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

Investment analysts at StockNews.com began coverage on shares of China Automotive Systems (NASDAQ:CAAS) in a research note issued to investors on Friday. The brokerage set a “buy” rating on the auto parts company’s stock.

China Automotive Systems Trading Up 2.2 %

China Automotive Systems stock opened at $4.24 on Friday. The company has a fifty day simple moving average of $4.09 and a 200-day simple moving average of $4.09. China Automotive Systems has a 12-month low of $3.17 and a 12-month high of $4.97. The stock has a market cap of $128.01 million, a P/E ratio of 4.04 and a beta of 2.33.

China Automotive Systems announced that its Board of Directors has approved a stock buyback program on Monday, November 18th that authorizes the company to buyback $5.00 million in outstanding shares. This buyback authorization authorizes the auto parts company to purchase up to 3.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On China Automotive Systems

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Connor Clark & Lunn Investment Management Ltd. increased its stake in China Automotive Systems by 14.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 87,102 shares of the auto parts company’s stock valued at $401,000 after purchasing an additional 11,197 shares during the period. Empowered Funds LLC increased its stake in China Automotive Systems by 5.4% in the third quarter. Empowered Funds LLC now owns 136,737 shares of the auto parts company’s stock valued at $629,000 after purchasing an additional 6,968 shares during the period. Finally, Renaissance Technologies LLC increased its stake in China Automotive Systems by 4.8% in the fourth quarter. Renaissance Technologies LLC now owns 420,994 shares of the auto parts company’s stock valued at $1,726,000 after purchasing an additional 19,100 shares during the period. 5.17% of the stock is currently owned by institutional investors and hedge funds.

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.