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

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

China Automotive Systems Trading Down 8.5 %

Shares of NASDAQ:CAAS opened at $3.79 on Thursday. The stock has a market cap of $114.35 million, a PE ratio of 3.61 and a beta of 2.33. The stock’s fifty day simple moving average is $4.39 and its two-hundred day simple moving average is $4.28. China Automotive Systems has a 1-year low of $3.34 and a 1-year high of $5.37.

China Automotive Systems (NASDAQ:CAAS) last announced its earnings results on Friday, March 28th. The auto parts company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.16 by $0.14. China Automotive Systems had a net margin of 5.12% and a return on equity of 8.22%. The company had revenue of $188.70 million during the quarter, compared to the consensus estimate of $147.52 million.

Hedge Funds Weigh In On China Automotive Systems

Several institutional investors have recently modified their holdings of CAAS. Empowered Funds LLC boosted its position 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 during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake 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 purchasing an additional 19,484 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of China Automotive Systems by 4.8% in the 4th quarter. Renaissance Technologies LLC now owns 420,994 shares of the auto parts company’s stock worth $1,726,000 after buying an additional 19,100 shares during the last quarter. Two Sigma Securities LLC bought a new position in China Automotive Systems during the fourth quarter valued at about $86,000. Finally, Bridgeway Capital Management LLC increased its holdings in China Automotive Systems by 2.6% during the fourth quarter. Bridgeway Capital Management LLC now owns 280,206 shares of the auto parts company’s stock worth $1,149,000 after buying an additional 7,119 shares during the last quarter. 5.17% of the stock is owned by 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.