China Automotive Systems (NASDAQ:CAAS) Board of Directors Approves Share Buyback Program

China Automotive Systems (NASDAQ:CAAS) announced that its Board of Directors has authorized a stock buyback program on Monday, November 18th, RTT News reports. The company plans to buyback $5.00 million in outstanding shares. This buyback authorization permits the auto parts company to buy up to 3.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

China Automotive Systems Stock Performance

Shares of CAAS stock opened at $4.62 on Tuesday. The firm has a fifty day moving average of $4.22 and a 200-day moving average of $3.91. The stock has a market cap of $139.48 million, a price-to-earnings ratio of 4.40 and a beta of 2.45. China Automotive Systems has a 52-week low of $3.05 and a 52-week high of $4.97.

Analysts Set New Price Targets

Separately, StockNews.com lowered China Automotive Systems from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 14th.

China Automotive Systems Company Profile

China Automotive Systems, Inc, through its subsidiaries, manufactures and sells automotive systems and components in the People's Republic of China, the United States, and internationally. It produces rack and pinion power steering gears for cars and light-duty vehicles; integral power steering gears for heavy-duty vehicles; power steering parts for light duty vehicles; sensor modules; automobile steering systems and columns; and automobile electronics and systems and parts.