PHINIA Inc. (NYSE:PHIN) is Banyan Capital Management Inc.’s 6th Largest Position

Banyan Capital Management Inc. decreased its position in shares of PHINIA Inc. (NYSE:PHIN) by 0.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 241,796 shares of the company’s stock after selling 2,254 shares during the period. PHINIA makes up approximately 6.4% of Banyan Capital Management Inc.’s investment portfolio, making the stock its 6th biggest position. Banyan Capital Management Inc. owned 0.57% of PHINIA worth $11,130,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Chesapeake Capital Corp IL purchased a new position in PHINIA in the third quarter worth about $538,000. Empowered Funds LLC purchased a new position in PHINIA in the third quarter worth about $10,504,000. Royce & Associates LP purchased a new position in PHINIA in the third quarter worth about $695,000. KBC Group NV grew its position in PHINIA by 49.4% in the third quarter. KBC Group NV now owns 1,495 shares of the company’s stock worth $69,000 after acquiring an additional 494 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in PHINIA by 27.5% in the third quarter. Victory Capital Management Inc. now owns 187,294 shares of the company’s stock worth $8,621,000 after acquiring an additional 40,416 shares in the last quarter. Hedge funds and other institutional investors own 90.94% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Morgan Stanley lowered PHINIA from an “overweight” rating to an “equal weight” rating and set a $50.00 price target for the company. in a research report on Wednesday, September 25th. UBS Group started coverage on PHINIA in a research report on Wednesday, September 4th. They set a “buy” rating and a $55.00 target price for the company.

Insider Activity

In other news, VP Michael Coetzee sold 900 shares of PHINIA stock in a transaction that occurred 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 completion of the sale, the vice president now owns 29,540 shares of the company’s stock, valued at approximately $1,409,353.40. The trade was a 2.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.50% of the company’s stock.

PHINIA Stock Up 0.5 %

Shares of NYSE:PHIN opened at $52.37 on Monday. PHINIA Inc. has a 1 year low of $25.10 and a 1 year high of $53.72. The business has a 50 day simple moving average of $47.08 and a two-hundred day simple moving average of $44.79. The firm has a market capitalization of $2.20 billion, a PE ratio of 22.48 and a beta of 0.86. 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 (NYSE:PHIN) last announced its earnings results on Thursday, October 31st. The company reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.38. PHINIA had a return on equity of 9.79% and a net margin of 3.10%. The business had revenue of $839.00 million during the quarter, compared to analyst estimates of $829.82 million. During the same quarter in the previous year, the business earned $0.53 earnings per share. The company’s revenue for the quarter was down 6.4% compared to the same quarter last year. On average, equities analysts predict that PHINIA Inc. will post 3.44 EPS for the current year.

PHINIA Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Monday, November 25th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.91%. The ex-dividend date is Monday, November 25th. PHINIA’s dividend payout ratio is presently 42.92%.

PHINIA 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.