StockNews.com Initiates Coverage on China Automotive Systems (NASDAQ:CAAS)

StockNews.com assumed coverage on shares of China Automotive Systems (NASDAQ:CAASFree Report) in a report published on Wednesday. The brokerage issued a buy rating on the auto parts company’s stock.

China Automotive Systems Stock Down 9.1 %

Shares of NASDAQ:CAAS opened at $4.78 on Wednesday. China Automotive Systems has a twelve month low of $3.34 and a twelve month high of $5.37. The stock’s 50 day moving average is $4.37 and its 200-day moving average is $4.26. The firm has a market capitalization of $144.29 million, a price-to-earnings ratio of 4.55 and a beta of 2.27.

China Automotive Systems (NASDAQ:CAASGet Free Report) last released its quarterly earnings data on Friday, March 28th. The auto parts company reported $0.30 earnings per share for the quarter. China Automotive Systems had a net margin of 5.12% and a return on equity of 8.22%.

Hedge Funds Weigh In On China Automotive Systems

Hedge funds have recently added to or reduced their stakes in the stock. Two Sigma Securities LLC purchased a new stake in shares of China Automotive Systems in the fourth quarter worth approximately $86,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in 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 worth $401,000 after buying an additional 11,197 shares in the last quarter. Empowered Funds LLC raised its position in China Automotive Systems by 5.2% in the 4th quarter. Empowered Funds LLC now owns 143,856 shares of the auto parts company’s stock valued at $590,000 after buying an additional 7,119 shares during the last quarter. Bridgeway Capital Management LLC lifted its stake in 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 acquiring an additional 7,119 shares in the last quarter. Finally, Renaissance Technologies LLC boosted 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 acquiring an additional 19,100 shares during the last quarter. Institutional investors and hedge funds own 5.17% of the company’s stock.

About China Automotive Systems

(Get Free Report)

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.

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