China Automotive Systems (NASDAQ:CAAS) Now Covered by StockNews.com

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

China Automotive Systems Stock Performance

China Automotive Systems stock opened at $4.45 on Friday. China Automotive Systems has a fifty-two week low of $3.17 and a fifty-two week high of $4.97. The firm’s fifty day moving average price is $4.09 and its 200-day moving average price is $4.08. The stock has a market cap of $134.33 million, a P/E ratio of 4.24 and a beta of 2.33.

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

Institutional Trading of China Automotive Systems

A number of hedge funds have recently bought and sold shares of CAAS. Two Sigma Securities LLC bought a new position in China Automotive Systems during the fourth quarter valued at approximately $86,000. 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 valued at $401,000 after purchasing an additional 11,197 shares in the last quarter. Empowered Funds LLC boosted its stake in shares of China Automotive Systems by 5.4% in the 3rd 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. Finally, Renaissance Technologies LLC grew 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 valued at $1,726,000 after purchasing an additional 19,100 shares during the last quarter. Institutional investors own 5.17% of the company’s stock.

About China Automotive Systems

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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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