StockNews.com Begins Coverage on China Automotive Systems (NASDAQ:CAAS)

Analysts at StockNews.com started coverage on shares of China Automotive Systems (NASDAQ:CAAS) in a note issued to investors on Sunday. The firm set a “buy” rating on the auto parts company’s stock.

China Automotive Systems Price Performance

China Automotive Systems stock opened at $4.49 on Friday. The firm has a 50 day simple moving average of $4.16 and a 200-day simple moving average of $4.14. The stock has a market capitalization of $135.54 million, a PE ratio of 4.28 and a beta of 2.33. China Automotive Systems has a 12-month low of $3.20 and a 12-month high of $4.97.

China Automotive Systems declared that its board has initiated a stock repurchase plan on Monday, November 18th that authorizes the company to repurchase $5.00 million in shares. This repurchase authorization authorizes the auto parts company to repurchase up to 3.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of China Automotive Systems

Large investors have recently added to or reduced their stakes in the business. Two Sigma Securities LLC bought a new stake in China Automotive Systems during the fourth quarter worth approximately $86,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in China Automotive Systems by 14.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 87,102 shares of the auto parts company’s stock worth $401,000 after buying an additional 11,197 shares in the last quarter. Empowered Funds LLC boosted its holdings in China Automotive Systems by 5.4% during the third quarter. Empowered Funds LLC now owns 136,737 shares of the auto parts company’s stock worth $629,000 after buying an additional 6,968 shares in the last quarter. Bridgeway Capital Management LLC boosted its holdings in China Automotive Systems by 2.6% during the fourth quarter. Bridgeway Capital Management LLC now owns 280,206 shares of the auto parts company’s stock worth $1,149,000 after buying an additional 7,119 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in China Automotive Systems by 4.8% during the fourth quarter. Renaissance Technologies LLC now owns 420,994 shares of the auto parts company’s stock worth $1,726,000 after buying an additional 19,100 shares in the last quarter. 5.17% of the stock is currently owned by institutional investors.

About China Automotive Systems

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.