China Automotive Systems, Inc. (CAAS) Raised 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 note issued to investors on Tuesday.
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. “
Other equities analysts have also recently issued research reports about the stock. Greenridge Global raised shares of China Automotive Systems from a “hold” rating to a “buy” rating and set a $7.50 price target on the stock in a research report on Wednesday, April 5th. ValuEngine raised shares of China Automotive Systems from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, May 16th.
China Automotive Systems (NASDAQ CAAS) traded up 0.42% during mid-day trading on Tuesday, hitting $4.83. The stock had a trading volume of 14,370 shares. China Automotive Systems has a one year low of $3.32 and a one year high of $7.96. The company has a 50 day moving average price of $4.91 and a 200 day moving average price of $5.05. The stock has a market cap of $152.84 million, a P/E ratio of 6.90 and a beta of 2.22.
China Automotive Systems (NASDAQ:CAAS) last issued its quarterly earnings results on Thursday, May 11th. The auto parts company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.19 by $0.01. China Automotive Systems had a return on equity of 7.27% and a net margin of 4.86%. The company had revenue of $119.31 million for the quarter, compared to the consensus estimate of $118.36 million. During the same period in the previous year, the business posted $0.18 EPS. On average, equities analysts anticipate that China Automotive Systems will post $0.72 EPS for the current year.
Several institutional investors have recently modified their holdings of the company. Stuyvesant Capital Management boosted its position in shares of China Automotive Systems by 4.0% in the first quarter. Stuyvesant Capital Management now owns 41,807 shares of the auto parts company’s stock valued at $209,000 after buying an additional 1,600 shares during the last quarter. First Manhattan Co. boosted its position in shares of China Automotive Systems by 41.6% in the first quarter. First Manhattan Co. now owns 41,850 shares of the auto parts company’s stock valued at $173,000 after buying an additional 12,300 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of China Automotive Systems by 39.1% in the fourth quarter. Renaissance Technologies LLC now owns 583,333 shares of the auto parts company’s stock valued at $3,127,000 after buying an additional 163,910 shares during the last quarter. 4.91% of the stock is currently owned by institutional investors and hedge funds.
China Automotive Systems Company Profile
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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