Zacks Investment Research Lowers China Automotive Systems, Inc. (CAAS) to Hold
China Automotive Systems, Inc. (NASDAQ:CAAS) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors 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 raised shares of China Automotive Systems from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 6th.
China Automotive Systems (NASDAQ CAAS) traded down 1.12% during trading on Wednesday, reaching $5.29. The company had a trading volume of 32,265 shares. China Automotive Systems has a 12-month low of $3.72 and a 12-month high of $7.96. The firm’s 50 day moving average price is $5.36 and its 200 day moving average price is $5.00. The firm has a market capitalization of $167.40 million, a PE ratio of 6.45 and a beta of 2.19.
China Automotive Systems (NASDAQ:CAAS) last posted its earnings results on Thursday, August 10th. The auto parts company reported $0.28 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $117.66 million during the quarter, compared to the consensus estimate of $106.74 million. During the same quarter in the previous year, the firm posted $0.14 EPS. Equities research analysts forecast that China Automotive Systems will post $0.86 EPS for the current year.
Large investors have recently bought and sold shares of the business. Hanson & Doremus Investment Management grew its position in China Automotive Systems by 11.1% in the 2nd quarter. Hanson & Doremus Investment Management now owns 86,545 shares of the auto parts company’s stock worth $419,000 after purchasing an additional 8,680 shares during the period. Spark Investment Management LLC bought a new stake in China Automotive Systems in the 2nd quarter worth approximately $228,000. Finally, Stuyvesant Capital Management grew its position in China Automotive Systems by 12.0% in the 2nd quarter. Stuyvesant Capital Management now owns 46,807 shares of the auto parts company’s stock worth $227,000 after purchasing an additional 5,000 shares during the period. 4.96% of the stock is owned by institutional investors and hedge funds.
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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