Stock analysts at StockNews.com initiated coverage on shares of China Automotive Systems (NASDAQ:CAAS - Get Free Report) in a research note issued on Sunday. The brokerage set a "buy" rating on the auto parts company's stock.
China Automotive Systems Stock Performance
Shares of NASDAQ:CAAS traded up $0.20 during midday trading on Friday, hitting $4.50. The company's stock had a trading volume of 36,208 shares, compared to its average volume of 35,964. The business's 50 day simple moving average is $4.17 and its 200 day simple moving average is $4.15. The company has a market cap of $135.84 million, a P/E ratio of 4.29 and a beta of 2.33. China Automotive Systems has a 12-month low of $3.23 and a 12-month high of $4.97.
China Automotive Systems announced that its board has initiated a stock buyback program on Monday, November 18th that permits the company to buyback $5.00 million in shares. This buyback authorization permits the auto parts company to purchase up to 3.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.
Institutional Investors Weigh In On China Automotive Systems
Hedge funds and other institutional investors have recently bought and sold shares of the company. Two Sigma Securities LLC acquired a new stake in China Automotive Systems during the fourth quarter worth about $86,000. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of 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 grew 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 valued at $629,000 after purchasing an additional 6,968 shares in the last quarter. Bridgeway Capital Management LLC grew its holdings in shares of China Automotive Systems by 2.6% in the fourth quarter. Bridgeway Capital Management LLC now owns 280,206 shares of the auto parts company's stock valued at $1,149,000 after purchasing an additional 7,119 shares in the last quarter. Finally, Renaissance Technologies LLC grew 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 valued at $1,726,000 after purchasing an additional 19,100 shares in the last quarter. 5.17% of the stock is currently owned by institutional investors and hedge funds.
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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