Ballast Asset Management LP Sells 4,788 Shares of PHINIA Inc. (NYSE:PHIN)

Ballast Asset Management LP lessened its stake in shares of PHINIA Inc. (NYSE:PHIN) by 3.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 135,481 shares of the company’s stock after selling 4,788 shares during the quarter. PHINIA comprises approximately 3.3% of Ballast Asset Management LP’s portfolio, making the stock its 6th biggest position. Ballast Asset Management LP owned about 0.32% of PHINIA worth $6,526,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Quantinno Capital Management LP lifted its position in PHINIA by 2.4% in the third quarter. Quantinno Capital Management LP now owns 14,637 shares of the company’s stock valued at $674,000 after purchasing an additional 345 shares during the period. Smartleaf Asset Management LLC raised its stake in shares of PHINIA by 149.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 698 shares of the company’s stock worth $33,000 after buying an additional 418 shares in the last quarter. KBC Group NV lifted its holdings in shares of PHINIA by 45.8% in the 4th quarter. KBC Group NV now owns 2,180 shares of the company’s stock valued at $105,000 after buying an additional 685 shares during the period. Principal Financial Group Inc. boosted its stake in shares of PHINIA by 0.4% in the fourth quarter. Principal Financial Group Inc. now owns 228,584 shares of the company’s stock valued at $11,011,000 after buying an additional 842 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in PHINIA by 0.3% during the fourth quarter. JPMorgan Chase & Co. now owns 561,644 shares of the company’s stock worth $27,054,000 after acquiring an additional 1,603 shares during the period. 90.94% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PHIN has been the subject of a number of recent analyst reports. UBS Group raised their target price on PHINIA from $55.00 to $57.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Northland Securities started coverage on shares of PHINIA in a research report on Thursday, January 30th. They set an “outperform” rating and a $61.00 target price on the stock. Northland Capmk upgraded shares of PHINIA to a “strong-buy” rating in a research report on Thursday, January 30th. Finally, CL King assumed coverage on PHINIA in a report on Monday, March 24th. They issued a “buy” rating and a $54.00 price target on the stock. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, PHINIA has a consensus rating of “Buy” and an average target price of $55.50.

PHINIA Stock Performance

NYSE:PHIN opened at $42.56 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 company has a market capitalization of $1.74 billion, a P/E ratio of 24.32 and a beta of 1.38. The firm has a 50-day moving average price of $47.74 and a two-hundred day moving average price of $48.68. PHINIA Inc. has a twelve month low of $36.10 and a twelve month high of $57.23.

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

PHINIA Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were paid a dividend of $0.27 per share. The ex-dividend date was Friday, February 28th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.54%. This is a positive change from PHINIA’s previous quarterly dividend of $0.25. PHINIA’s dividend payout ratio (DPR) is presently 61.71%.

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.