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

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

China Automotive Systems Price Performance

Shares of China Automotive Systems stock opened at $4.45 on Friday. China Automotive Systems has a one year low of $3.17 and a one year high of $4.97. The firm has a market capitalization of $134.35 million, a price-to-earnings ratio of 4.24 and a beta of 2.33. The business has a 50-day simple moving average of $4.09 and a 200 day simple moving average of $4.08.

China Automotive Systems announced that its Board of Directors has approved a share repurchase plan on Monday, November 18th that permits the company to repurchase $5.00 million in shares. This repurchase authorization permits the auto parts company to repurchase up to 3.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of China Automotive Systems

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CAAS. Two Sigma Securities LLC bought a new stake in China Automotive Systems during the 4th quarter worth approximately $86,000. Connor Clark & Lunn Investment Management Ltd. increased 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 in the last quarter. Renaissance Technologies LLC increased its holdings in 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 worth $1,726,000 after purchasing an additional 19,100 shares in the last quarter. Finally, Empowered Funds LLC increased its holdings in China Automotive Systems by 5.2% during the 4th 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 in the last quarter. 5.17% of the stock is owned by institutional investors.

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.