Phinia Inc. (NYSE:PHIN) director Robin Kendrick acquired shares in the company, according to a recent SEC filing. The transaction, which took place on June 13, 2024, involved the purchase of 94.489 shares of common stock at a price of $41.116 per share, totaling approximately $3,885.
The purchase was part of an automatic dividend reinvestment plan through a trust brokerage account, as noted in the footnotes of the filing. Following this transaction, Kendrick's direct and indirect holdings in Phinia Inc. increased to 15,634.489 shares.
In a separate transaction on June 14, Kendrick acquired an additional 20 shares of restricted stock at no cost, following the automatic reinvestment of dividends on outstanding restricted stock. This transaction was in accordance with the terms of the award and brought Kendrick's total ownership to 16,501 shares, including 3,281 shares of restricted stock.
The transactions reflect Kendrick's ongoing investment in Phinia Inc., a company specializing in motor vehicle parts and accessories, with headquarters located in Auburn Hills, Michigan. The company's stock is listed on the New York Stock Exchange under the ticker symbol PHIN.
Investors often pay close attention to insider transactions as they can provide insights into the executive's confidence in the company's future prospects. The filing was signed by Kelly A. Abin as attorney-in-fact for Robin Kendrick on June 17, 2024.
In other recent news, PHINIA Inc., a prominent player in the fuel systems and electrical components industry, has announced a quarterly cash dividend of $0.25 per common share. This dividend, indicative of the company's financial health, is expected to be distributed to its shareholders by mid-June. Furthermore, PHINIA has demonstrated robust performance in its recent earnings call, with Q1 adjusted sales reaching $846 million. The company also reported an improved adjusted EBITDA of $131 million and a margin of 15.5%. As part of its financial strategy, PHINIA plans to exit all transition service and contract manufacturing agreements by the end of summer. Additionally, the company issued $525 million in senior secured notes, a move aimed at enhancing its capital structure. This move, coupled with the company's healthy balance sheet and cash reserves of $325 million, positions PHINIA for a positive financial outlook. These developments showcase the company's commitment to its shareholders and its strategic approach towards financial stability and growth.
InvestingPro Insights
Phinia Inc.'s (NYSE:PHIN) latest insider transactions coincide with a positive outlook from analysts, as reflected in recent InvestingPro Tips. Notably, two analysts have revised their earnings projections upward for the upcoming period, suggesting growing optimism about the company's financial performance. Additionally, Phinia Inc. has been profitable over the last twelve months, and the company is expected to maintain profitability this year. These insights underscore the company's robust financial health and may explain the confidence exhibited by director Robin Kendrick's recent share purchases.
InvestingPro Data provides further context to the company's financials. Phinia Inc. boasts a market capitalization of $1.87 billion USD, which is supported by a solid P/E ratio of 19.06. More interestingly, the adjusted P/E ratio for the last twelve months as of Q1 2024 stands at a more attractive 11.16, indicating potential undervaluation. The company has also experienced a sizeable price uptick, with a six-month price total return of 45.65%, reflecting strong investor sentiment.
For investors looking for additional insights, there are more InvestingPro Tips available, which can be accessed through the InvestingPro platform. These tips may offer further guidance on the company's shareholder yield and liquidity, among other valuable metrics. Readers interested in a deeper analysis can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro. With these resources, investors can make more informed decisions regarding their interest in Phinia Inc.
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