China Automotive Systems (NASDAQ:CAAS) Coverage Initiated at StockNews.com

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

China Automotive Systems Trading Down 8.5 %

NASDAQ CAAS opened at $3.79 on Thursday. China Automotive Systems has a twelve month low of $3.34 and a twelve month high of $5.37. The business’s 50-day moving average price is $4.39 and its 200 day moving average price is $4.29. The company has a market capitalization of $114.35 million, a PE ratio of 3.61 and a beta of 2.33.

China Automotive Systems (NASDAQ:CAAS) last announced its quarterly earnings results on Friday, March 28th. The auto parts company reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.14. China Automotive Systems had a net margin of 5.12% and a return on equity of 8.22%. The firm had revenue of $188.70 million for the quarter, compared to analysts’ expectations of $147.52 million.

Hedge Funds Weigh In On China Automotive Systems

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CAAS. Bridgeway Capital Management LLC lifted its holdings in shares of China Automotive Systems by 2.6% during the 4th quarter. Bridgeway Capital Management LLC now owns 280,206 shares of the auto parts company’s stock valued at $1,149,000 after buying an additional 7,119 shares during the last quarter. Two Sigma Securities LLC bought a new stake in China Automotive Systems during the fourth quarter worth about $86,000. Renaissance Technologies LLC increased its position in China Automotive Systems by 4.8% in the 4th 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 in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in China Automotive Systems by 22.4% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 106,586 shares of the auto parts company’s stock worth $437,000 after purchasing an additional 19,484 shares during the last quarter. Finally, Empowered Funds LLC grew its stake in shares of China Automotive Systems by 5.2% during the fourth quarter. Empowered Funds LLC now owns 143,856 shares of the auto parts company’s stock worth $590,000 after purchasing an additional 7,119 shares during the period. 5.17% of the stock is owned by 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.