Scotia Capital Inc. has increased its stake in Aptiv PLC, a leading auto parts manufacturer, by 7.0% during the second quarter of 2023. According to its latest Form 13F filing with the Securities and Exchange Commission, Scotia Capital now holds 29,763 shares valued at approximately $2.03 million. This increase includes the acquisition of an additional 1,952 shares during the quarter.
Other institutional investors have also made significant moves regarding Aptiv shares. Middleton & Co. Inc. MA raised its position by 63.1% in the first quarter, now owning 33,668 shares valued at $2.003 million after purchasing an additional 13,026 shares. Meanwhile, Envestnet Asset Management Inc. lifted its stake by 10.7%, bringing its total to 336,000 shares valued at $22.92 million.
Pallas Capital Advisors LLC demonstrated a remarkable increase of 337.3% in its stake during the second quarter, acquiring 14,883 shares worth $1.015 million. Additionally, Los Angeles Capital Management LLC boosted its position by an astounding 1,859.4%, now holding 144,782 shares valued at $9.877 million. Assetmark Inc. also grew its stake by 16.1%, owning 5,811 shares valued at $396,000. Collectively, institutional investors control 94.21% of Aptiv’s stock.
Aptiv Stock Performance and Market Analysis
As of Monday, Aptiv’s stock opened at $77.55. The company has a 50-day moving average of $82.30 and a 200-day moving average of $75.53. Over the past year, Aptiv has experienced a low of $47.19 and a high of $88.80. Currently, the firm boasts a market capitalization of $16.76 billion, a price-to-earnings ratio of 61.55, and a P/E/G ratio of 0.79. The company’s quick ratio stands at 1.26, current ratio at 1.79, and its debt-to-equity ratio is 0.80.
In other developments, on September 18, 2023, Chief Accounting Officer Allan J. Brazier sold 1,000 shares at an average price of $85.00, amounting to a total transaction of $85,000. Following this sale, Brazier’s remaining holdings totaled 49,820 shares valued at around $4.2347 million, representing a decrease of 1.97% in his position. This transaction has been disclosed in a legal filing with the SEC.
Analysts’ Perspectives and Future Outlook
Aptiv has attracted attention from various research analysts who have recently updated their price targets for the stock. Morgan Stanley raised its target from $55.00 to $60.00, maintaining an “underweight” rating. Conversely, Evercore ISI increased its target from $95.00 to $100.00, rating the stock as “outperform.” Barclays also upgraded its rating from “equal weight” to “overweight,” lifting its target price from $85.00 to $105.00.
Bank of America has changed its price target from $85.00 to $95.00, offering a “buy” rating. Currently, three analysts have rated Aptiv with a Strong Buy, fourteen with a Buy, six with a Hold, and one with a Sell. Based on data from MarketBeat.com, the consensus rating for Aptiv is “Moderate Buy,” with an average target price set at $95.42.
Aptiv PLC engages in designing, manufacturing, and selling vehicle components globally, providing electrical, electronic, and safety technology solutions across various markets. The company operates through two main segments: Signal and Power Solutions, and Advanced Safety and User Experience.
As institutional interest in Aptiv continues to grow, the company appears well-positioned to navigate the evolving automotive landscape, which increasingly prioritizes safety and technological advancements.
