Scotia Capital Inc. has raised its investment in Aptiv PLC, increasing its holdings by 7.0% during the second quarter of 2023. According to the latest Form 13F filing with the Securities and Exchange Commission, Scotia now owns 29,763 shares of the auto parts manufacturer, valued at approximately $2.03 million.
This adjustment reflects a broader trend among institutional investors in the automotive sector. Several other firms have also adjusted their positions in Aptiv. For instance, Middleton & Co. Inc. MA increased its stake by an impressive 63.1% in the first quarter, acquiring an additional 13,026 shares, bringing its total to 33,668 shares worth around $2.003 million.
Envestnet Asset Management Inc. also raised its position by 10.7% in the same quarter, now holding 336,000 shares valued at $22.92 million. In a more dramatic move, Pallas Capital Advisors LLC boosted its stake by 337.3%, acquiring 14,883 shares worth approximately $1.015 million. Furthermore, Los Angeles Capital Management LLC significantly increased its holdings by 1,859.4%, now owning 144,782 shares valued at around $9.88 million.
As of now, institutional investors collectively own approximately 94.21% of Aptiv’s stock, underscoring the company’s strong appeal in the market.
Recent Stock Performance and Insider Activity
On Monday, Aptiv’s stock opened at $77.55. The company’s stock has shown considerable volatility, with a 12-month low of $47.19 and a high of $88.80. Aptiv’s current market capitalization stands at $16.76 billion, with a price-to-earnings ratio of 61.55 and a beta of 1.51.
In an insider transaction, 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 $4.23 million, representing a decrease of 1.97% in his holdings.
Analysts’ Insights and Future Outlook
Market analysts have recently updated their price targets for Aptiv. Morgan Stanley revised its target from $55.00 to $60.00 while maintaining an “underweight” rating. Conversely, Cowen reaffirmed a “buy” rating, indicating confidence in the company’s performance.
Further optimism comes from Evercore ISI, which increased its target from $95.00 to $100.00, suggesting a strong outlook. Barclays also upgraded its rating from “equal weight” to “overweight,” lifting its target to $105.00. Finally, Bank of America raised its target from $85.00 to $95.00, maintaining a “buy” rating.
The consensus among analysts indicates a “Moderate Buy” rating for Aptiv, with an average target price of $95.42, based on data from MarketBeat.com.
Aptiv PLC specializes in designing, manufacturing, and selling vehicle components globally, with a focus on electrical, electronic, and safety technology solutions for the automotive and commercial vehicle markets. The company operates through two primary segments: Signal and Power Solutions, and Advanced Safety and User Experience.
As institutional interest continues to grow, Aptiv remains a significant player in the automotive sector, drawing attention from both analysts and investors alike.
