State Street Corp Has $82.32 Million Position in PHINIA Inc. (NYSE:PHIN)

State Street Corp trimmed its holdings in shares of PHINIA Inc. (NYSE:PHIN - Free Report) by 0.6% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,788,287 shares of the company's stock after selling 10,354 shares during the quarter. State Street Corp owned 4.25% of PHINIA worth $82,315,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of PHINIA during the second quarter worth $49,000. GAMMA Investing LLC raised its stake in shares of PHINIA by 23.9% in the 3rd quarter. GAMMA Investing LLC now owns 1,403 shares of the company's stock valued at $65,000 after purchasing an additional 271 shares during the period. KBC Group NV lifted its holdings in shares of PHINIA by 49.4% in the third quarter. KBC Group NV now owns 1,495 shares of the company's stock valued at $69,000 after purchasing an additional 494 shares in the last quarter. Rothschild Investment LLC acquired a new position in shares of PHINIA during the second quarter worth about $66,000. Finally, Meeder Asset Management Inc. bought a new position in shares of PHINIA during the second quarter worth about $76,000. 90.94% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

PHINIA Stock Down 1.9 %

Shares of NYSE:PHIN traded down $0.97 during midday trading on Tuesday, reaching $50.93. The company had a trading volume of 583,068 shares, compared to its average volume of 627,305. PHINIA Inc. has a 1-year low of $27.83 and a 1-year high of $57.23. The stock has a market cap of $2.14 billion, a PE ratio of 21.86 and a beta of 1.10. The company has a quick ratio of 1.46, a current ratio of 1.93 and a debt-to-equity ratio of 0.58. The business's 50 day moving average price is $50.14 and its 200 day moving average price is $46.31.

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

PHINIA Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Monday, November 25th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date of this dividend was Monday, November 25th. PHINIA's dividend payout ratio (DPR) is presently 42.92%.

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.