China Automotive Systems, Inc. (NASDAQ:CAAS - Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $4.09 and traded as high as $4.22. China Automotive Systems shares last traded at $4.18, with a volume of 42,618 shares trading hands.
Wall Street Analysts Forecast Growth
Separately, StockNews.com started coverage on shares of China Automotive Systems in a research note on Friday. They set a "buy" rating on the stock.
Check Out Our Latest Research Report on CAAS
China Automotive Systems Stock Up 5.0 %
The stock's 50 day moving average price is $4.09 and its 200-day moving average price is $4.08. The stock 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 has approved a share buyback plan on Monday, November 18th that permits the company to buyback $5.00 million in shares. This buyback authorization permits the auto parts company to reacquire up to 3.6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's leadership believes its stock is undervalued.
Institutional Investors Weigh In On China Automotive Systems
Hedge funds and other institutional investors have recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. lifted its position in China Automotive Systems by 14.8% during 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 acquiring an additional 11,197 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of China Automotive Systems by 5.4% in the third 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 last quarter. Two Sigma Securities LLC purchased a new position in shares of China Automotive Systems in the fourth quarter worth $86,000. Finally, Renaissance Technologies LLC raised its holdings in shares of China Automotive Systems by 4.8% in the fourth quarter. Renaissance Technologies LLC now owns 420,994 shares of the auto parts company's stock worth $1,726,000 after buying an additional 19,100 shares during the last quarter. Hedge funds and other institutional investors own 5.17% of the company's stock.
China Automotive Systems Company Profile
(
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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