Stock analysts at StockNews.com initiated coverage on shares of China Automotive Systems (NASDAQ:CAAS – Get 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
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.
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