StockNews.com Upgrades China Automotive Systems (NASDAQ:CAAS) to “Strong-Buy”

StockNews.com upgraded shares of China Automotive Systems (NASDAQ:CAAS) from a buy rating to a strong-buy rating in a research report report published on Tuesday morning.

China Automotive Systems Price Performance

Shares of CAAS traded down $0.02 during mid-day trading on Tuesday, hitting $3.66. 18,820 shares of the company’s stock were exchanged, compared to its average volume of 53,970. The company has a 50-day simple moving average of $3.83 and a 200 day simple moving average of $3.60. The company has a market cap of $110.48 million, a PE ratio of 2.84 and a beta of 2.47. China Automotive Systems has a 52 week low of $3.04 and a 52 week high of $5.45.

China Automotive Systems (NASDAQ:CAAS) last issued its quarterly earnings results on Tuesday, May 14th. The auto parts company reported $0.27 earnings per share (EPS) for the quarter. China Automotive Systems had a net margin of 6.82% and a return on equity of 10.84%. The firm had revenue of $139.39 million for the quarter.

China Automotive Systems Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Tuesday, July 30th will be paid a $0.80 dividend. The ex-dividend date is Tuesday, July 30th. This represents a $3.20 dividend on an annualized basis and a yield of 87.43%.

Institutional Investors Weigh In On China Automotive Systems

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

About China Automotive Systems

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.