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

Stock analysts at StockNews.com assumed coverage on shares of China Automotive Systems (NASDAQ:CAAS) in a research note issued to investors on Monday. The brokerage set a “buy” rating on the auto parts company’s stock.

China Automotive Systems Trading Down 2.3 %

Shares of CAAS stock opened at $4.22 on Monday. China Automotive Systems has a twelve month low of $3.25 and a twelve month high of $4.97. The stock has a market capitalization of $127.38 million, a price-to-earnings ratio of 4.02 and a beta of 2.27. The stock has a fifty day simple moving average of $4.20 and a two-hundred day simple moving average of $4.17.

China Automotive Systems declared that its board has approved a stock buyback program on Monday, November 18th that authorizes the company to repurchase $5.00 million in shares. This repurchase authorization authorizes the auto parts company to repurchase up to 3.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Renaissance Technologies LLC raised its position in shares of 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 worth $1,726,000 after acquiring an additional 19,100 shares in the last quarter. Bridgeway Capital Management LLC raised its position in shares of China Automotive Systems by 2.6% in the 4th quarter. Bridgeway Capital Management LLC now owns 280,206 shares of the auto parts company’s stock worth $1,149,000 after acquiring an additional 7,119 shares in the last quarter. Empowered Funds LLC raised its position in shares of 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 worth $590,000 after acquiring an additional 7,119 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of China Automotive Systems by 22.4% in 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 acquiring an additional 19,484 shares in the last quarter. Finally, Two Sigma Securities LLC bought a new position in shares of China Automotive Systems in the 4th quarter worth $86,000. 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.