Scotia Capital Inc. has expanded its investment in Aptiv PLC, increasing its stake by 7.0% during the second quarter of 2023. According to the company’s recent Form 13F filing with the Securities and Exchange Commission, Scotia Capital now holds 29,763 shares of the auto parts manufacturer, valued at approximately $2,030,000.
This move is part of a broader trend among institutional investors who have been actively trading shares of Aptiv. Notably, Middleton & Co. Inc. MA raised its position by an impressive 63.1% in the first quarter, bringing its total to 33,668 shares worth $2,003,000 after purchasing an additional 13,026 shares. Similarly, Envestnet Asset Management Inc. increased its holdings by 10.7% in the second quarter, now owning 336,000 shares valued at $22,922,000.
Another significant player, Pallas Capital Advisors LLC, enhanced its stake by a remarkable 337.3% during the same period, resulting in ownership of 14,883 shares worth $1,015,000. Additionally, Los Angeles Capital Management LLC saw its position surge by 1,859.4%, now holding 144,782 shares valued at $9,877,000.
Despite these increases, it is noteworthy that hedge funds and institutional investors collectively own a substantial 94.21% of Aptiv’s stock.
Aptiv’s Stock Performance and Insider Activity
As of the latest trading session, Aptiv shares opened at $77.55. The company has experienced fluctuations over the past year, with a 12-month low of $47.19 and a high of $88.80. Aptiv boasts a market capitalization of $16.76 billion, a price-to-earnings ratio of 61.55, and a beta of 1.51. Its financial health is reflected in its quick ratio of 1.26 and a debt-to-equity ratio of 0.80.
In recent insider trading news, Allan J. Brazier, Chief Accounting Officer, sold 1,000 shares on September 18, 2023, at an average price of $85.00, totaling $85,000. Following this sale, Brazier retains 49,820 shares valued at approximately $4,234,700, marking a 1.97% decrease in his holdings. This transaction was disclosed in a filing with the SEC.
Analysts Adjust Price Targets
Analysts have been closely monitoring Aptiv’s performance and have issued revised price targets. Morgan Stanley raised its price target from $55.00 to $60.00 while maintaining an “underweight” rating. In contrast, Cowen reiterated a “buy” rating. Evercore ISI increased its target from $95.00 to $100.00, highlighting an “outperform” rating.
Furthermore, Barclays upgraded its recommendation from “equal weight” to “overweight,” setting a new target price of $105.00. Bank of America also increased its target from $85.00 to $95.00, designating a “buy” rating. Currently, analysts have assigned a consensus rating of “Moderate Buy” for Aptiv, with an average target price of $95.42.
Aptiv PLC specializes in the design, manufacture, and sale of vehicle components worldwide, offering electrical, electronic, and safety technology solutions for the automotive and commercial vehicle markets. The company operates through two main segments: Signal and Power Solutions, and Advanced Safety and User Experience.
