Short Interest in China Automotive Systems, Inc. (NASDAQ:CAAS) Declines By 26.2%

China Automotive Systems, Inc. (NASDAQ:CAAS - Get Free Report) was the recipient of a significant decline in short interest in the month of November. As of November 30th, there was short interest totalling 7,900 shares, a decline of 26.2% from the November 15th total of 10,700 shares. Based on an average daily trading volume, of 65,000 shares, the days-to-cover ratio is presently 0.1 days. Approximately 0.1% of the company's shares are short sold.

China Automotive Systems Stock Performance

Shares of China Automotive Systems stock traded down $0.05 on Friday, reaching $4.38. 11,815 shares of the company's stock were exchanged, compared to its average volume of 55,729. The company has a market capitalization of $132.21 million, a P/E ratio of 4.17 and a beta of 2.33. China Automotive Systems has a 52 week low of $3.05 and a 52 week high of $4.97. The firm's 50-day moving average is $4.42 and its two-hundred day moving average is $4.02.

China Automotive Systems announced that its board has authorized 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 typically an indication that the company's management believes its stock is undervalued.

Hedge Funds Weigh In On China Automotive Systems

Several institutional investors have recently made changes to their positions in CAAS. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of China Automotive Systems by 14.8% in the 3rd 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 period. American Century Companies Inc. bought a new position in China Automotive Systems in the second quarter worth approximately $36,000. Empowered Funds LLC grew its stake in 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 valued at $629,000 after acquiring an additional 6,968 shares during the period. Finally, Renaissance Technologies LLC increased its holdings in shares of 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 valued at $1,491,000 after acquiring an additional 6,900 shares in the last quarter. Institutional investors and hedge funds own 5.17% of the company's stock.

About China Automotive Systems

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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