StockNews.com assumed coverage on shares of China Automotive Systems (NASDAQ:CAAS - Free Report) in a report issued on Friday. The brokerage issued a buy rating on the auto parts company's stock.
China Automotive Systems Trading Up 5.0 %
NASDAQ CAAS traded up $0.21 on Friday, hitting $4.45. 90,342 shares of the stock traded hands, compared to its average volume of 23,510. The stock has a 50-day moving average of $4.09 and a 200 day moving average of $4.09. China Automotive Systems has a twelve month low of $3.17 and a twelve month high of $4.97. The company has a market capitalization of $134.35 million, a P/E ratio of 4.24 and a beta of 2.33.
China Automotive Systems announced that its Board of Directors has initiated a stock buyback plan on Monday, November 18th that permits the company to buyback $5.00 million in outstanding shares. This buyback authorization permits the auto parts company to buy up to 3.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's leadership believes its stock is undervalued.
Institutional Trading of China Automotive Systems
Several institutional investors and hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC raised its stake 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 valued at $1,726,000 after buying an additional 19,100 shares in the last quarter. Bridgeway Capital Management LLC raised its stake 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 valued at $1,149,000 after buying an additional 7,119 shares in the last quarter. Empowered Funds LLC raised its stake 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 valued at $590,000 after buying an additional 7,119 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of China Automotive Systems by 22.4% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 106,586 shares of the auto parts company's stock worth $437,000 after purchasing an additional 19,484 shares during the period. Finally, Two Sigma Securities LLC acquired a new stake in shares of China Automotive Systems during the 4th quarter worth approximately $86,000. Institutional investors and hedge funds own 5.17% of the company's stock.
About China Automotive Systems
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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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