China Automotive Systems (NASDAQ:CAAS) Cut to Hold at Zacks Investment Research

Zacks Investment Research cut shares of China Automotive Systems (NASDAQ:CAAS) from a buy rating to a hold rating in a research note issued to investors on Thursday, reports.

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 upgraded shares of China Automotive Systems from a hold rating to a buy rating in a report on Thursday, August 1st.

CAAS traded up $0.57 during trading on Thursday, hitting $2.64. 355,500 shares of the company traded hands, compared to its average volume of 10,709. China Automotive Systems has a 1 year low of $1.70 and a 1 year high of $5.00. The stock’s 50-day simple moving average is $1.97 and its two-hundred day simple moving average is $2.17. The company has a market cap of $65.22 million, a PE ratio of 33.00 and a beta of 1.59. The company has a current ratio of 1.50, a quick ratio of 1.17 and a debt-to-equity ratio of 0.02.

China Automotive Systems (NASDAQ:CAAS) last announced its quarterly earnings data on Tuesday, November 12th. The auto parts company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.12. China Automotive Systems had a net margin of 1.14% and a return on equity of 1.63%. The company had revenue of $100.54 million during the quarter, compared to analyst estimates of $104.41 million. During the same quarter last year, the business posted $0.01 EPS. Equities analysts expect that China Automotive Systems will post 0.3 EPS for the current year.

An institutional investor recently raised its position in China Automotive Systems stock. Renaissance Technologies LLC boosted its stake in shares of China Automotive Systems, Inc. (NASDAQ:CAAS) by 6.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 346,124 shares of the auto parts company’s stock after buying an additional 20,433 shares during the quarter. Renaissance Technologies LLC owned approximately 1.07% of China Automotive Systems worth $827,000 as of its most recent SEC filing. 2.58% of the stock is currently owned by institutional investors and hedge funds.

China Automotive Systems Company Profile

China Automotive Systems, Inc, through its subsidiaries, manufactures and sells automotive systems and components in the People's Republic of China. The company 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 electronic systems and parts.

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