China Automotive Systems (NASDAQ:CAAS – Get Free Report) announced its quarterly earnings data on Thursday. The auto parts company reported $0.36 EPS for the quarter, RTT News reports. China Automotive Systems had a net margin of 5.69% and a return on equity of 9.22%. China Automotive Systems updated its FY 2024 guidance to EPS.
China Automotive Systems Trading Up 5.3 %
Shares of NASDAQ CAAS opened at $3.55 on Friday. The firm has a market cap of $107.17 million, a price-to-earnings ratio of 3.45 and a beta of 2.44. China Automotive Systems has a 1-year low of $3.04 and a 1-year high of $6.09. The stock has a fifty day simple moving average of $3.37 and a two-hundred day simple moving average of $3.42.
Wall Street Analysts Forecast Growth
Separately, StockNews.com cut China Automotive Systems from a “strong-buy” rating to a “buy” rating in a research note on Monday, March 18th.
Hedge Funds Weigh In On China Automotive Systems
Large investors have recently modified their holdings of the business. UBS Group AG boosted its holdings in China Automotive Systems by 6.3% in the 3rd quarter. UBS Group AG now owns 64,953 shares of the auto parts company’s stock worth $258,000 after buying an additional 3,865 shares during the period. Marshall Wace LLP purchased a new position in shares of China Automotive Systems in the third quarter valued at $191,000. JPMorgan Chase & Co. bought a new stake in shares of China Automotive Systems during the 4th quarter valued at $31,000. Renaissance Technologies LLC lifted its holdings in China Automotive Systems by 0.9% during the 4th quarter. Renaissance Technologies LLC now owns 363,494 shares of the auto parts company’s stock worth $2,108,000 after purchasing an additional 3,400 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in China Automotive Systems by 169.0% during the 4th quarter. Millennium Management LLC now owns 304,388 shares of the auto parts company’s stock worth $1,765,000 after purchasing an additional 191,215 shares in the last quarter. Hedge funds and other institutional investors own 5.17% of the company’s stock.
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 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 electronic and hydraulic power steering systems and parts.
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