Zacks Investment Research upgraded shares of China Automotive Systems, Inc. (NASDAQ:CAAS) from a hold rating to a buy rating in a research report released on Tuesday. Zacks Investment Research currently has $5.50 price target on the auto parts company’s stock.
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 shares of China Automotive Systems from a buy rating to a strong-buy rating in a research note on Tuesday, May 16th.
China Automotive Systems (NASDAQ CAAS) opened at 5.23 on Tuesday. China Automotive Systems has a 52-week low of $3.69 and a 52-week high of $7.96. The stock has a market capitalization of $165.50 million, a price-to-earnings ratio of 6.38 and a beta of 2.22. The firm has a 50-day moving average price of $4.86 and a 200 day moving average price of $4.87.
China Automotive Systems (NASDAQ:CAAS) last released its quarterly earnings data on Thursday, August 10th. The auto parts company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.14. China Automotive Systems had a net margin of 5.43% and a return on equity of 8.30%. The business had revenue of $117.66 million during the quarter, compared to analyst estimates of $106.74 million. During the same quarter in the previous year, the business earned $0.14 EPS. On average, equities research analysts predict that China Automotive Systems will post $0.86 EPS for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CAAS. Stuyvesant Capital Management raised 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 in the last quarter. First Manhattan Co. raised its position in 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 worth $173,000 after buying an additional 12,300 shares in the last quarter. Spark Investment Management LLC purchased a new position in China Automotive Systems during the second quarter worth $228,000. Finally, Hanson & Doremus Investment Management raised its position in China Automotive Systems by 11.1% in the second quarter. Hanson & Doremus Investment Management now owns 86,545 shares of the auto parts company’s stock worth $419,000 after buying an additional 8,680 shares in the last quarter. 5.16% of the stock is owned by hedge funds and other institutional investors.
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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