China Automotive Systems Inc. (CAAS) Rating Increased to Hold at Zacks Investment Research
China Automotive Systems Inc. (NASDAQ:CAAS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Monday.
According to Zacks, “China Automotive Systems is a holding company and has no significant business operations other than their interest in Genesis in which they manufacture power steering systems and other component parts for automobiles. “
Shares of China Automotive Systems (NASDAQ:CAAS) traded up 0.77% during trading on Monday, reaching $3.92. 10,091 shares of the company were exchanged. China Automotive Systems has a 52-week low of $3.10 and a 52-week high of $6.31. The stock has a market capitalization of $125.46 million, a P/E ratio of 5.68 and a beta of 2.33. The stock has a 50-day moving average of $4.02 and a 200 day moving average of $3.93.
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China Automotive Systems (NASDAQ:CAAS) last issued its earnings results on Thursday, August 11th. The company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.20 by $0.03. The firm earned $101 million during the quarter, compared to the consensus estimate of $107.58 million. China Automotive Systems had a return on equity of 7.20% and a net margin of 5.19%. During the same period last year, the business earned $0.24 earnings per share. On average, equities analysts anticipate that China Automotive Systems will post $0.64 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of CAAS. Hanson & Doremus Investment Management boosted its position in shares of China Automotive Systems by 492.6% in the second quarter. Hanson & Doremus Investment Management now owns 67,525 shares of the company’s stock valued at $218,000 after buying an additional 56,130 shares during the period. Renaissance Technologies LLC boosted its position in shares of China Automotive Systems by 0.4% in the first quarter. Renaissance Technologies LLC now owns 333,033 shares of the company’s stock worth $1,545,000 after buying an additional 1,369 shares during the last quarter. Chartwell Investment Partners LLC bought a new position in shares of China Automotive Systems during the second quarter worth about $1,360,000. Finally, Seizert Capital Partners LLC boosted its position in shares of China Automotive Systems by 73.0% in the fourth quarter. Seizert Capital Partners LLC now owns 518,458 shares of the company’s stock worth $2,374,000 after buying an additional 218,716 shares during the last quarter. 4.86% of the stock is owned by hedge funds and other institutional investors.
About China Automotive Systems
China Automotive Systems, Inc, (China Automotive) is a holding company. The Company, through its subsidiary, Great Genesis Holdings Limited (Genesis), owns interests in over eight Sino-joint ventures and over five subsidiaries in the People’s Republic of China (PRC), which manufacture power steering systems and/or related products for various segments of the automobile industry.
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