PHINIA (NYSE:PHIN) announced its earnings results for the recent quarter on November 16, 2023, revealing a earnings per share (EPS) of $1.18. This figure fell short of analysts’ consensus estimate of $1.35, according to FiscalAI. Despite the miss on EPS, the company reported a revenue of $889 million, surpassing analyst expectations of $843.59 million. This represents a 6.7% increase in revenue compared to the same quarter last year, when the company earned $0.71 per share.
The financial report revealed a net margin of 2.63% and a return on equity of 11.64%. In the wake of this announcement, PHINIA’s stock price dropped by 5.0%, closing at $73.86 on the New York Stock Exchange. A total of 444,802 shares changed hands during the trading day, exceeding the average volume of 392,232 shares.
Insider Activity and Market Performance
In related news, several corporate insiders have made notable transactions. On November 19, 2023, Vice President Hongyong Yang sold 893 shares at an average price of $52.43, totaling approximately $46,820. Another Vice President, Samantha Pombier, sold 1,940 shares on November 14, 2023, at an average price of $54.14, amounting to $105,032. Following these transactions, Pombier’s shareholding decreased by 17.95%, leaving her with 8,869 shares, valued at around $480,168. Corporate insiders currently own 2.00% of PHINIA’s stock.
Institutional investors have also made adjustments to their holdings in PHINIA. For instance, Dimensional Fund Advisors LP increased its stake by 2.0% in the fourth quarter, now owning 2,301,996 shares valued at approximately $144.3 million. Goldman Sachs Group Inc. raised its position by 6.4%, acquiring an additional 58,875 shares, bringing its total to 977,177 shares valued at $41.5 million. Additionally, UBS Group AG boosted its stake by 222.9% during the third quarter, now holding 466,053 shares worth about $26.8 million.
Analyst Ratings and Future Outlook
PHINIA has attracted attention from various analysts recently. Northland Securities raised its price target for the stock from $65.00 to $79.00, rating it as “outperform” on December 30, 2023. Similarly, UBS Group increased its price objective from $59.00 to $71.00, while BNP Paribas Exane upgraded PHINIA from “neutral” to “outperform” with a price target of $63.00 on November 3, 2023. Currently, the stock holds a consensus rating of “Moderate Buy” with a price target averaging $63.17.
PHINIA Inc. specializes in developing, designing, and manufacturing integrated components and systems aimed at optimizing performance and reducing emissions in combustion and hybrid propulsion for commercial and light vehicles, as well as industrial applications. The company operates through its Fuel Systems and Aftermarket segments, providing advanced solutions critical to the automotive and industrial sectors.
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