a 52 week low of $26.30 and a 52 week high of $57.23.

PHINIA (NYSE:PHIN - Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The company reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.38. PHINIA had a net margin of 3.10% and a return on equity of 9.79%. The company had revenue of $839.00 million during the quarter, compared to analyst estimates of $829.82 million. During the same period last year, the business earned $0.53 EPS. PHINIA's quarterly revenue was down 6.4% compared to the same quarter last year. Equities research analysts predict that PHINIA Inc. will post 3.44 earnings per share for the current year.

PHINIA Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Monday, November 25th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.86%. The ex-dividend date of this dividend is Monday, November 25th. PHINIA's dividend payout ratio (DPR) is 42.92%.

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.