HITE Hedge Asset Management LLC Purchases 40,468 Shares of PHINIA Inc. (NYSE:PHIN)

HITE Hedge Asset Management LLC increased its stake in shares of PHINIA Inc. (NYSE:PHIN - Free Report) by 140.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 69,257 shares of the company's stock after buying an additional 40,468 shares during the period. HITE Hedge Asset Management LLC owned 0.16% of PHINIA worth $3,188,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Pacer Advisors Inc. bought a new stake in PHINIA in the third quarter valued at about $80,154,000. Dimensional Fund Advisors LP boosted its stake in PHINIA by 19.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,317,846 shares of the company's stock worth $51,869,000 after acquiring an additional 215,150 shares during the last quarter. American Century Companies Inc. grew its holdings in PHINIA by 33.2% during the second quarter. American Century Companies Inc. now owns 1,009,106 shares of the company's stock valued at $39,718,000 after purchasing an additional 251,650 shares during the period. LSV Asset Management increased its stake in PHINIA by 0.7% in the second quarter. LSV Asset Management now owns 780,569 shares of the company's stock valued at $30,723,000 after purchasing an additional 5,792 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in PHINIA by 12.0% in the second quarter. Bank of New York Mellon Corp now owns 532,759 shares of the company's stock worth $20,969,000 after purchasing an additional 57,068 shares during the period. Institutional investors own 90.94% of the company's stock.

PHINIA Stock Performance

Shares of NYSE:PHIN traded down $1.01 on Tuesday, hitting $55.29. The company had a trading volume of 394,914 shares, compared to its average volume of 633,424. The stock has a market cap of $2.33 billion, a price-to-earnings ratio of 23.73 and a beta of 1.10. The company has a current ratio of 1.93, a quick ratio of 1.46 and a debt-to-equity ratio of 0.58. The stock has a 50 day moving average price of $48.74 and a 200 day moving average price of $45.70. PHINIA Inc. has a 1-year low of $26.08 and a 1-year high of $57.23.

PHINIA (NYSE:PHIN - Get Free Report) last issued its quarterly earnings data on Thursday, October 31st. The company reported $1.17 EPS for the quarter, beating analysts' consensus estimates of $0.79 by $0.38. PHINIA had a return on equity of 9.79% and a net margin of 3.10%. The firm had revenue of $839.00 million for the quarter, compared to analyst estimates of $829.82 million. During the same period in the prior year, the firm posted $0.53 EPS. The company's revenue for the quarter was down 6.4% on a year-over-year basis. Analysts expect that PHINIA Inc. will post 3.44 EPS for the current year.

PHINIA Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Monday, November 25th will be paid a dividend of $0.25 per share. The ex-dividend date is Monday, November 25th. This represents a $1.00 dividend on an annualized basis and a yield of 1.81%. PHINIA's dividend payout ratio (DPR) is presently 42.92%.

Analyst Upgrades and Downgrades

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

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.