China Automotive Systems (NASDAQ:CAAS) Research Coverage Started at StockNews.com

StockNews.com assumed coverage on shares of China Automotive Systems (NASDAQ:CAAS) in a research note issued to investors on Sunday morning. The brokerage issued a buy rating on the auto parts company’s stock.

China Automotive Systems Stock Down 0.5 %

Shares of China Automotive Systems stock opened at $4.30 on Friday. China Automotive Systems has a 12-month low of $3.21 and a 12-month high of $4.97. The stock has a market capitalization of $129.80 million, a P/E ratio of 4.10 and a beta of 2.33. The stock has a 50 day moving average price of $4.17 and a two-hundred day moving average price of $4.15.

China Automotive Systems announced that its board has authorized a stock repurchase plan on Monday, November 18th that allows the company to repurchase $5.00 million in shares. This repurchase authorization allows the auto parts company to repurchase up to 3.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CAAS. Two Sigma Securities LLC acquired a new stake in China Automotive Systems in the 4th quarter valued at $86,000. Connor Clark & Lunn Investment Management Ltd. grew its position in China Automotive Systems by 22.4% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 106,586 shares of the auto parts company’s stock valued at $437,000 after acquiring an additional 19,484 shares during the period. Renaissance Technologies LLC grew its position 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 acquiring an additional 19,100 shares during the period. Bridgeway Capital Management LLC grew its position in China Automotive Systems by 2.6% in the fourth quarter. Bridgeway Capital Management LLC now owns 280,206 shares of the auto parts company’s stock valued at $1,149,000 after acquiring an additional 7,119 shares during the period. Finally, Empowered Funds LLC grew its position in China Automotive Systems by 5.2% in the fourth quarter. Empowered Funds LLC now owns 143,856 shares of the auto parts company’s stock valued at $590,000 after acquiring an additional 7,119 shares during the period. 5.17% of the stock is owned by institutional investors.

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.