Principal Financial Group Inc. Buys 2,422 Shares of PHINIA Inc. (NYSE:PHIN)

Principal Financial Group Inc. grew its stake in shares of PHINIA Inc. (NYSE:PHIN) by 1.1% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 227,742 shares of the company’s stock after acquiring an additional 2,422 shares during the period. Principal Financial Group Inc.’s holdings in PHINIA were worth $10,483,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PHIN. Tidal Investments LLC bought a new position in shares of PHINIA in the third quarter worth $527,000. ABS Direct Equity Fund LLC increased its stake in PHINIA by 12,400.0% in the 3rd quarter. ABS Direct Equity Fund LLC now owns 50,000 shares of the company’s stock worth $2,302,000 after acquiring an additional 49,600 shares during the last quarter. Barclays PLC raised its holdings in shares of PHINIA by 336.2% in the 3rd quarter. Barclays PLC now owns 72,805 shares of the company’s stock valued at $3,351,000 after acquiring an additional 56,114 shares in the last quarter. Public Employees Retirement System of Ohio boosted its position in shares of PHINIA by 352.8% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 38,474 shares of the company’s stock valued at $1,771,000 after acquiring an additional 29,977 shares during the last quarter. Finally, Jane Street Group LLC grew its holdings in shares of PHINIA by 297.0% during the third quarter. Jane Street Group LLC now owns 24,516 shares of the company’s stock worth $1,128,000 after purchasing an additional 18,341 shares in the last quarter. 90.94% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

PHINIA Stock Performance

NYSE:PHIN opened at $47.48 on Tuesday. The company has a market capitalization of $2.00 billion, a price-to-earnings ratio of 20.38 and a beta of 1.10. The business has a 50 day moving average of $50.66 and a 200 day moving average of $46.62. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.93 and a quick ratio of 1.46. PHINIA Inc. has a 1-year low of $27.86 and a 1-year high of $57.23.

PHINIA (NYSE:PHIN) last announced its quarterly earnings data 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. PHINIA had a net margin of 3.10% and a return on equity of 9.79%. The firm had revenue of $839.00 million during the quarter, compared to analyst estimates of $829.82 million. During the same period in the previous year, the business posted $0.53 EPS. The business’s quarterly revenue was down 6.4% on a year-over-year basis. On average, sell-side analysts predict that PHINIA Inc. will post 3.44 earnings per share for the current fiscal year.

PHINIA Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Monday, November 25th were issued a $0.25 dividend. The ex-dividend date of this dividend was Monday, November 25th. This represents a $1.00 annualized dividend and a dividend yield of 2.11%. PHINIA’s dividend payout ratio is currently 42.92%.

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.