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

Hanson & Doremus Investment Management reduced its position in shares of China Automotive Systems, Inc. (NASDAQ:CAAS) by 33.4% during the 4th quarter, HoldingsChannel.com reports. 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 filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CAAS. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of China Automotive Systems by 14.8% during 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 during the last quarter. American Century Companies Inc. bought a new position in China Automotive Systems during the second quarter worth about $36,000. Renaissance Technologies LLC grew its holdings in China Automotive Systems by 1.7% during 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. Finally, Empowered Funds LLC increased its position 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 worth $629,000 after buying an additional 6,968 shares during the last quarter. 5.17% of the stock is owned by institutional investors.

China Automotive Systems Stock Up 0.7 %

CAAS opened at $4.18 on Friday. China Automotive Systems, Inc. has a 12-month low of $3.17 and a 12-month high of $4.97. The business has a 50 day moving average of $4.14 and a 200-day moving average of $4.08. The stock has a market cap of $126.18 million, a price-to-earnings ratio of 3.98 and a beta of 2.35.

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

About China Automotive Systems

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.