Principal Financial Group Inc. Increases Stake in PHINIA Inc. (NYSE:PHIN)

Principal Financial Group Inc. lifted its stake in PHINIA Inc. (NYSE:PHIN) by 1.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 227,742 shares of the company’s stock after purchasing an additional 2,422 shares during the quarter. Principal Financial Group Inc. owned about 0.50% of PHINIA worth $10,483,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC increased its holdings in PHINIA by 100.4% in the 2nd quarter. GAMMA Investing LLC now owns 1,132 shares of the company’s stock worth $45,000 after buying an additional 567 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in PHINIA in the 2nd quarter worth approximately $49,000. EntryPoint Capital LLC acquired a new position in PHINIA in the 1st quarter worth approximately $60,000. Rothschild Investment LLC acquired a new position in PHINIA in the 2nd quarter worth approximately $66,000. Finally, Meeder Asset Management Inc. acquired a new position in PHINIA in the 2nd quarter worth approximately $76,000. 90.94% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, VP Michael Coetzee sold 900 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $47.71, for a total value of $42,939.00. Following the completion of the sale, the vice president now owns 29,540 shares of the company’s stock, valued at approximately $1,409,353.40. The trade was a 2.96 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.50% of the stock is owned by insiders.

PHINIA Price Performance

NYSE:PHIN opened at $52.37 on Monday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.93 and a quick ratio of 1.46. The firm has a market cap of $2.20 billion, a price-to-earnings ratio of 22.48 and a beta of 0.86. The company has a 50 day moving average price of $47.08 and a 200-day moving average price of $44.79. PHINIA Inc. has a 1-year low of $25.10 and a 1-year high of $53.72.

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

PHINIA Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Monday, November 25th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.91%. The ex-dividend date is Monday, November 25th. PHINIA’s payout ratio is presently 42.92%.

Wall Street Analyst Weigh In

PHIN has been the topic of several research reports. Morgan Stanley downgraded shares of PHINIA from an “overweight” rating to an “equal weight” rating and set a $50.00 price target on the stock. in a report on Wednesday, September 25th. UBS Group assumed 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 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.