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Should You Sell Aptiv PLC (APTV)?

Soumya Eswaran
·2-min read

TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” first-quarter investor letter. A copy of the letter can be downloaded here. The first quarter's performance for US small to mid-cap stocks was barbelled. In the first quarter, the strategy returned 10.16% (gross) and 9.95% (net) while the Russell Midcap Growth Index returned 9.50%. In addition, please check the fund’s top five holdings to know its best picks in 2024.

TimesSquare Capital U.S. Mid Cap Growth Strategy highlighted stocks like Aptiv PLC (NYSE:APTV), in the first quarter 2024 investor letter. Aptiv PLC (NYSE:APTV) designs and manufactures vehicle components. The one-month return of Aptiv PLC (NYSE:APTV) was -17.15%, and its shares lost 32.43% of their value over the last 52 weeks. On June 27, 2024, Aptiv PLC (NYSE:APTV) stock closed at $68.98 per share with a market capitalization of $18.767 billion.

TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding Aptiv PLC (NYSE:APTV) in its first quarter 2024 investor letter:

"At the beginning of the year, we sold our shares in Aptiv PLC (NYSE:APTV), which supplies automotive electronic technology for safety and entertainment systems. The company had expected significant growth from its EV components, though that segment saw much slower growth recently. With no line of sight for a rebound, we exited our position."

A closeup of a hand holding a car engine component, highlighting the precision of the company's engineering.

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Aptiv PLC (NYSE:APTV) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held Aptiv PLC (NYSE:APTV) at the end of the first quarter which was 39 in the previous quarter. The first quarter revenue of Aptiv PLC (NYSE:APTV) was $4.9 billion, up 2% from Q1 2023. While we acknowledge the potential of Aptiv PLC (NYSE:APTV) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

We discussed Aptiv PLC (NYSE:APTV) in another article and shared ClearBridge Mid Cap Strategy's views on the company. In the Q1 2024 investor letter, Ariel Investments’ Global Fund expressed its bullish outlook on Aptiv PLC's (NYSE:APTV) growth. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

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