Stock analysts at StockNews.com started coverage on shares of China Automotive Systems (NASDAQ:CAAS - Get Free Report) in a report issued on Monday. The firm set a "buy" rating on the auto parts company's stock.
China Automotive Systems Trading Up 0.2 %
CAAS stock opened at $4.41 on Monday. China Automotive Systems has a 12 month low of $3.24 and a 12 month high of $4.97. The company has a 50-day moving average price of $4.20 and a 200 day moving average price of $4.17. The stock has a market cap of $133.12 million, a PE ratio of 4.20 and a beta of 2.27.
China Automotive Systems declared that its board has approved a share repurchase program on Monday, November 18th that permits the company to buyback $5.00 million in shares. This buyback authorization permits the auto parts company to purchase up to 3.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company's management believes its shares are undervalued.
Hedge Funds Weigh In On China Automotive Systems
Large investors have recently made changes to their positions in the company. Two Sigma Securities LLC bought a new stake in China Automotive Systems during the 4th quarter valued at about $86,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in China Automotive Systems by 14.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 87,102 shares of the auto parts company's stock valued at $401,000 after buying an additional 11,197 shares in the last quarter. Empowered Funds LLC lifted its holdings in China Automotive Systems by 5.4% during the 3rd quarter. Empowered Funds LLC now owns 136,737 shares of the auto parts company's stock valued at $629,000 after buying an additional 6,968 shares in the last quarter. Bridgeway Capital Management LLC lifted its holdings in China Automotive Systems by 2.6% during the 4th 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. Finally, Renaissance Technologies LLC lifted its holdings in China Automotive Systems by 4.8% during the 4th 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. 5.17% of the stock is owned by hedge funds and other institutional investors.
About China Automotive Systems
(
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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