China Automotive Systems (NASDAQ:CAAS) Earns Buy Rating from Analysts at StockNews.com

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

China Automotive Systems Price Performance

Shares of CAAS stock opened at $4.59 on Friday. The firm’s 50-day moving average is $4.10 and its two-hundred day moving average is $4.12. China Automotive Systems has a 12 month low of $3.20 and a 12 month high of $4.97. The company has a market capitalization of $138.57 million, a PE ratio of 4.37 and a beta of 2.33.

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

Institutional Investors Weigh In On China Automotive Systems

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

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.