StockNews.com Initiates Coverage on China Automotive Systems (NASDAQ:CAAS)

Analysts at StockNews.com initiated coverage on shares of China Automotive Systems (NASDAQ:CAAS) in a report released on Wednesday. The brokerage set a “buy” rating on the auto parts company’s stock.

China Automotive Systems Stock Up 9.1 %

Shares of China Automotive Systems stock opened at $5.26 on Wednesday. The business has a fifty day simple moving average of $4.36 and a 200-day simple moving average of $4.25. China Automotive Systems has a fifty-two week low of $3.34 and a fifty-two week high of $5.28. The firm has a market cap of $158.78 million, a price-to-earnings ratio of 5.01 and a beta of 2.27.

Hedge Funds Weigh In On China Automotive Systems

Several large investors have recently made changes to their positions in the business. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of China Automotive Systems by 14.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 87,102 shares of the auto parts company’s stock worth $401,000 after purchasing an additional 11,197 shares in the last quarter. Empowered Funds LLC boosted its holdings in China Automotive Systems by 5.2% during the fourth quarter. Empowered Funds LLC now owns 143,856 shares of the auto parts company’s stock worth $590,000 after buying an additional 7,119 shares in the last quarter. 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 worth $1,726,000 after buying an additional 19,100 shares during the last quarter. Two Sigma Securities LLC bought a new position in shares of China Automotive Systems in the fourth quarter valued at $86,000. Finally, Bridgeway Capital Management LLC lifted its position in shares of China Automotive Systems by 2.6% during the 4th 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 last quarter. Institutional investors own 5.17% of the company’s stock.

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.