China Automotive Systems (NASDAQ:CAAS) Issues Quarterly Earnings Results

China Automotive Systems (NASDAQ:CAAS) posted its quarterly earnings results on Thursday. The auto parts company reported $0.36 earnings per share (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 CAAS opened at $3.55 on Friday. The firm has a market cap of $107.17 million, a P/E ratio of 3.45 and a beta of 2.44. The company’s 50-day moving average price is $3.37 and its 200 day moving average price is $3.42. China Automotive Systems has a 12-month low of $3.04 and a 12-month high of $6.09.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. purchased a new stake in shares of China Automotive Systems in the 4th quarter valued at approximately $31,000. Zacks Investment Management acquired a new position in China Automotive Systems in the second quarter valued at approximately $49,000. American Century Companies Inc. acquired a new stake in China Automotive Systems during the first quarter worth approximately $50,000. Tower Research Capital LLC TRC purchased a new stake in shares of China Automotive Systems during the 1st quarter worth approximately $54,000. Finally, XTX Topco Ltd acquired a new position in shares of China Automotive Systems in the 1st quarter valued at $63,000. 5.17% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded shares of China Automotive Systems from a “strong-buy” rating to a “buy” rating in a research report on Monday, March 18th.

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.