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

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

China Automotive Systems Price Performance

NASDAQ:CAAS opened at $4.10 on Thursday. The company has a fifty day simple moving average of $4.11 and a two-hundred day simple moving average of $4.09. The company has a market cap of $123.78 million, a price-to-earnings ratio of 3.90 and a beta of 2.33. China Automotive Systems has a 52 week low of $3.17 and a 52 week high of $4.97.

China Automotive Systems announced that its board has authorized a share repurchase program on Monday, November 18th that permits the company to repurchase $5.00 million in outstanding shares. This repurchase authorization permits the auto parts company to buy up to 3.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On China Automotive Systems

A hedge fund recently raised its stake in China Automotive Systems stock. Empowered Funds LLC lifted its holdings in shares of China Automotive Systems, Inc. (NASDAQ:CAAS) by 5.4% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 136,737 shares of the auto parts company’s stock after purchasing an additional 6,968 shares during the quarter. Empowered Funds LLC owned about 0.45% of China Automotive Systems worth $629,000 as of its most recent SEC filing. 5.17% of the stock is currently owned by institutional investors and hedge funds.

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.