ValuEngine upgraded shares of China Automotive Systems, Inc. (NASDAQ:CAAS) from a buy rating to a strong-buy rating in a research report report published on Friday morning.
Separately, Zacks Investment Research upgraded shares of China Automotive Systems from a hold rating to a buy rating and set a $5.50 price target for the company in a research report on Tuesday, August 15th.
China Automotive Systems (CAAS) traded up 1.15% during mid-day trading on Friday, reaching $5.30. 123,207 shares of the company’s stock were exchanged. The firm has a market cap of $167.71 million, a price-to-earnings ratio of 6.46 and a beta of 2.19. The stock has a 50-day moving average of $5.36 and a 200-day moving average of $5.00. China Automotive Systems has a 12 month low of $3.72 and a 12 month high of $7.96.
China Automotive Systems (NASDAQ:CAAS) last announced its quarterly 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. China Automotive Systems had a net margin of 5.43% and a return on equity of 8.30%. The firm had revenue of $117.66 million during the quarter, compared to analysts’ expectations of $106.74 million. During the same period in the prior year, the company posted $0.14 EPS. Analysts anticipate that China Automotive Systems will post $0.86 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Stuyvesant Capital Management increased its position in 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 acquiring an additional 5,000 shares during the period. Hanson & Doremus Investment Management increased its position in 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 acquiring an additional 8,680 shares during the period. Finally, Spark Investment Management LLC acquired a new position in China Automotive Systems in the 2nd quarter valued at approximately $228,000. Hedge funds and other institutional investors own 4.96% of the company’s stock.
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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