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

StockNews.com began coverage on shares of China Automotive Systems (NASDAQ:CAAS) in a report issued on Monday morning. The firm issued a buy rating on the auto parts company’s stock.

China Automotive Systems Price Performance

Shares of NASDAQ:CAAS opened at $4.32 on Monday. The business’s fifty day moving average price is $4.20 and its two-hundred day moving average price is $4.18. China Automotive Systems has a fifty-two week low of $3.25 and a fifty-two week high of $4.97. The stock has a market capitalization of $130.40 million, a price-to-earnings ratio of 4.11 and a beta of 2.27.

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

Institutional Trading of China Automotive Systems

A number of large investors have recently bought and sold shares of CAAS. Two Sigma Securities LLC acquired a new position in China Automotive Systems in the fourth quarter worth $86,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in China Automotive Systems by 14.8% in 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 purchasing an additional 11,197 shares in the last quarter. Empowered Funds LLC boosted its stake in China Automotive Systems by 5.2% in 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 in the last quarter. Bridgeway Capital Management LLC boosted its stake in China Automotive Systems by 2.6% in the fourth quarter. Bridgeway Capital Management LLC now owns 280,206 shares of the auto parts company’s stock worth $1,149,000 after purchasing an additional 7,119 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in China Automotive Systems by 4.8% in the fourth 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. 5.17% of the stock is currently 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.