Billionaire investor Charles Schwab Investment Management Inc. continues to make strategic moves in its investment portfolio. In addition to increasing its stake in Amphastar Pharmaceuticals, Inc. and ARMOUR Residential REIT, Inc., Schwab has now acquired 322,929 shares of PHINIA Inc. (NYSE:PHIN) during the third quarter of 2023. The shares are valued at approximately $8,651,000 [5719ec0e].
PHINIA Inc. is a company that specializes in the development, design, and manufacture of integrated components and systems for commercial and light vehicles. The company reported earnings per share of $0.71 for the quarter, surpassing analysts' consensus estimates of $0.65. PHINIA also announced a quarterly dividend of $0.25 per share [5719ec0e].
This acquisition by Charles Schwab Investment Management Inc. indicates the firm's confidence in PHINIA Inc.'s performance and potential. It also aligns with the company's strategy of diversifying its investment portfolio across different sectors and industries [0bce8fe9].
Other institutional investors have also made modifications to their holdings of PHINIA Inc., further highlighting the growing interest in the company's stock [5719ec0e].
On June 1, 2024, Christopher Reading, Chairman of the Board and Chief Executive Officer of US Physical Therapy Inc (NYSE:USPH), sold 2,900 shares of the company. Following this sale, the insider now owns 95,838 shares of US Physical Therapy Inc. Over the past year, Christopher Reading has sold a total of 5,000 shares and has not purchased any shares of the company. The transaction was reported in a recent SEC Filing. US Physical Therapy Inc operates outpatient physical and occupational therapy clinics. The company has a market cap of $1.545 billion. The price-earnings ratio stands at 51.54. The GF Value of US Physical Therapy Inc is $103.78, suggesting that the stock is Fairly Valued with a price-to-GF-Value ratio of 0.97 [0fea48d3] [3ea2c2ca].
PHINIA Inc. (NYSE:PHIN) VP Robert Boyle sold 1,828 shares of the firm's stock at an average price of $43.77, totaling $80,011.56. Following the sale, Boyle now owns 36,337 shares valued at approximately $1,590,470.49. The sale was disclosed in a document filed with the Securities & Exchange Commission. PHINIA's stock is currently trading at $42.58. The company reported $1.08 earnings per share for the last quarter, beating the consensus estimate of $0.74. PHINIA also announced a quarterly dividend of $0.25 per share, payable on June 14th. Institutional investors own 90.94% of the stock. Morgan Stanley initiated coverage on PHINIA with an "overweight" rating and a price target of $50.00 [aac40440].