Shares of 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 $4.02 and traded as high as $4.07. China Automotive Systems shares last traded at $3.96, with a volume of 44,592 shares changing hands.
China Automotive Systems Price Performance
The stock has a market cap of $121.05 million, a PE ratio of 3.82 and a beta of 2.33. The stock's fifty day moving average is $4.36 and its 200-day moving average is $4.02.
China Automotive Systems declared that its Board of Directors has approved a stock buyback plan on Monday, November 18th that allows the company to repurchase $5.00 million in outstanding shares. This repurchase authorization allows the auto parts company to buy up to 3.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership believes its stock is undervalued.
Hedge Funds Weigh In On China Automotive Systems
A number of hedge funds have recently modified their holdings of CAAS. Connor Clark & Lunn Investment Management Ltd. lifted its position in 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 buying an additional 11,197 shares during the last quarter. American Century Companies Inc. purchased a new stake in shares of China Automotive Systems in the 2nd quarter valued at approximately $36,000. Empowered Funds LLC lifted its holdings in shares of 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 acquiring an additional 6,968 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of 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 purchasing an additional 6,900 shares during the period. 5.17% of the stock is currently owned by hedge funds and other institutional investors.
China Automotive Systems Company Profile
(
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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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