Weiss Asset Management LP Cuts Stock Holdings in PHINIA Inc. (NYSE:PHIN)

Weiss Asset Management LP cut its stake in shares of PHINIA Inc. (NYSE:PHIN - Free Report) by 98.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,240 shares of the company's stock after selling 418,986 shares during the quarter. Weiss Asset Management LP's holdings in PHINIA were worth $287,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in PHIN. SG Americas Securities LLC increased its position in shares of PHINIA by 157.3% in the 2nd quarter. SG Americas Securities LLC now owns 100,845 shares of the company's stock valued at $3,969,000 after purchasing an additional 61,650 shares during the last quarter. Lecap Asset Management Ltd. raised its stake in PHINIA by 34.1% in the second quarter. Lecap Asset Management Ltd. now owns 10,601 shares of the company's stock valued at $417,000 after buying an additional 2,695 shares in the last quarter. GYL Financial Synergies LLC lifted its holdings in PHINIA by 33.5% during the 2nd quarter. GYL Financial Synergies LLC now owns 8,706 shares of the company's stock worth $343,000 after buying an additional 2,185 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of PHINIA by 12.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 532,759 shares of the company's stock worth $20,969,000 after acquiring an additional 57,068 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of PHINIA by 32.7% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,868 shares of the company's stock valued at $349,000 after acquiring an additional 2,185 shares during the last quarter. Institutional investors and hedge funds own 90.94% of the company's stock.

PHINIA Stock Performance

NYSE:PHIN traded up $0.64 during mid-day trading on Tuesday, reaching $53.69. 351,077 shares of the stock were exchanged, compared to its average volume of 628,487. The company has a quick ratio of 1.46, a current ratio of 1.93 and a debt-to-equity ratio of 0.58. PHINIA Inc. has a 1 year low of $26.30 and a 1 year high of $57.23. The company has a 50 day simple moving average of $49.38 and a 200-day simple moving average of $46.03. The stock has a market capitalization of $2.26 billion, a P/E ratio of 22.77 and a beta of 1.09.

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

PHINIA Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Monday, November 25th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.86%. The ex-dividend date is Monday, November 25th. PHINIA's dividend payout ratio (DPR) is presently 42.92%.

Wall Street Analyst Weigh In

PHIN has been the subject of a number of research analyst reports. Morgan Stanley downgraded PHINIA from an "overweight" rating to an "equal weight" rating and set a $50.00 price target for the company. in a report on Wednesday, September 25th. UBS Group began 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.