China Automotive Systems, Inc. (NASDAQ:CAAS) Short Interest Down 82.8% in October

China Automotive Systems, Inc. (NASDAQ:CAAS - Get Free Report) was the target of a large drop in short interest in October. As of October 15th, there was short interest totalling 7,300 shares, a drop of 82.8% from the September 30th total of 42,400 shares. Based on an average daily volume of 70,100 shares, the days-to-cover ratio is presently 0.1 days. Currently, 0.1% of the shares of the stock are short sold.

Analysts Set New Price Targets

Separately, StockNews.com downgraded shares of China Automotive Systems from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, August 14th.

Institutional Investors Weigh In On China Automotive Systems

A number of institutional investors and hedge funds have recently bought and sold shares of CAAS. Renaissance Technologies LLC increased its position in China Automotive Systems by 1.7% during the second 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 in the last quarter. Empowered Funds LLC increased its position in China Automotive Systems by 8.2% during the 1st quarter. Empowered Funds LLC now owns 120,409 shares of the auto parts company's stock worth $427,000 after purchasing an additional 9,100 shares in the last quarter. Finally, American Century Companies Inc. purchased a new stake in China Automotive Systems during the 2nd quarter worth about $36,000. Hedge funds and other institutional investors own 5.17% of the company's stock.

China Automotive Systems Stock Performance

CAAS stock traded up $0.12 during midday trading on Friday, hitting $4.30. 91,921 shares of the stock were exchanged, compared to its average volume of 56,667. The stock's 50-day moving average price is $3.93 and its 200-day moving average price is $3.80. The stock has a market cap of $129.80 million, a price-to-earnings ratio of 3.33 and a beta of 2.45. China Automotive Systems has a fifty-two week low of $3.04 and a fifty-two week high of $4.97.

China Automotive Systems (NASDAQ:CAAS - Get Free Report) last released its quarterly earnings results on Tuesday, August 13th. The auto parts company reported $0.24 earnings per share (EPS) for the quarter. The business had revenue of $158.61 million during the quarter. China Automotive Systems had a return on equity of 9.50% and a net margin of 6.02%.

China Automotive Systems Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Tuesday, July 30th were paid a dividend of $0.80 per share. The ex-dividend date of this dividend was Tuesday, July 30th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 74.42%.

China Automotive Systems Company Profile

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.