State of Michigan Retirement System Takes Position in PHINIA Inc. (NYSE:PHIN)

State of Michigan Retirement System bought a new stake in shares of PHINIA Inc. (NYSE:PHIN) during the 4th quarter, Holdings Channel reports. The fund bought 4,218 shares of the company’s stock, valued at approximately $203,000.

Several other hedge funds have also recently made changes to their positions in the business. Quantinno Capital Management LP increased its stake in shares of PHINIA by 2.4% during the third quarter. Quantinno Capital Management LP now owns 14,637 shares of the company’s stock valued at $674,000 after buying an additional 345 shares during the period. Smartleaf Asset Management LLC boosted its position in shares of PHINIA by 149.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 698 shares of the company’s stock valued at $33,000 after purchasing an additional 418 shares in the last quarter. KBC Group NV boosted its position in shares of PHINIA by 49.4% during the third quarter. KBC Group NV now owns 1,495 shares of the company’s stock valued at $69,000 after purchasing an additional 494 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of PHINIA by 0.4% during the fourth quarter. Principal Financial Group Inc. now owns 228,584 shares of the company’s stock valued at $11,011,000 after purchasing an additional 842 shares in the last quarter. Finally, QRG Capital Management Inc. boosted its position in shares of PHINIA by 29.1% during the fourth quarter. QRG Capital Management Inc. now owns 9,610 shares of the company’s stock valued at $463,000 after purchasing an additional 2,168 shares in the last quarter. 90.94% of the stock is owned by hedge funds and other institutional investors.

PHINIA Trading Down 1.6 %

PHINIA stock opened at $43.33 on Monday. 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 business’s fifty day simple moving average is $49.53 and its two-hundred day simple moving average is $49.10. PHINIA Inc. has a 12 month low of $34.67 and a 12 month high of $57.23. The company has a market capitalization of $1.77 billion, a price-to-earnings ratio of 24.76 and a beta of 1.38.

PHINIA (NYSE:PHIN) last released its earnings results on Thursday, February 13th. The company reported $0.71 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.09). PHINIA had a return on equity of 10.12% and a net margin of 2.32%. The company had revenue of $833.00 million during the quarter, compared to the consensus estimate of $811.94 million. As a group, equities analysts predict that PHINIA Inc. will post 4.21 earnings per share for the current fiscal year.

PHINIA Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 2.49%. This is an increase from PHINIA’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Friday, February 28th. PHINIA’s payout ratio is 61.71%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PHIN. Northland Securities began coverage on PHINIA in a research report on Thursday, January 30th. They set an “outperform” rating and a $61.00 price target on the stock. UBS Group lifted their price target on PHINIA from $55.00 to $57.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Finally, Northland Capmk upgraded PHINIA to a “strong-buy” rating in a research report on Thursday, January 30th.

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.