China Automotive Systems, Inc. (CAAS) Downgraded to “Hold” at Zacks Investment Research
Zacks Investment Research downgraded shares of China Automotive Systems, Inc. (NASDAQ:CAAS) from a strong-buy rating to a hold rating in a research note 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 lowered shares of China Automotive Systems from a strong-buy rating to a buy rating in a research report on Friday, September 22nd.
China Automotive Systems (CAAS) traded down 0.76% during mid-day trading on Wednesday, reaching $5.25. 15,789 shares of the company were exchanged. The stock has a market capitalization of $166.13 million, a P/E ratio of 6.40 and a beta of 2.19. China Automotive Systems has a 12 month low of $3.72 and a 12 month high of $7.96. The company’s 50 day moving average price is $5.36 and its 200-day moving average price is $5.00.
China Automotive Systems (NASDAQ:CAAS) last posted its quarterly earnings data on Thursday, August 10th. The auto parts company reported $0.28 earnings per share 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 company had revenue of $117.66 million during the quarter, compared to analyst estimates of $106.74 million. During the same quarter last year, the firm posted $0.14 EPS. On average, equities analysts expect that China Automotive Systems will post $0.86 earnings per share for the current fiscal year.
Several large investors have recently bought and sold shares of CAAS. Stuyvesant Capital Management boosted its position in shares of China Automotive Systems by 12.0% during 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 in the last quarter. Spark Investment Management LLC bought a new position in shares of China Automotive Systems during the 2nd quarter valued at about $228,000. Finally, Hanson & Doremus Investment Management boosted its position in shares of China Automotive Systems by 11.1% during 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 in the last quarter. Institutional investors own 4.96% of the company’s stock.
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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