Bank of New York Mellon Corp Sells 16,792 Shares of PHINIA Inc. (NYSE:PHIN)

Bank of New York Mellon Corp reduced its position in shares of PHINIA Inc. (NYSE:PHIN) by 4.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 386,702 shares of the company’s stock after selling 16,792 shares during the quarter. Bank of New York Mellon Corp’s holdings in PHINIA were worth $16,408,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PHIN. Millennium Management LLC increased its position in PHINIA by 28.3% during the 4th quarter. Millennium Management LLC now owns 2,424,949 shares of the company’s stock valued at $116,810,000 after purchasing an additional 535,222 shares during the period. First Trust Advisors LP increased its position in PHINIA by 32.6% during the 4th quarter. First Trust Advisors LP now owns 1,866,894 shares of the company’s stock valued at $89,928,000 after purchasing an additional 458,650 shares during the period. Voss Capital LP increased its position in PHINIA by 31.8% during the 4th quarter. Voss Capital LP now owns 1,417,081 shares of the company’s stock valued at $68,261,000 after purchasing an additional 342,081 shares during the period. Dimensional Fund Advisors LP increased its position in PHINIA by 14.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,048,051 shares of the company’s stock valued at $98,653,000 after purchasing an additional 253,345 shares during the period. Finally, Brandywine Global Investment Management LLC purchased a new position in PHINIA during the 4th quarter valued at $6,874,000. 90.94% of the stock is currently owned by institutional investors.

PHINIA Stock Performance

Shares of PHIN stock opened at $48.33 on Friday. PHINIA Inc. has a one year low of $36.25 and a one year high of $57.23. The company’s 50-day moving average is $44.63 and its 200 day moving average is $45.29. The company has a market capitalization of $1.92 billion, a price-to-earnings ratio of 27.46, a price-to-earnings-growth ratio of 0.52 and a beta of 1.49. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.36 and a current ratio of 1.85.

PHINIA (NYSE:PHIN) last announced 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). PHINIA had a net margin of 2.28% and a return on equity of 9.88%. The firm had revenue of $796.00 million for the quarter, compared to analysts’ expectations of $813.24 million. During the same period last year, the company posted $1.08 earnings per share. The business’s revenue for the quarter was down 7.8% compared to the same quarter last year. Sell-side analysts expect that PHINIA Inc. will post 4.21 EPS for the current fiscal year.

PHINIA Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 2.23%. The ex-dividend date was Monday, June 2nd. PHINIA’s dividend payout ratio (DPR) is 61.36%.

Analysts Set New Price Targets

PHIN has been the topic of a number of recent research reports. CL King began coverage on shares of PHINIA in a research report on Monday, March 24th. They issued a “buy” rating and a $54.00 target price on the stock. Bank of America upped their price objective on shares of PHINIA from $53.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, May 15th. UBS Group upped their price objective on shares of PHINIA from $48.00 to $52.00 and gave the stock a “neutral” rating in a report on Monday, July 14th. Morgan Stanley cut their price objective on shares of PHINIA from $50.00 to $46.00 and set an “equal weight” rating on the stock in a report on Monday, May 19th. Finally, BNP Paribas cut shares of PHINIA from an “outperform” rating to a “neutral” rating and set a $46.00 price objective on the stock. in a report on Wednesday, April 23rd. Three investment 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. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.33.

Insider Activity

In related news, CEO Brady D. Ericson purchased 10,000 shares of the company’s stock in a transaction dated Wednesday, April 30th. The shares were purchased at an average price of $39.73 per share, with a total value of $397,300.00. Following the acquisition, the chief executive officer directly owned 436,486 shares in the company, valued at $17,341,588.78. The trade was 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. Also, Director Meggan M. Walsh purchased 1,400 shares of the company’s stock in a transaction dated Thursday, May 22nd. The shares were bought at an average cost of $42.71 per share, for a total transaction of $59,794.00. Following the acquisition, the director owned 7,492 shares in the company, valued at approximately $319,983.32. The trade was a 22.98% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 11,423 shares of company stock worth $458,069 over the last three months. 2.00% of the stock is currently owned by insiders.

PHINIA Company 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.