Bank of New York Mellon Corp Sells 80,633 Shares of PHINIA Inc. (NYSE:PHIN)

Bank of New York Mellon Corp lessened its position in shares of PHINIA Inc. (NYSE:PHIN) by 16.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 403,494 shares of the company’s stock after selling 80,633 shares during the period. Bank of New York Mellon Corp owned approximately 0.96% of PHINIA worth $19,436,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Pacer Advisors Inc. bought a new position in shares of PHINIA in the 3rd quarter worth $80,154,000. Jacobs Levy Equity Management Inc. raised its holdings in shares of PHINIA by 10.4% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,016,602 shares of the company’s stock valued at $46,794,000 after buying an additional 95,870 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of PHINIA by 1.2% during the 3rd quarter. Wellington Management Group LLP now owns 333,395 shares of the company’s stock valued at $15,346,000 after buying an additional 3,804 shares in the last quarter. Empowered Funds LLC lifted its position in PHINIA by 5.1% in the 4th quarter. Empowered Funds LLC now owns 239,821 shares of the company’s stock worth $11,552,000 after buying an additional 11,625 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in PHINIA by 0.4% in the fourth quarter. Principal Financial Group Inc. now owns 228,584 shares of the company’s stock worth $11,011,000 after buying an additional 842 shares in the last quarter. Institutional investors own 90.94% of the company’s stock.

PHINIA Stock Performance

PHINIA stock opened at $40.81 on Tuesday. 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 firm has a market cap of $1.67 billion, a P/E ratio of 23.32 and a beta of 1.38. PHINIA Inc. has a 1-year low of $34.67 and a 1-year high of $57.23. The firm has a 50-day moving average of $49.53 and a 200-day moving average of $49.10.

PHINIA (NYSE:PHIN) last posted its earnings results on Thursday, February 13th. The company reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.09). PHINIA had a net margin of 2.32% and a return on equity of 10.12%. The business had revenue of $833.00 million for the quarter, compared to analysts’ expectations of $811.94 million. Sell-side analysts expect that PHINIA Inc. will post 4.21 EPS for the current year.

PHINIA Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be given a dividend of $0.27 per share. The ex-dividend date is Friday, February 28th. This is a positive change from PHINIA’s previous quarterly dividend of $0.25. This represents a $1.08 annualized dividend and a dividend yield of 2.65%. PHINIA’s payout ratio is currently 61.71%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Northland Capmk raised shares of PHINIA to a “strong-buy” rating in a research note on Thursday, January 30th. Northland Securities assumed coverage on PHINIA in a research report on Thursday, January 30th. They set an “outperform” rating and a $61.00 price target on the stock. Finally, UBS Group lifted their price target on PHINIA from $55.00 to $57.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th.

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.