State of New Jersey Common Pension Fund D Sells 1,663 Shares of PHINIA Inc. (NYSE:PHIN)

State of New Jersey Common Pension Fund D lowered its holdings in shares of PHINIA Inc. (NYSE:PHIN) by 3.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 40,597 shares of the company’s stock after selling 1,663 shares during the period. State of New Jersey Common Pension Fund D owned about 0.09% of PHINIA worth $1,869,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of PHIN. CWA Asset Management Group LLC acquired a new position in shares of PHINIA in the third quarter worth approximately $775,000. Principal Financial Group Inc. lifted 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 purchasing an additional 2,422 shares during the period. QRG Capital Management Inc. bought a new stake in shares of PHINIA in the 3rd quarter valued at $343,000. Old North State Wealth Management LLC increased its position in shares of PHINIA by 4.9% during the third quarter. Old North State Wealth Management LLC now owns 9,589 shares of the company’s stock worth $442,000 after buying an additional 451 shares during the period. Finally, Assenagon Asset Management S.A. raised its stake in PHINIA by 334.4% during the third quarter. Assenagon Asset Management S.A. now owns 123,571 shares of the company’s stock worth $5,688,000 after buying an additional 95,123 shares during the last quarter. Institutional investors and hedge funds own 90.94% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on PHIN. Morgan Stanley downgraded PHINIA from an “overweight” rating to an “equal weight” rating and set a $50.00 price target for the company. in a report on Wednesday, September 25th. UBS Group began coverage on PHINIA in a research note on Wednesday, September 4th. They set a “buy” rating and a $55.00 target price for the company.

PHINIA Price Performance

Shares of NYSE PHIN opened at $53.10 on Tuesday. The firm has a market capitalization of $2.23 billion, a P/E ratio of 22.79 and a beta of 0.86. The firm’s 50-day moving average price is $47.22 and its 200-day moving average price is $44.87. The company has a current ratio of 1.93, a quick ratio of 1.46 and a debt-to-equity ratio of 0.58. PHINIA Inc. has a 1-year low of $25.19 and a 1-year high of $53.72.

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

PHINIA Dividend Announcement

The firm also recently declared 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. The ex-dividend date is Monday, November 25th. This represents a $1.00 dividend on an annualized basis and a yield of 1.88%. PHINIA’s dividend payout ratio (DPR) is presently 42.92%.

Insiders Place Their Bets

In other PHINIA news, VP Michael Coetzee sold 900 shares of PHINIA stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $47.71, for a total transaction of $42,939.00. Following the completion of the transaction, the vice president now owns 29,540 shares in the company, valued at approximately $1,409,353.40. The trade was a 2.96 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.50% of the company’s stock.

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.