ING Groep NV Sells 60,000 Shares of PHINIA Inc. (NYSE:PHIN)

ING Groep NV lowered its stake in PHINIA Inc. (NYSE:PHIN) by 50.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 58,000 shares of the company’s stock after selling 60,000 shares during the quarter. ING Groep NV’s holdings in PHINIA were worth $2,670,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in PHIN. KBC Group NV raised its stake in shares of PHINIA by 49.4% during the third quarter. KBC Group NV now owns 1,495 shares of the company’s stock valued at $69,000 after acquiring an additional 494 shares during the last quarter. Victory Capital Management Inc. raised its position in PHINIA by 27.5% during the 3rd quarter. Victory Capital Management Inc. now owns 187,294 shares of the company’s stock valued at $8,621,000 after purchasing an additional 40,416 shares during the last quarter. CWA Asset Management Group LLC purchased a new stake in PHINIA in the 3rd quarter worth approximately $775,000. Principal Financial Group Inc. grew its position in shares of PHINIA by 1.1% in the 3rd quarter. Principal Financial Group Inc. now owns 227,742 shares of the company’s stock worth $10,483,000 after buying an additional 2,422 shares during the last quarter. Finally, QRG Capital Management Inc. purchased a new position in shares of PHINIA during the third quarter valued at approximately $343,000. Institutional investors own 90.94% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. UBS Group initiated coverage on shares of PHINIA in a report on Wednesday, September 4th. They issued a “buy” rating and a $55.00 price target on the stock. Morgan Stanley lowered shares of 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.

Insider Activity

In other news, VP Michael Coetzee sold 900 shares of the stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $47.71, for a total value of $42,939.00. Following the sale, the vice president now directly owns 29,540 shares of the company’s stock, valued at approximately $1,409,353.40. This represents a 2.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.50% of the company’s stock.

PHINIA Trading Up 0.5 %

NYSE PHIN opened at $52.37 on Friday. The firm has a market capitalization of $2.20 billion, a PE ratio of 22.48 and a beta of 0.86. The stock’s 50 day moving average is $47.08 and its 200 day moving average is $44.76. PHINIA Inc. has a twelve month low of $25.10 and a twelve month high of $53.72. 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 (NYSE:PHIN) last announced its quarterly earnings data on Thursday, October 31st. The company reported $1.17 EPS for the quarter, beating the consensus estimate of $0.79 by $0.38. The business had revenue of $839.00 million during 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 company’s revenue for the quarter was down 6.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.53 earnings per share. Research analysts forecast that PHINIA Inc. will post 3.27 earnings per share for the current fiscal year.

PHINIA Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Monday, November 25th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date is Monday, November 25th. PHINIA’s dividend payout ratio is 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.