Comerica Bank Sells 1,206 Shares of PHINIA Inc. (NYSE:PHIN)

Comerica Bank decreased its stake in shares of PHINIA Inc. (NYSE:PHIN) by 7.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,958 shares of the company’s stock after selling 1,206 shares during the quarter. Comerica Bank’s holdings in PHINIA were worth $769,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Smartleaf Asset Management LLC raised its position in shares of 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 purchasing an additional 418 shares during the last quarter. KBC Group NV increased 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 purchasing an additional 685 shares in the last quarter. AlphaQuest LLC purchased a new position in PHINIA in the fourth quarter worth about $173,000. State of Michigan Retirement System bought a new position in shares of PHINIA in the fourth quarter worth approximately $203,000. Finally, Optimize Financial Inc bought a new position in shares of PHINIA in the fourth quarter worth approximately $206,000. 90.94% of the stock is owned by institutional investors.

Insider Activity

In other PHINIA news, CEO Brady D. Ericson acquired 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 30th. The shares were bought at an average price of $39.73 per share, with a total value of $397,300.00. Following the completion of the acquisition, the chief executive officer now owns 436,486 shares in the company, valued at $17,341,588.78. This represents a 2.34% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PHIN. Northland Capmk raised shares of PHINIA to a “strong-buy” rating in a research report on Thursday, January 30th. CL King started coverage on PHINIA in a report on Monday, March 24th. They issued a “buy” rating and a $54.00 target price for the company. UBS Group restated a “neutral” rating and issued a $45.00 price target (down previously from $56.00) on shares of PHINIA in a research note on Thursday, April 10th. BNP Paribas cut PHINIA from an “outperform” rating to a “neutral” rating and set a $46.00 price objective on the stock. in a research report on Wednesday, April 23rd. Finally, Bank of America initiated coverage on PHINIA in a report on Thursday, April 10th. They issued a “buy” rating and a $53.00 price objective for the company. Three research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $51.50.

PHINIA Trading Up 3.2%

NYSE:PHIN opened at $44.82 on Wednesday. The company has a market cap of $1.78 billion, a PE ratio of 25.61 and a beta of 1.59. The company has a current ratio of 1.90, a quick ratio of 1.44 and a debt-to-equity ratio of 0.61. The company has a 50 day simple moving average of $41.72 and a two-hundred day simple moving average of $47.41. PHINIA Inc. has a 12 month low of $36.25 and a 12 month high of $57.23.

PHINIA (NYSE:PHIN) last issued its quarterly earnings data on Friday, April 25th. The company reported $0.94 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.10). The firm had revenue of $796.00 million during the quarter, compared to the consensus estimate of $813.24 million. PHINIA had a return on equity of 10.12% and a net margin of 2.32%. The business’s revenue was down 7.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.08 EPS. Research analysts forecast that PHINIA Inc. will post 4.21 earnings per share for the current year.

PHINIA Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were paid a dividend of $0.27 per share. This is an increase from PHINIA’s previous quarterly dividend of $0.25. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date of this dividend was Friday, February 28th. PHINIA’s payout ratio is currently 61.36%.

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.