China Automotive Systems (NASDAQ:CAAS) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of China Automotive Systems (NASDAQ:CAAS) from a hold rating to a buy rating in a research report released on Wednesday, Zacks.com reports. They currently have $3.00 price target on the auto parts company’s stock.

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, Greenridge Global lifted their price objective on China Automotive Systems from $6.00 to $7.00 and gave the company a buy rating in a report on Monday, November 15th.

Shares of CAAS opened at $2.67 on Wednesday. China Automotive Systems has a twelve month low of $2.48 and a twelve month high of $8.75. The stock’s 50 day moving average is $3.06 and its two-hundred day moving average is $3.55. The firm has a market capitalization of $82.37 million, a PE ratio of 29.67 and a beta of 2.91.

China Automotive Systems (NASDAQ:CAAS) last announced its quarterly earnings data on Friday, November 12th. The auto parts company reported ($0.01) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.05 by ($0.06). China Automotive Systems had a net margin of 0.57% and a return on equity of 1.99%. The business had revenue of $108.23 million during the quarter, compared to analysts’ expectations of $119.39 million. During the same period in the prior year, the firm posted $0.08 EPS. On average, equities analysts predict that China Automotive Systems will post 0.26 EPS for the current fiscal year.

Several large investors have recently made changes to their positions in the company. Invesco Ltd. boosted its stake in shares of China Automotive Systems by 21.6% during the 3rd quarter. Invesco Ltd. now owns 21,611 shares of the auto parts company’s stock worth $70,000 after acquiring an additional 3,834 shares in the last quarter. Zacks Investment Management purchased a new stake in shares of China Automotive Systems during the 3rd quarter worth approximately $33,000. Morgan Stanley boosted its stake in shares of China Automotive Systems by 3,918.7% during the 2nd quarter. Morgan Stanley now owns 12,056 shares of the auto parts company’s stock worth $59,000 after acquiring an additional 11,756 shares in the last quarter. MARSHALL WACE ASIA Ltd purchased a new stake in shares of China Automotive Systems during the 3rd quarter worth approximately $43,000. Finally, Millennium Management LLC purchased a new stake in shares of China Automotive Systems during the 2nd quarter worth approximately $292,000. 3.30% of the stock is currently owned by institutional investors and hedge funds.

China Automotive Systems Company Profile

China Automotive Systems, Inc is a holding company, which engages in the manufacture and sale of automotive products, through its subsidiaries. It operates through the following geographical segments: Henglong, Jiulong, Shenyang, Wuhu, Hubei Henglong, Henglong KYB, and Other Entities. It also supplies power steering systems and component.

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