Hanson & Doremus Investment Management Sells 5,564 Shares of China Automotive Systems, Inc. (NASDAQ:CAAS)

Hanson & Doremus Investment Management decreased its position in shares of China Automotive Systems, Inc. (NASDAQ:CAAS) by 33.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,100 shares of the auto parts company’s stock after selling 5,564 shares during the quarter. Hanson & Doremus Investment Management’s holdings in China Automotive Systems were worth $46,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Renaissance Technologies LLC raised its holdings in China Automotive Systems by 1.7% in the second 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. Empowered Funds LLC raised its stake in China Automotive Systems by 5.4% during the 3rd 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 period. Connor Clark & Lunn Investment Management Ltd. lifted its holdings 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 worth $401,000 after acquiring an additional 11,197 shares in the last quarter. Finally, American Century Companies Inc. acquired a new position in China Automotive Systems in the second quarter valued at about $36,000. Institutional investors and hedge funds own 5.17% of the company’s stock.

China Automotive Systems Price Performance

Shares of China Automotive Systems stock opened at $4.18 on Friday. The company has a market capitalization of $126.18 million, a P/E ratio of 3.98 and a beta of 2.35. The business has a 50-day moving average of $4.14 and a two-hundred day moving average of $4.08. China Automotive Systems, Inc. has a 1 year low of $3.17 and a 1 year high of $4.97.

China Automotive Systems announced that its Board of Directors has approved a stock repurchase program on Monday, November 18th that authorizes the company to buyback $5.00 million in outstanding shares. This buyback authorization authorizes the auto parts company to repurchase up to 3.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its stock is undervalued.

China Automotive Systems 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.