PHINIA (NYSE:PHIN) Downgraded to Equal Weight at Morgan Stanley

Morgan Stanley cut shares of PHINIA (NYSE:PHIN) from an overweight rating to an equal weight rating in a research note released on Wednesday morning, Marketbeat Ratings reports. They currently have $50.00 price target on the stock.

Separately, UBS Group started coverage on shares of PHINIA in a research report on Wednesday, September 4th. They set a buy rating and a $55.00 price target on the stock.

PHINIA Stock Down 8.0 %

NYSE:PHIN opened at $46.66 on Wednesday. The stock has a 50-day simple moving average of $45.75 and a 200 day simple moving average of $42.42. PHINIA has a 52-week low of $23.46 and a 52-week high of $52.19. The company has a market cap of $2.04 billion, a PE ratio of 15.59 and a beta of 0.86. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.38 and a current ratio of 1.85.

PHINIA (NYSE:PHIN) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $0.88 earnings per share for the quarter, missing the consensus estimate of $1.15 by ($0.27). The business had revenue of $868.00 million for the quarter, compared to the consensus estimate of $889.00 million. PHINIA had a return on equity of 8.04% and a net margin of 2.48%. PHINIA’s revenue was down 2.1% compared to the same quarter last year. During the same period in the prior year, the business earned $1.61 earnings per share. On average, sell-side analysts expect that PHINIA will post 3.37 EPS for the current fiscal year.

PHINIA Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 23rd were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date was Friday, August 23rd.

Insider Activity

In other PHINIA news, VP Michael Coetzee sold 900 shares of the company’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $47.71, for a total transaction of $42,939.00. Following the sale, the vice president now directly owns 29,540 shares of the company’s stock, valued at $1,409,353.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On PHINIA

A number of institutional investors have recently bought and sold shares of the business. Quarry LP bought a new position in shares of PHINIA during the 4th quarter worth approximately $37,000. Fidelis Capital Partners LLC bought a new position in PHINIA during the first quarter worth $37,000. Cape Investment Advisory Inc. bought a new position in PHINIA during the fourth quarter worth $39,000. GAMMA Investing LLC increased its holdings in shares of PHINIA by 100.4% in the second quarter. GAMMA Investing LLC now owns 1,132 shares of the company’s stock valued at $45,000 after purchasing an additional 567 shares during the last quarter. Finally, TFO Wealth Partners LLC acquired a new stake in shares of PHINIA during the 4th quarter worth about $48,000. Institutional investors and hedge funds own 90.94% of the company’s stock.

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.