Business
Phinia Inc. VP sells over $79,000 in company stock By Investing.com
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In a recent transaction on June 7, Robert Boyle, the Vice President, General Counsel, and Secretary of Phinia Inc. (NYSE:PHIN), sold 1,827.717 shares of the company’s common stock. The sale was executed at a weighted average price of $43.77 per share, totaling approximately $79,999.
The shares were sold in multiple transactions with prices ranging from $43.770 to $43.780. Following the sale, Boyle’s direct ownership in the company stands at 36,337.283 shares. It’s important to note that of these remaining shares, 31,549 are classified as restricted stock.
Phinia Inc., known for its role in the motor vehicle parts and accessories sector, is a company incorporated in Delaware with its business operations centered in Auburn Hills, Michigan. This recent stock sale by a key executive is part of the ongoing financial disclosures required by company insiders.
Investors often monitor insider transactions as they can provide insights into the executives’ perspectives on the company’s current valuation and future prospects. However, it’s essential to consider that insider sales can occur for various reasons and may not necessarily reflect a negative outlook on the company’s performance.
The details of the transaction were made public through a Form 4 filing with the Securities and Exchange Commission, which was signed by attorney-in-fact Kelly A. Albin on behalf of Robert Boyle. on
In other recent news, PHINIA Inc. has made notable strides in its financial performance. The company announced a robust Q1 performance, with adjusted sales hitting the $846 million mark, a 1% increase from the previous year’s corresponding period. This was accompanied by an improved adjusted EBITDA of $131 million and a margin of 15.5%. In a significant move, PHINIA issued $525 million in senior secured notes, which were upsized from an initial $425 million due to strong investor demand.
On the dividend front, PHINIA declared a quarterly cash dividend of $0.25 per common share, reflecting the company’s financial health and consistent value return to its shareholders. The company also reported a healthy balance sheet with cash reserves of $325 million and net leverage below 1x EBITDA.
These recent developments underline PHINIA’s strategic focus on financial discipline and a positive outlook for the year, as it expects strong earnings and cash generation. The company also plans to exit all transition service and contract manufacturing agreements by the end of the summer, further streamlining its operations.
InvestingPro Insights
Amidst the recent insider trading activity at Phinia Inc., investors and market spectators are closely analyzing the company’s financial health and growth prospects. The sale by Robert Boyle has brought Phinia Inc. under the spotlight, prompting a look at the company’s performance metrics and future expectations.
InvestingPro data reveals a robust financial standing for Phinia Inc., with a market capitalization of approximately $1.96 billion. The company’s price-to-earnings (P/E) ratio stands at 19.06, indicating investor expectations of future earnings growth. Notably, the adjusted P/E ratio for the last twelve months as of Q1 2024 has improved to 11.8, suggesting increased profitability. Furthermore, Phinia’s revenue has seen a steady increase, with a growth of 5.6% in the same period, reflecting the company’s ability to expand its sales in a competitive sector.
From an investment standpoint, two key InvestingPro Tips highlight Phinia Inc.’s promising outlook. First, analysts have recently revised their earnings expectations upwards for the upcoming period, signaling confidence in the company’s potential to outperform. Additionally, the company has demonstrated a strong return over the last three months, with a price total return of 19.28%, which is a testament to its robust market performance.
For investors seeking more in-depth analysis and additional insights, InvestingPro offers a range of tips, including information on Phinia Inc.’s shareholder yield, debt levels, and profitability projections. There are currently 7 additional InvestingPro Tips available that could provide valuable guidance for making informed investment decisions. Interested investors can access these tips by visiting https://www.investing.com/pro/PHIN and can take advantage of a special offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
While insider transactions like Boyle’s sale are a piece of the puzzle, the broader financial data and expert analysis provided by InvestingPro help paint a more comprehensive picture of Phinia Inc.’s market position and future potential.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Business
Russia economy: Relying more China’s yuan is backfiring
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After the U.S. and its allies sanctioned Russia in 2022 for its invasion of Ukraine, Moscow turned away from the dollar and euro in international transactions and relied more on China’s yuan.
That coincided with more trade between the two countries as Russia was largely shut out of Western markets as well as the global financial system.
By June, the yuan accounted for 99.6% of the Russian foreign exchange market, according to Bloomberg, which cited data from Russia’s central bank. And Russian commercial banks ramped up corporate loans denominated in yuan.
But this dependence on the yuan is now backfiring as top Russian banks are running out of the Chinese currency, Reuters reported on Thursday.
“We cannot lend in yuan because we have nothing to cover our foreign currency positions with,” German Gref, CEO of top Russian lender Sberbank, said at an economic forum.
That’s because the U.S. expanded its definition of Russia’s military industry earlier this year, thereby widening the potential scope of Chinese firms that could get hit with secondary sanctions for doing business with Moscow.
As a result, Chinese banks have been reluctant to transfer yuan to Russian counterparts while servicing foreign trade payments, leaving transactions in limbo for months. With yuan liquidity drying up from China, Russian companies have tapped the central bank for yuan via currency swaps.
At the start of this month, banks raised a record 35 billion yuan from Russian’s central bank through these swaps, according to Reuters. And banks were expecting more help.
“I think the central bank can do something,” Andrei Kostin, CEO of second-largest bank VTB, said Thursday. “They hopefully understand the need to increase the liquidity offer through swaps.”
