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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