5 Most Undervalued Auto Stocks to Buy According to Hedge Funds

3. Aptiv PLC (NYSE:APTV)

Latest P/E Ratio: 10.4

Number of Hedge Fund Holders: 38

Dublin, Ireland-based Aptiv PLC (NYSE:APTV) is a leading global technology and mobility architecture company. It designs and manufactures vehicle components and provides electrical, electronic, and active safety technology solutions to the global automotive and commercial vehicle markets, creating the software and hardware foundation for vehicle features and functionality.

On November 2, Aptiv PLC (NYSE:APTV) released its financial results for Q3 2023. Its revenues increased by 11% y-o-y to $5.1 billion, while it reported a net income of $1.6 billion. It generated a normalized EPS of $1.30, which exceeded consensus estimates by $0.07.

Following the earnings release, Barclays analyst Dan Levy lowered the price target for Aptiv PLC (NYSE:APTV) shares to $112 from $138 and maintained an ‘Overweight’ rating. The target price represents a potential upside of 34.76% based on the share price on November 24.

As of Q3 2023, 33 of the 910 hedge funds tracked by Insider Monkey were long Aptiv PLC (NYSE:APTV) and held shares worth $748 million. Ian Simm’s Impax Asset Management was the largest shareholder with ownership of 6.8 million shares valued at $669 million.