China Automotive Systems, Inc. (NASDAQ:CAAS - Get Free Report) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $4.06 and traded as high as $4.19. China Automotive Systems shares last traded at $4.05, with a volume of 63,750 shares changing hands.
China Automotive Systems Stock Up 1.8 %
The stock's 50 day moving average is $4.16 and its 200-day moving average is $4.07. The company has a market cap of $122.27 million, a PE ratio of 3.86 and a beta of 2.35.
China Automotive Systems announced that its board has initiated a stock repurchase plan on Monday, November 18th that authorizes the company to repurchase $5.00 million in shares. This repurchase authorization authorizes the auto parts company to purchase up to 3.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its shares are undervalued.
Hedge Funds Weigh In On China Automotive Systems
A number of institutional investors and hedge funds have recently modified their holdings of the stock. American Century Companies Inc. bought a new stake in China Automotive Systems in the second quarter worth $36,000. Renaissance Technologies LLC lifted its holdings in shares of China Automotive Systems by 1.7% in the 2nd quarter. Renaissance Technologies LLC now owns 419,994 shares of the auto parts company's stock worth $1,491,000 after acquiring an additional 6,900 shares during the last quarter. Empowered Funds LLC boosted its stake in shares of 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 worth $629,000 after purchasing an additional 6,968 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of 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 worth $401,000 after purchasing an additional 11,197 shares during the period. 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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