The China Automotive Systems, Inc. (CAAS) Downgraded by Zacks Investment Research

The China Automotive Systems, Inc. (CAAS) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of China Automotive Systems, Inc. (NASDAQ:CAAS) from a strong-buy rating to a hold rating in a report published on Wednesday.

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 cut China Automotive Systems from a strong-buy rating to a buy rating in a report on Friday, September 22nd.

Shares of China Automotive Systems (NASDAQ:CAAS) opened at 5.27 on Wednesday. The stock’s 50 day moving average price is $5.37 and its 200 day moving average price is $5.00. The company has a market capitalization of $166.76 million, a P/E ratio of 6.43 and a beta of 2.19. China Automotive Systems has a 52-week low of $3.72 and a 52-week high of $7.96.

China Automotive Systems (NASDAQ:CAAS) last issued its earnings results on Thursday, August 10th. The auto parts company reported $0.28 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.14. The company had revenue of $117.66 million during the quarter, compared to analysts’ expectations of $106.74 million. China Automotive Systems had a return on equity of 8.30% and a net margin of 5.43%. During the same period in the prior year, the business earned $0.14 EPS. On average, equities research analysts forecast that China Automotive Systems will post $0.86 earnings per share for the current fiscal year.

Several institutional investors have recently made changes to their positions in the company. Hanson & Doremus Investment Management lifted its stake in shares of China Automotive Systems by 11.1% in the 2nd quarter. Hanson & Doremus Investment Management now owns 86,545 shares of the auto parts company’s stock valued at $419,000 after purchasing an additional 8,680 shares during the last quarter. Spark Investment Management LLC acquired a new position in shares of China Automotive Systems in the 2nd quarter valued at $228,000. Finally, Stuyvesant Capital Management lifted its stake in shares of China Automotive Systems by 12.0% in the 2nd quarter. Stuyvesant Capital Management now owns 46,807 shares of the auto parts company’s stock valued at $227,000 after purchasing an additional 5,000 shares during the last quarter. 4.96% of the stock is currently owned by institutional investors and hedge funds.

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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