PHINIA (NYSE:PHIN) Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of PHINIA (NYSE:PHIN) from a buy rating to a hold rating in a research report sent to investors on Sunday,Wall Street Zen reports.

A number of other equities research analysts have also commented on the company. Northland Securities set a $98.00 price target on PHINIA in a research report on Friday, July 31st. KeyCorp initiated coverage on PHINIA in a research note on Friday, June 12th. They issued an “overweight” rating and a $105.00 price objective on the stock. UBS Group decreased their target price on PHINIA from $81.00 to $80.00 and set a “neutral” rating on the stock in a report on Friday, July 31st. Weiss Ratings upgraded PHINIA from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, September 1st. Finally, Zacks Research lowered PHINIA from a “hold” rating to a “strong sell” rating in a research note on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $82.00.

PHINIA Trading Down 1.7%

Shares of PHINIA stock opened at $67.86 on Friday. PHINIA has a 12-month low of $50.79 and a 12-month high of $86.93. The stock has a market capitalization of $2.49 billion, a P/E ratio of 19.44 and a beta of 1.14. The company has a 50-day simple moving average of $74.95 and a 200 day simple moving average of $74.45. The company has a quick ratio of 1.34, a current ratio of 1.81 and a debt-to-equity ratio of 0.63.

PHINIA (NYSE:PHIN) last released its quarterly earnings results on Thursday, July 30th. The company reported $1.53 EPS for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.04). The firm had revenue of $940.00 million during the quarter, compared to analyst estimates of $918.83 million. PHINIA had a net margin of 3.73% and a return on equity of 13.86%. Research analysts expect that PHINIA will post 6.18 earnings per share for the current fiscal year.

PHINIA Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be issued a dividend of $0.30 per share. The ex-dividend date is Friday, September 4th. This represents a $1.20 dividend on an annualized basis and a yield of 1.8%. PHINIA’s dividend payout ratio (DPR) is 34.38%.

Insider Activity

In other news, CEO Brady Ericson sold 27,860 shares of the business’s stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $68.39, for a total transaction of $1,905,345.40. Following the completion of the transaction, the chief executive officer directly owned 330,497 shares in the company, valued at approximately $22,602,689.83. The trade was a 7.77% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 2.20% of the company’s stock.

Institutional Trading of PHINIA

A number of hedge funds have recently modified their holdings of PHIN. Nykredit A S bought a new position in PHINIA during the 2nd quarter worth approximately $38,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in PHINIA in the second quarter worth $346,000. California State Teachers Retirement System raised its holdings in PHINIA by 7,907.8% in the second quarter. California State Teachers Retirement System now owns 3,750,388 shares of the company’s stock worth $308,919,000 after purchasing an additional 3,703,554 shares during the period. Odyssean LLC acquired a new stake in PHINIA in the second quarter worth $358,000. Finally, Wellington Management Group LLP boosted its position in shares of PHINIA by 1.5% during the second quarter. Wellington Management Group LLP now owns 298,734 shares of the company’s stock worth $24,607,000 after purchasing an additional 4,274 shares in the last quarter. 90.94% of the stock is currently owned by institutional investors and hedge funds.

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. The Fuel Systems segment provides advanced fuel injection systems, including pumps, injectors, fuel rail assemblies, and engine control modules; fuel delivery modules; canisters; sensors; and electronic control modules.