Share Buyback Plan Authorized by China Automotive Systems (NASDAQ:CAAS) Board of Directors

China Automotive Systems (NASDAQ:CAAS) declared that its Board of Directors has initiated a stock buyback program on Monday, November 18th, RTT News reports. The company plans to buyback $5.00 million in outstanding shares. This buyback authorization authorizes the auto parts company to purchase up to 3.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

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

China Automotive Systems Price Performance

Shares of NASDAQ:CAAS traded up $0.29 during trading on Monday, hitting $4.62. 77,808 shares of the company were exchanged, compared to its average volume of 57,605. China Automotive Systems has a 52-week low of $3.05 and a 52-week high of $4.97. The company has a market cap of $139.48 million, a PE ratio of 4.40 and a beta of 2.45. The stock has a 50 day moving average of $4.22 and a 200 day moving average of $3.91.

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.