China Automotive Systems (NASDAQ:CAAS) Upgraded to Strong-Buy by StockNews.com

China Automotive Systems (NASDAQ:CAAS) was upgraded by research analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a report released on Friday.

China Automotive Systems Stock Up 5.3 %

CAAS traded up $0.18 during mid-day trading on Friday, reaching $3.55. 129,699 shares of the company traded hands, compared to its average volume of 29,197. The company’s fifty day moving average price is $3.38 and its 200-day moving average price is $3.42. The stock has a market capitalization of $107.17 million, a P/E ratio of 3.45 and a beta of 2.44. China Automotive Systems has a 52-week low of $3.04 and a 52-week high of $6.09.

China Automotive Systems (NASDAQ:CAAS) last released its quarterly earnings results on Thursday, March 28th. The auto parts company reported $0.36 EPS for the quarter. China Automotive Systems had a net margin of 5.69% and a return on equity of 9.22%. The firm had revenue of $159.16 million during the quarter.

Hedge Funds Weigh In On China Automotive Systems

Several institutional investors and hedge funds have recently bought and sold shares of CAAS. Geode Capital Management LLC grew its holdings in China Automotive Systems by 10.7% during the second quarter. Geode Capital Management LLC now owns 21,380 shares of the auto parts company’s stock valued at $105,000 after purchasing an additional 2,066 shares during the period. Renaissance Technologies LLC lifted its position in shares of 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 valued at $2,108,000 after buying an additional 3,400 shares in the last quarter. UBS Group AG grew its stake in shares of China Automotive Systems by 6.3% during the 3rd quarter. UBS Group AG now owns 64,953 shares of the auto parts company’s stock valued at $258,000 after acquiring an additional 3,865 shares during the period. JPMorgan Chase & Co. bought a new position in shares of China Automotive Systems during the 4th quarter valued at approximately $31,000. Finally, Bridgeway Capital Management LLC increased its holdings in China Automotive Systems by 4.0% in the 4th quarter. Bridgeway Capital Management LLC now owns 257,659 shares of the auto parts company’s stock worth $832,000 after acquiring an additional 9,984 shares in the last quarter. 5.17% 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 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.