China Automotive Systems (NASDAQ:CAAS) Research Coverage Started at StockNews.com

StockNews.com initiated coverage on shares of China Automotive Systems (NASDAQ:CAAS) in a report published on Saturday. The brokerage issued a buy rating on the auto parts company’s stock.

China Automotive Systems Trading Up 0.2 %

NASDAQ:CAAS opened at $4.59 on Friday. The stock has a 50 day moving average of $4.10 and a two-hundred day moving average of $4.12. China Automotive Systems has a 12 month low of $3.20 and a 12 month high of $4.97. The firm has a market cap of $138.57 million, a P/E ratio of 4.37 and a beta of 2.33.

China Automotive Systems declared that its board has approved a stock buyback plan on Monday, November 18th that permits the company to repurchase $5.00 million in shares. This repurchase authorization permits the auto parts company to purchase up to 3.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On China Automotive Systems

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Empowered Funds LLC raised its position 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 buying an additional 6,968 shares during the last quarter. Bridgeway Capital Management LLC raised its holdings in China Automotive Systems by 2.6% in the 4th quarter. Bridgeway Capital Management LLC now owns 280,206 shares of the auto parts company’s stock valued at $1,149,000 after acquiring an additional 7,119 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in 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 worth $401,000 after purchasing an additional 11,197 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of China Automotive Systems by 4.8% during the 4th quarter. Renaissance Technologies LLC now owns 420,994 shares of the auto parts company’s stock worth $1,726,000 after purchasing an additional 19,100 shares during the last quarter. Finally, Two Sigma Securities LLC purchased a new stake in shares of China Automotive Systems in the fourth quarter valued at approximately $86,000. Institutional investors and hedge funds own 5.17% of the company’s stock.

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.