Hotchkis & Wiley Capital Management LLC Sells 44,680 Shares of PHINIA Inc. (NYSE:PHIN)

Hotchkis & Wiley Capital Management LLC lowered its stake in shares of PHINIA Inc. (NYSE:PHIN - Free Report) by 16.0% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 235,200 shares of the company's stock after selling 44,680 shares during the period. Hotchkis & Wiley Capital Management LLC owned approximately 0.56% of PHINIA worth $10,826,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Atom Investors LP increased its stake in PHINIA by 71.6% in the third quarter. Atom Investors LP now owns 142,612 shares of the company's stock valued at $6,564,000 after acquiring an additional 59,515 shares during the period. Paloma Partners Management Co bought a new stake in PHINIA in the third quarter valued at about $258,000. Verition Fund Management LLC bought a new stake in PHINIA in the third quarter valued at about $301,000. FORA Capital LLC increased its stake in PHINIA by 92.8% in the third quarter. FORA Capital LLC now owns 21,402 shares of the company's stock valued at $985,000 after acquiring an additional 10,302 shares during the period. Finally, MetLife Investment Management LLC grew its stake in PHINIA by 115.3% during the third quarter. MetLife Investment Management LLC now owns 24,790 shares of the company's stock worth $1,141,000 after buying an additional 13,277 shares during the last quarter. Institutional investors and hedge funds own 90.94% of the company's stock.

PHINIA Price Performance

Shares of PHIN traded down $1.04 during mid-day trading on Wednesday, hitting $54.25. 432,845 shares of the company traded hands, compared to its average volume of 632,567. PHINIA Inc. has a one year low of $26.08 and a one year high of $57.23. 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 business has a 50-day moving average of $48.83 and a 200 day moving average of $45.78. The stock has a market capitalization of $2.28 billion, a price-to-earnings ratio of 23.33 and a beta of 1.10.

PHINIA (NYSE:PHIN - Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The company reported $1.17 earnings per share for the quarter, beating 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 business 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 business posted $0.53 earnings per share. PHINIA's revenue was down 6.4% compared to the same quarter last year. As a group, equities analysts expect that PHINIA Inc. will post 3.44 earnings per share for the current fiscal year.

PHINIA Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Monday, November 25th will be issued a $0.25 dividend. The ex-dividend date is Monday, November 25th. This represents a $1.00 annualized dividend and a yield of 1.84%. PHINIA's dividend payout ratio is currently 42.92%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PHIN. Morgan Stanley cut shares of PHINIA from an "overweight" rating to an "equal weight" rating and set a $50.00 price objective on the stock. in a research note on Wednesday, September 25th. UBS Group started coverage on shares of PHINIA in a research note on Wednesday, September 4th. They set a "buy" rating and a $55.00 price target on the stock.

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.