Zacks Investment Research Upgrades China Automotive Systems (NASDAQ:CAAS) to Buy
China Automotive Systems (NASDAQ:CAAS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday, Zacks.com reports. The firm currently has a $2.25 price objective on the auto parts company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 17.19% from the stock’s previous close.
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 raised shares of China Automotive Systems from a “hold” rating to a “buy” rating in a report on Thursday, August 1st.
China Automotive Systems (NASDAQ:CAAS) last announced its quarterly earnings results on Thursday, August 8th. The auto parts company reported $0.08 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.07. China Automotive Systems had a net margin of 0.26% and a return on equity of 0.37%. The firm had revenue of $105.75 million during the quarter, compared to the consensus estimate of $121.01 million. During the same period last year, the firm earned $0.03 EPS. As a group, sell-side analysts forecast that China Automotive Systems will post 0.16 earnings per share for the current fiscal year.
An institutional investor recently raised its position in China Automotive Systems stock. Renaissance Technologies LLC raised its position in China Automotive Systems, Inc. (NASDAQ:CAAS) by 6.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 346,124 shares of the auto parts company’s stock after purchasing an additional 20,433 shares during the period. Renaissance Technologies LLC owned 1.07% of China Automotive Systems worth $827,000 at the end of the most recent reporting period. 2.70% of the stock is currently owned by hedge funds and other institutional investors.
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 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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