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

Equities research analysts at StockNews.com initiated coverage on shares of China Automotive Systems (NASDAQ:CAAS) in a research report issued on Sunday. The firm set a “buy” rating on the auto parts company’s stock.

China Automotive Systems Price Performance

Shares of NASDAQ CAAS opened at $4.32 on Friday. The company has a market cap of $130.40 million, a price-to-earnings ratio of 4.11 and a beta of 2.33. The stock’s 50-day moving average is $4.16 and its two-hundred day moving average is $4.14. China Automotive Systems has a 1-year low of $3.20 and a 1-year high of $4.97.

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

Institutional Trading of China Automotive Systems

A number of institutional investors have recently bought and sold shares of CAAS. Bridgeway Capital Management LLC raised its position 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 worth $1,149,000 after acquiring an additional 7,119 shares in the last quarter. Two Sigma Securities LLC purchased a new position in China Automotive Systems in the fourth quarter valued at approximately $86,000. Renaissance Technologies LLC raised its holdings in China Automotive Systems by 4.8% during 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. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of 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 buying an additional 19,484 shares during the last quarter. Finally, Empowered Funds LLC boosted its holdings 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 valued at $590,000 after buying an additional 7,119 shares in the last quarter. 5.17% of the stock is owned by hedge funds and other 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.