China Automotive Systems, Inc. (CAAS) Raised to “Buy” at Zacks Investment Research
China Automotive Systems, Inc. (NASDAQ:CAAS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage currently has a $5.50 price target on the auto parts company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 9.13% from the company’s current price.
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. “
Separately, ValuEngine raised 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 0.80% during midday trading on Tuesday, reaching $5.04. The company had a trading volume of 95,520 shares. The company has a 50-day moving average price of $4.82 and a 200-day moving average price of $4.86. The stock has a market capitalization of $159.49 million, a price-to-earnings ratio of 6.15 and a beta of 2.22. China Automotive Systems has a one year low of $3.63 and a one year high of $7.96.
China Automotive Systems (NASDAQ:CAAS) last released its quarterly earnings results on Thursday, August 10th. The auto parts company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.14. The business had revenue of $117.66 million during the quarter, compared to analyst estimates of $106.74 million. China Automotive Systems had a return on equity of 8.41% and a net margin of 5.43%. During the same quarter in the prior year, the company posted $0.14 EPS. On average, equities analysts expect that China Automotive Systems will post $0.72 earnings per share for the current year.
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Several hedge funds and other institutional investors have recently bought and sold shares of the company. Seizert Capital Partners LLC increased its position in China Automotive Systems by 73.0% in the fourth quarter. Seizert Capital Partners LLC now owns 518,458 shares of the auto parts company’s stock worth $2,374,000 after buying an additional 218,716 shares during the period. Renaissance Technologies LLC increased its position in 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 worth $3,127,000 after buying an additional 163,910 shares during the period. Stuyvesant Capital Management increased its position in 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 worth $209,000 after buying an additional 1,600 shares during the period. Chartwell Investment Partners LLC purchased a new position in China Automotive Systems during the second quarter worth $1,360,000. Finally, Hanson & Doremus Investment Management increased its position in China Automotive Systems by 492.6% in the second quarter. Hanson & Doremus Investment Management now owns 67,525 shares of the auto parts company’s stock worth $218,000 after buying an additional 56,130 shares during the period. Hedge funds and other institutional investors own 5.16% of the company’s stock.
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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