But on Friday, Russia’s central bank dashed those hopes, calling on banks to curb corporate loans denominated in yuan.
The Bank of Russia also said in a report that swaps are only meant for short-term stabilization of the domestic currency market and are not a long-term source of funding, according to Bloomberg. But rather than simply filling the roles that dollars and euros did, yuan loans have expanded.
“The increase in yuan lending was partly caused by the replacement of loans in ‘toxic’ currencies, but 41% of the increase was down to new currency loans,” the bank said.
The central bank also released a survey that showed a quarter of Russian exporters had trouble with foreign counterparts, including blocked or returned payments even when dealing in supposedly friendly countries. And about half of exporters said the problems got worse in the second quarter from the prior quarter.
The overall Russian economy has been propped up by the government’s wartime spending as well as oil exports to China and India. But the combination of busy factories and labor shortages due to military mobilizations have stoked more inflation.
Researchers led by Yale’s Jeffrey Sonnenfeld warned the seemingly robust GDP data mask deeper problems in the economy.
“Simply put, Putin’s administration has prioritized military production over all else in the economy, at substantial cost,” they wrote. “While the defense industry expands, Russian consumers are increasingly burdened with debt, potentially setting the stage for a looming crisis. The excessive focus on military spending is crowding out productive investments in other sectors of the economy, stifling long-term growth prospects and innovation.”
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Business
ETFs are set to hit record inflows, but this wild card could change it
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Exchange-traded fund inflows have already topped monthly records in 2024, and managers think inflows could see an impact from the money market fund boom before year-end.
“With that $6 trillion plus parked in money market funds, I do think that is really the biggest wild card for the remainder of the year,” Nate Geraci, president of The ETF Store, told CNBC’s “ETF Edge” this week. “Whether it be flows into REIT ETFs or just the broader ETF market, that’s going to be a real potential catalyst here to watch.”
Total assets in money market funds set a new high of $6.24 trillion this past week, according to the Investment Company Institute. Assets have hit peak levels this year as investors wait for a Federal Reserve rate cut.
“If that yield comes down, the return on money market funds should come down as well,” said State Street Global Advisors’ Matt Bartolini in the same interview. “So as rates fall, we should expect to see some of that capital that has been on the sidelines in cash when cash was sort of cool again, start to go back into the marketplace.”
Bartolini, the firm’s head of SPDR Americas Research, sees that money moving into stocks, other higher-yielding areas of the fixed income marketplace and parts of the ETF market.
“I think one of the areas that I think is probably going to pick up a little bit more is around gold ETFs,” Bartolini added. “They’ve had about 2.2 billion of inflows the last three months, really strong close last year. So I think the future is still bright for the overall industry.”
Meanwhile, Geraci expects large, megacap ETFs to benefit. He also thinks the transition could be promising for ETF inflow levels as they approach 2021 records of $909 billion.
“Assuming stocks don’t experience a massive pullback, I think investors will continue to allocate here, and ETF inflows can break that record,” he said.
Business
Tens of thousands in South Korea protest lack of climate progress By Reuters
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By Sebin Choi and Daewoung Kim
SEOUL (Reuters) – More than 30,000 protesters gathered in South Korea’s capital in broiling heat on Saturday, demanding more aggressive action by the government to combat global warming.
With temperatures exceeding 30 degrees Celsius (86 degrees Fahrenheit), protesters young and old marched in the country’s biggest demonstration so far this year, snarling traffic in central Seoul.
They waved large banners reading “Climate justice,” “Protect our lives!” and “NO to climate villain (President) Yoon Suk Yeol’s administration”.
“Truth is, without the air conditioner this summer was not liveable and people could not live like people,” said Yu Si-yun, an environmental activist leading the protest.
“We are facing a problem not unique to a country or an individual. We need systemic change and we are running out of time to act.”
Organised by the 907 Climate Justice March Group Committee, the protest followed a ruling last month by South Korea’s top court that the nation’s climate change law fails to protect basic human rights and lacks targets to shield future generations.
The 200 plaintiffs, including young climate activists and even some infants, told the constitutional court that the government was violating citizens’ human rights by not doing enough on climate change.
South Korea, which aims to be carbon-neutral by 2050, is the biggest coal polluter after Australia among the Group of 20 big economies, with a slow adoption of renewable energy. The government last year lowered its 2030 targets for curbing industrial greenhouse-gas emissions but kept its national goal of cutting emissions by 40% from 2018 levels.
Even South Korea’s kimchi has fallen victim to climate change. Farmers and manufacturers say the quality and quantity of the napa cabbage used in the ubiquitous pickled dish is suffering due to intensifying heat.
“Feel how long this summer is,” said Kim Ki-chang, a 46-year-old novelist who was participating in the protest for a third straight year.
“This would be a much bigger threat and survival issue to younger generations than the older ones, so I think the older generation should do something more actively for the next generation.”
Seoul has had a record 20 consecutive nights defined as “tropical”, with low temperatures remaining above 25 C (77 F).
Protest organising committee member Kim Eun-jung said the demonstrators chose the popular Gangnam financial and shopping area this year, not the Gwanghwamun area they used last year, to have their voices heard by the many big corporations there that the group blames for carbon emissions.
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