China Automotive Systems (NASDAQ:CAAS) Announces Stock Repurchase Program

China Automotive Systems (NASDAQ:CAAS) announced that its board has initiated a share buyback program on Monday, November 18th, RTT News reports. The company plans to buyback $5.00 million in shares. This buyback authorization allows the auto parts company to reacquire up to 3.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered China Automotive Systems from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 14th.

China Automotive Systems Price Performance

NASDAQ CAAS opened at $4.47 on Wednesday. The company has a market capitalization of $134.93 million, a price-to-earnings ratio of 4.26 and a beta of 2.45. China Automotive Systems has a 12 month low of $3.05 and a 12 month high of $4.97. The firm’s fifty day moving average price is $4.24 and its 200 day moving average price is $3.91.

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.