Canada Pension Plan Investment Board Takes $2.40 Million Position in PHINIA Inc. (NYSE:PHIN)

Canada Pension Plan Investment Board purchased a new position in shares of PHINIA Inc. (NYSE:PHIN) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 60,900 shares of the company’s stock, valued at approximately $2,397,000.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in PHINIA by 1.9% in the first quarter. Vanguard Group Inc. now owns 5,408,495 shares of the company’s stock worth $207,848,000 after purchasing an additional 102,769 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of PHINIA by 19.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,317,846 shares of the company’s stock worth $51,869,000 after purchasing an additional 215,150 shares during the period. American Century Companies Inc. boosted its holdings in shares of PHINIA by 33.2% in the 2nd quarter. American Century Companies Inc. now owns 1,009,106 shares of the company’s stock worth $39,718,000 after buying an additional 251,650 shares during the last quarter. LSV Asset Management grew its position in PHINIA by 0.7% during the second quarter. LSV Asset Management now owns 780,569 shares of the company’s stock valued at $30,723,000 after buying an additional 5,792 shares during the period. Finally, Norges Bank purchased a new stake in PHINIA during the fourth quarter worth about $16,896,000. 90.94% of the stock is owned by institutional investors.

Insider Activity at PHINIA

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

PHINIA Stock Performance

Shares of PHIN stock opened at $46.85 on Friday. The firm’s 50 day moving average is $45.77 and its 200 day moving average is $42.45. The stock has a market capitalization of $2.14 billion, a P/E ratio of 9.64 and a beta of 0.86. PHINIA Inc. has a 12 month low of $23.46 and a 12 month high of $52.19. The company has a current ratio of 1.85, a quick ratio of 1.38 and a debt-to-equity ratio of 0.47.

PHINIA (NYSE:PHIN) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.88 EPS for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.27). The company had revenue of $868.00 million during 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% on a year-over-year basis. During the same period in the previous year, the business earned $1.61 earnings per share. On average, sell-side analysts anticipate that PHINIA Inc. will post 3.37 earnings per share for the current year.

PHINIA Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 23rd were given a $0.25 dividend. The ex-dividend date was Friday, August 23rd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.13%. PHINIA’s dividend payout ratio (DPR) is currently 20.58%.

Analyst Ratings Changes

Several brokerages have recently issued reports on PHIN. Morgan Stanley lowered shares of PHINIA from an “overweight” rating to an “equal weight” rating and set a $50.00 price target for the company. in a research note on Wednesday. UBS Group began coverage on PHINIA in a research note on Wednesday, September 4th. They issued a “buy” rating and a $55.00 target price on the 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.