China Automotive Systems, Inc. (NASDAQ:CAAS - Get Free Report) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $4.01 and traded as high as $4.45. China Automotive Systems shares last traded at $4.43, with a volume of 8,260 shares traded.
China Automotive Systems Price Performance
The business has a 50-day moving average of $4.42 and a two-hundred day moving average of $4.02. The company has a market cap of $132.21 million, a P/E ratio of 4.17 and a beta of 2.33.
China Automotive Systems declared that its Board of Directors has initiated a share buyback plan on Monday, November 18th that authorizes the company to buyback $5.00 million in outstanding shares. This buyback authorization authorizes the auto parts company to buy up to 3.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.
Hedge Funds Weigh In On China Automotive Systems
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CAAS. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of China Automotive Systems by 14.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 87,102 shares of the auto parts company's stock valued at $401,000 after purchasing an additional 11,197 shares during the period. American Century Companies Inc. purchased a new stake in China Automotive Systems in the second quarter valued at approximately $36,000. Empowered Funds LLC increased its holdings in China Automotive Systems by 5.4% in the 3rd 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 during the period. Finally, Renaissance Technologies LLC raised its position in China Automotive Systems by 1.7% during the 2nd quarter. Renaissance Technologies LLC now owns 419,994 shares of the auto parts company's stock worth $1,491,000 after buying an additional 6,900 shares during the last quarter. Hedge funds and other institutional investors 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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