Short Interest in China Automotive Systems, Inc. (NASDAQ:CAAS) Declines By 82.8%

China Automotive Systems, Inc. (NASDAQ:CAAS) saw a large decline in short interest in October. As of October 15th, there was short interest totalling 7,300 shares, a decline of 82.8% from the September 30th total of 42,400 shares. Approximately 0.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 70,100 shares, the days-to-cover ratio is presently 0.1 days.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut shares of China Automotive Systems from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 14th.

China Automotive Systems Stock Up 2.9 %

CAAS traded up $0.12 during trading on Friday, hitting $4.30. 84,377 shares of the company’s stock were exchanged, compared to its average volume of 56,630. The business’s 50 day moving average is $3.92 and its two-hundred day moving average is $3.79. China Automotive Systems has a fifty-two week low of $3.04 and a fifty-two week high of $4.97. The stock has a market cap of $129.80 million, a P/E ratio of 3.33 and a beta of 2.45.

China Automotive Systems (NASDAQ:CAAS) last released its quarterly earnings data on Tuesday, August 13th. The auto parts company reported $0.24 earnings per share for the quarter. China Automotive Systems had a net margin of 6.02% and a return on equity of 9.50%. The firm had revenue of $158.61 million for the quarter.

China Automotive Systems Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Tuesday, July 30th were issued a $0.80 dividend. The ex-dividend date was Tuesday, July 30th. This represents a $3.20 annualized dividend and a dividend yield of 74.42%.

Institutional Trading of China Automotive Systems

Several institutional investors and hedge funds have recently made changes to their positions in the company. Empowered Funds LLC grew its holdings in China Automotive Systems by 8.2% during the first quarter. Empowered Funds LLC now owns 120,409 shares of the auto parts company’s stock valued at $427,000 after purchasing an additional 9,100 shares during the period. American Century Companies Inc. bought a new position in China Automotive Systems during the second quarter valued at $36,000. Finally, Renaissance Technologies LLC grew its holdings in China Automotive Systems by 1.7% during the second quarter. Renaissance Technologies LLC now owns 419,994 shares of the auto parts company’s stock valued at $1,491,000 after purchasing an additional 6,900 shares during the period. Hedge funds and other institutional investors own 5.17% of the company’s stock.

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 United States, 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 electronics and systems and parts.