StockNews.com Begins Coverage on China Automotive Systems (NASDAQ:CAAS)

Research analysts at StockNews.com assumed coverage on shares of China Automotive Systems (NASDAQ:CAAS) in a research report issued to clients and investors on Friday. The firm set a “buy” rating on the auto parts company’s stock.

China Automotive Systems Trading Up 5.0 %

Shares of CAAS opened at $4.45 on Friday. The business’s fifty day simple moving average is $4.09 and its two-hundred day simple moving average is $4.08. China Automotive Systems has a 12 month low of $3.17 and a 12 month high of $4.97. The company has a market cap of $134.35 million, a price-to-earnings ratio of 4.24 and a beta of 2.33.

China Automotive Systems declared that its board has initiated a share buyback program on Monday, November 18th that permits the company to repurchase $5.00 million in outstanding shares. This repurchase authorization permits the auto parts company to purchase up to 3.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On China Automotive Systems

Institutional investors and hedge funds have recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. boosted 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 worth $401,000 after buying an additional 11,197 shares during the last quarter. Empowered Funds LLC raised its holdings in China Automotive Systems by 5.4% during 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. Two Sigma Securities LLC bought a new stake in China Automotive Systems during the fourth quarter valued at about $86,000. Finally, Renaissance Technologies LLC raised its holdings in China Automotive Systems by 4.8% during the fourth quarter. Renaissance Technologies LLC now owns 420,994 shares of the auto parts company’s stock valued at $1,726,000 after acquiring an additional 19,100 shares during the period. 5.17% of the stock is currently owned by hedge funds and other institutional investors.

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.