Short Interest in China Automotive Systems, Inc. (NASDAQ:CAAS) Declines By 19.9%

China Automotive Systems, Inc. (NASDAQ:CAAS) was the recipient of a significant decline in short interest during the month of July. As of July 15th, there was short interest totalling 12,900 shares, a decline of 19.9% from the June 30th total of 16,100 shares. Based on an average trading volume of 57,900 shares, the days-to-cover ratio is presently 0.2 days. Currently, 0.1% of the company’s stock are sold short.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of China Automotive Systems from a “strong-buy” rating to a “buy” rating in a research note on Monday.

Hedge Funds Weigh In On China Automotive Systems

A hedge fund recently raised its stake in China Automotive Systems stock. Empowered Funds LLC grew its position in China Automotive Systems, Inc. (NASDAQ:CAAS) by 8.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 120,409 shares of the auto parts company’s stock after purchasing an additional 9,100 shares during the quarter. Empowered Funds LLC owned approximately 0.40% of China Automotive Systems worth $427,000 as of its most recent SEC filing. 5.17% of the stock is currently owned by hedge funds and other institutional investors.

China Automotive Systems Trading Up 0.6 %

NASDAQ CAAS traded up $0.03 during trading on Tuesday, reaching $4.08. The company’s stock had a trading volume of 237,191 shares, compared to its average volume of 53,783. The stock has a market capitalization of $123.16 million, a PE ratio of 3.16 and a beta of 2.47. The business has a 50-day moving average price of $3.82 and a 200-day moving average price of $3.58. China Automotive Systems has a 1-year low of $3.04 and a 1-year high of $5.64.

China Automotive Systems (NASDAQ:CAAS) last posted its earnings results on Tuesday, May 14th. The auto parts company reported $0.27 earnings per share (EPS) for the quarter. The firm had revenue of $139.39 million during the quarter. China Automotive Systems had a net margin of 6.82% and a return on equity of 10.84%.

China Automotive Systems Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Tuesday, July 30th will be given a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 78.43%. The ex-dividend date is Tuesday, July 30th.

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.