PHINIA (NYSE:PHIN) Shares Gap Down Following Weak Earnings

PHINIA Inc. (NYSE:PHIN - Get Free Report)'s stock price gapped down before the market opened on Friday following a dissappointing earnings announcement. The stock had previously closed at $44.01, but opened at $39.49. PHINIA shares last traded at $41.40, with a volume of 47,516 shares traded.

The company reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.10). PHINIA had a return on equity of 10.12% and a net margin of 2.32%. The firm had revenue of $796.00 million during the quarter, compared to the consensus estimate of $813.24 million. During the same period in the prior year, the company posted $1.08 EPS. The firm's revenue was down 7.8% on a year-over-year basis.

PHINIA Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date of this dividend was Friday, February 28th. This is a boost from PHINIA's previous quarterly dividend of $0.25. PHINIA's payout ratio is 61.36%.

Wall Street Analyst Weigh In

PHIN has been the subject of a number of recent research reports. BNP Paribas cut shares of PHINIA from an "outperform" rating to a "neutral" rating and set a $46.00 price target for the company. in a research report on Wednesday, April 23rd. UBS Group reiterated a "neutral" rating and set a $45.00 target price (down from $56.00) on shares of PHINIA in a report on Thursday, April 10th. Bank of America started coverage on PHINIA in a research note on Thursday, April 10th. They issued a "buy" rating and a $53.00 price target on the stock. CL King began coverage on PHINIA in a research note on Monday, March 24th. They set a "buy" rating and a $54.00 price objective for the company. Finally, Northland Securities started coverage on PHINIA in a report on Thursday, January 30th. They issued an "outperform" rating and a $61.00 target price on the stock. Three investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $51.50.

Hedge Funds Weigh In On PHINIA

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CX Institutional purchased a new position in shares of PHINIA in the first quarter worth $31,000. Smartleaf Asset Management LLC raised its position in PHINIA by 149.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 698 shares of the company's stock worth $33,000 after buying an additional 418 shares during the last quarter. KBC Group NV lifted its stake in PHINIA by 45.8% during the 4th quarter. KBC Group NV now owns 2,180 shares of the company's stock valued at $105,000 after acquiring an additional 685 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in PHINIA during the 4th quarter valued at about $144,000. Finally, AlphaQuest LLC purchased a new stake in shares of PHINIA during the 4th quarter valued at about $173,000. 90.94% of the stock is owned by institutional investors.

PHINIA Price Performance

The company has a debt-to-equity ratio of 0.61, a current ratio of 1.90 and a quick ratio of 1.44. The business's 50 day moving average price is $43.26 and its 200 day moving average price is $47.70. The stock has a market capitalization of $1.63 billion, a P/E ratio of 23.34 and a beta of 1.56.

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.