Zacks Investment Research Downgrades China Automotive Systems (NASDAQ:CAAS) to Hold
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 upgraded China Automotive Systems from a hold rating to a buy rating in a research report on Thursday, August 1st.
China Automotive Systems (NASDAQ:CAAS) last issued its earnings results on Tuesday, November 12th. The auto parts company reported $0.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.12. The firm had revenue of $100.54 million for the quarter, compared to analysts’ expectations of $104.41 million. China Automotive Systems had a return on equity of 1.63% and a net margin of 1.14%. During the same period in the previous year, the firm posted $0.01 earnings per share. As a group, analysts forecast that China Automotive Systems will post 0.16 EPS for the current year.
An institutional investor recently raised its position in China Automotive Systems stock. Renaissance Technologies LLC increased its stake in China Automotive Systems, Inc. (NASDAQ:CAAS) by 6.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 346,124 shares of the auto parts company’s stock after acquiring an additional 20,433 shares during the period. Renaissance Technologies LLC owned approximately 1.07% of China Automotive Systems worth $827,000 as of its most recent SEC filing. 2.58% of the stock is owned by hedge funds and other institutional investors.
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. 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.
See Also: What causes a yield curve to invert?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for China Automotive Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for China Automotive Systems and related companies with MarketBeat.com's FREE daily email newsletter.