Auburn Hills, MI—Robin Kendrick, a director at Phinia Inc. (NYSE:PHIN), recently increased his stake in the company through a series of stock acquisitions. The insider purchase comes as InvestingPro analysis shows Phinia trading slightly below its Fair Value, with the stock delivering an impressive 88.8% return over the past year. According to a recent SEC filing, Kendrick purchased 74 shares of Phinia common stock on December 12, 2024, at a price of $53.412 per share. This transaction amounted to a total value of $3,952.
Additionally, on December 13, 2024, Kendrick acquired 16 shares of restricted stock, which were granted as part of an automatic dividend reinvestment feature. These shares were acquired at no cost, reflecting the automatic reinvestment of dividends on outstanding restricted stock. The company currently offers a 1.9% dividend yield and maintains a strong financial health score according to InvestingPro metrics.
Following these transactions, Kendrick's total direct and indirect ownership in Phinia stands at 16,535 shares, including 3,315 shares of restricted stock. For deeper insights into insider trading patterns and comprehensive analysis, including 8 additional ProTips, access the full Pro Research Report available on InvestingPro.
In other recent news, Phinia, the automotive and aerospace components manufacturer, has released its third-quarter 2024 financial results. Amidst market challenges, the company reported mixed results with a 6.4% decline in net sales year-over-year, but an increase in adjusted EBITDA margin and a robust cash position. The Aftermarket segment saw growth, while the Fuel Systems segment faced a downturn due to fewer commercial vehicle sales in Europe and China.
Phinia also unveiled strategic initiatives like debt restructuring and shareholder returns, and revised its full-year guidance in light of anticipated market softness. The company's adjusted sales for 2024 are projected between $3.34 billion and $3.39 billion, with adjusted EBITDA expected to be between $470 million and $490 million.
Despite the revenue decline, Phinia managed to return $85 million to shareholders and replace high-cost debt. The company also published its first sustainability report, emphasizing its commitment to operational efficiency and shareholder value. These developments highlight Phinia's strategic maneuvering in an uncertain market.
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