Should You Hold PHINIA (PHIN)?

Oakmark Funds, advised by Harris Associates, released its “Oakmark Equity and Income Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The fund delivered -1.87% during the quarter compared to the Lipper Balanced Fund Index’s -2.79%. For the fiscal year, the Fund’s return is 14.40%, compared to an 11.29% return for the Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Oakmark Equity and Income Fund highlighted stocks like PHINIA Inc. (NYSE:PHIN) in the third quarter 2023 investor letter. Headquartered in Auburn Hills, Michigan, PHINIA Inc. (NYSE:PHIN) designs, develops, and manufactures gasoline and diesel fuel injection components and systems. On October 9, 2023, PHINIA Inc. (NYSE:PHIN) stock closed at $26.52 per share. One-month return of PHINIA Inc. (NYSE:PHIN) was 1.41%, and its shares lost 0.34% of their value over the last three months. PHINIA Inc. (NYSE:PHIN) has a market capitalization of $1.247 billion.

Oakmark Equity and Income Fund made the following comment about PHINIA Inc. (NYSE:PHIN) in its Q3 2023 investor letter:

“We had one corporate action to report this quarter. Existing portfolio holding BorgWarner spun-off its fuel systems and aftermarket business into a new publicly traded company named PHINIA Inc. (NYSE:PHIN). Phinia is a well-managed business that trades for just a mid-single-digit multiple of our estimate of normal earnings. We continue to hold shares in the company given that it trades well below our estimate of intrinsic value.”

PHINIA Inc. (NYSE:PHIN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. We discussed PHINIA Inc. (NYSE:PHIN) in another article and shared the list of spin-off companies in 2023. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.