China Automotive Systems (NASDAQ:CAAS) Share Price Crosses Above 200 Day Moving Average – Here’s Why

China Automotive Systems, Inc. (NASDAQ:CAAS)’s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $3.79 and traded as high as $4.18. China Automotive Systems shares last traded at $4.14, with a volume of 29,373 shares.

Analyst Upgrades and Downgrades

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

China Automotive Systems Stock Up 2.9 %

The firm has a market cap of $129.80 million, a price-to-earnings ratio of 3.33 and a beta of 2.45. The firm has a 50 day moving average of $3.92 and a 200 day moving average of $3.79.

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 (EPS) for the quarter. China Automotive Systems had a net margin of 6.02% and a return on equity of 9.50%. The company had revenue of $158.61 million for the quarter.

China Automotive Systems Dividend Announcement

The firm 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. This represents a $3.20 annualized dividend and a dividend yield of 74.42%. The ex-dividend date was Tuesday, July 30th.

Hedge Funds Weigh In On China Automotive Systems

A number of hedge funds and other institutional investors have recently made changes to their positions in CAAS. American Century Companies Inc. bought a new stake in China Automotive Systems in the second quarter worth about $36,000. Empowered Funds LLC increased its stake in shares of China Automotive Systems by 8.2% during the 1st quarter. Empowered Funds LLC now owns 120,409 shares of the auto parts company’s stock worth $427,000 after purchasing an additional 9,100 shares during the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of China Automotive Systems by 1.7% during the 2nd quarter. Renaissance Technologies LLC now owns 419,994 shares of the auto parts company’s stock worth $1,491,000 after purchasing an additional 6,900 shares during the last quarter. 5.17% 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 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.