The Public Sector Pension Investment Board has significantly increased its holdings in PHINIA Inc. (NYSE:PHIN) by 47.0% during the first quarter of 2024. This move is detailed in the latest Form 13F filing with the Securities and Exchange Commission. The board now owns 153,980 shares of PHINIA, following the acquisition of an additional 49,242 shares during this period, bringing the total value of its investment to approximately $6.53 million.
Several other institutional investors have also adjusted their positions in PHINIA. Notably, Janney Montgomery Scott LLC raised its stake by 8.2%, now holding 9,196 shares valued at $390,000. Principal Financial Group Inc. increased its holdings by 0.6%, owning 229,854 shares valued at $9.75 million. Barclays PLC expanded its investment by 14.7% in the previous quarter, culminating in a total of 83,529 shares worth $4.02 million. Other firms, including Nisa Investment Advisors LLC and Victory Capital Management Inc., have also made notable increases in their stakes in the company.
As of now, 90.94% of PHINIA’s stock is owned by hedge funds and institutional investors, indicating strong institutional support for the company.
Recent Insider Activity and Stock Performance
In related developments, Director Meggan M. Walsh purchased 1,400 shares of PHINIA on May 22, 2024, at an average price of $42.71 per share, totaling $59,794. Following this transaction, Walsh’s ownership in the company rose by 22.98%, bringing her total shares to 7,492, valued at approximately $319,983. This acquisition was disclosed in an SEC filing, highlighting ongoing insider confidence in the company’s prospects.
PHINIA’s stock opened at $55.23 on Friday, July 24, 2024, following a strong quarterly earnings report. The company reported earnings per share (EPS) of $1.27, exceeding analyst expectations of $0.99 by $0.28. Additionally, PHINIA generated $890 million in revenue during the quarter, surpassing estimates of $836.51 million. This represented a year-over-year revenue increase of 2.5% when compared to the previous year’s results of $0.88 EPS.
Analysts currently forecast that PHINIA will achieve an EPS of $4.21 for the current fiscal year.
Dividend Announcement
PHINIA has also announced a quarterly dividend of $0.27 per share, which is set to be paid on September 12, 2024. Shareholders of record on August 22, 2024 will be eligible for this payment. The upcoming dividend signifies an annualized payout of $1.08, resulting in a dividend yield of 2.0%. The company’s current dividend payout ratio stands at 41.70%, reflecting a commitment to returning value to shareholders.
Founded to enhance performance and reduce emissions in various propulsion systems, PHINIA Inc. operates primarily through its Fuel Systems and Aftermarket segments, catering to both commercial and industrial applications.
For those interested in monitoring additional hedge fund activities surrounding PHINIA, resources such as HoldingsChannel.com provide comprehensive insights into the latest 13F filings and insider trades associated with the company.
