Bank of New York Mellon Corp Has $19.44 Million Stock Position in PHINIA Inc. (NYSE:PHIN)

Bank of New York Mellon Corp lowered its position in shares of PHINIA Inc. (NYSE:PHIN - Free Report) by 16.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 403,494 shares of the company's stock after selling 80,633 shares during the period. Bank of New York Mellon Corp owned approximately 0.96% of PHINIA worth $19,436,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. KBC Group NV raised its holdings in shares of PHINIA by 49.4% during the third 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 period. Creative Planning bought a new position in PHINIA in the 3rd quarter valued at about $203,000. Paloma Partners Management Co bought a new position in PHINIA in the 3rd quarter valued at about $258,000. Verition Fund Management LLC acquired a new stake in PHINIA in the 3rd quarter valued at about $301,000. Finally, QRG Capital Management Inc. acquired a new stake in PHINIA in the 3rd quarter valued at about $343,000. Hedge funds and other institutional investors own 90.94% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PHIN. Northland Capmk raised shares of PHINIA to a "strong-buy" rating in a report on Thursday, January 30th. Northland Securities started coverage on shares of PHINIA in a research note on Thursday, January 30th. They set an "outperform" rating and a $61.00 price objective for the company. Finally, UBS Group upped their price objective on shares of PHINIA from $55.00 to $57.00 and gave the company a "buy" rating in a research note on Thursday, January 16th.

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PHINIA Trading Up 5.5 %

PHIN stock traded up $2.25 during mid-day trading on Friday, reaching $42.95. 671,434 shares of the stock traded hands, compared to its average volume of 606,761. The company has a current ratio of 1.90, a quick ratio of 1.44 and a debt-to-equity ratio of 0.61. PHINIA Inc. has a 52-week low of $35.84 and a 52-week high of $57.23. The company has a market cap of $1.75 billion, a P/E ratio of 24.54 and a beta of 1.38. The stock's fifty day moving average is $49.00 and its 200-day moving average is $48.91.

PHINIA (NYSE:PHIN - Get Free Report) last posted its quarterly 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). 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%. As a group, sell-side analysts expect that PHINIA Inc. will post 4.21 earnings per share for the current year.

PHINIA Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be issued a $0.27 dividend. The ex-dividend date is Friday, February 28th. This represents a $1.08 dividend on an annualized basis and a yield of 2.51%. This is an increase from PHINIA's previous quarterly dividend of $0.25. PHINIA's dividend payout ratio is currently 61.71%.

PHINIA 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.