China Automotive Systems (NASDAQ:CAAS) Now Covered by StockNews.com

Stock analysts at StockNews.com initiated coverage on shares of China Automotive Systems (NASDAQ:CAASGet Free Report) in a note issued to investors on Tuesday. The firm set a “buy” rating on the auto parts company’s stock.

China Automotive Systems Price Performance

NASDAQ CAAS opened at $4.55 on Tuesday. China Automotive Systems has a 1-year low of $3.25 and a 1-year high of $4.97. The company has a market capitalization of $137.35 million, a P/E ratio of 4.33 and a beta of 2.27. The business has a 50 day moving average price of $4.23 and a 200 day moving average price of $4.20.

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

Hedge Funds Weigh In On China Automotive Systems

Several hedge funds have recently bought and sold shares of CAAS. Two Sigma Securities LLC purchased a new position in China Automotive Systems during the fourth quarter worth $86,000. Connor Clark & Lunn Investment Management Ltd. increased its position 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 increased its position in China Automotive Systems by 5.2% during the fourth quarter. Empowered Funds LLC now owns 143,856 shares of the auto parts company’s stock worth $590,000 after buying an additional 7,119 shares in the last quarter. Bridgeway Capital Management LLC increased its position 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 shares of 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 purchasing an additional 19,100 shares during the last quarter. Hedge funds and other institutional investors own 5.17% of the company’s stock.

China Automotive Systems Company Profile

(Get Free Report)

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.

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