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

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

China Automotive Systems Stock Performance

CAAS opened at $4.10 on Thursday. The firm has a market cap of $123.78 million, a P/E ratio of 3.90 and a beta of 2.33. China Automotive Systems has a 12 month low of $3.17 and a 12 month high of $4.97. The stock has a 50-day moving average of $4.11 and a 200 day moving average of $4.09.

China Automotive Systems declared that its board has initiated a stock buyback 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 repurchase up to 3.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On China Automotive Systems

An institutional investor recently raised its position in China Automotive Systems stock. Empowered Funds LLC grew its position in China Automotive Systems, Inc. (NASDAQ:CAAS) by 5.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and 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 at the end of the most recent reporting period. Institutional investors and hedge funds own 5.17% of the company’s stock.

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.