China Automotive Systems, Inc. (NASDAQ:CAAS) Sees Significant Decline in Short Interest

China Automotive Systems, Inc. (NASDAQ:CAAS) was the target of a significant decrease in short interest in the month of September. As of September 30th, there was short interest totalling 42,400 shares, a decrease of 7.6% from the September 15th total of 45,900 shares. Currently, 0.4% of the company’s stock are sold short. Based on an average trading volume of 90,300 shares, the days-to-cover ratio is currently 0.5 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Renaissance Technologies LLC lifted its stake 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 worth $1,491,000 after purchasing an additional 6,900 shares during the last quarter. American Century Companies Inc. acquired a new stake in China Automotive Systems during the second quarter worth approximately $36,000. Finally, Empowered Funds LLC raised 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 purchasing an additional 9,100 shares in the last quarter. 5.17% of the stock is owned by institutional investors and hedge funds.

China Automotive Systems Stock Performance

Shares of China Automotive Systems stock remained flat at $4.23 on Wednesday. The stock had a trading volume of 40,723 shares, compared to its average volume of 57,061. The stock’s fifty day moving average is $3.87 and its 200 day moving average is $3.77. China Automotive Systems has a 1-year low of $3.04 and a 1-year high of $4.97. The company has a market capitalization of $127.69 million, a P/E ratio of 3.28 and a beta of 2.45.

China Automotive Systems (NASDAQ:CAAS) last posted its quarterly earnings results on Tuesday, August 13th. The auto parts company reported $0.24 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 during the quarter.

China Automotive Systems Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Tuesday, July 30th were issued a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a yield of 75.65%. The ex-dividend date of this dividend was Tuesday, July 30th.

Analyst Upgrades and Downgrades

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

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.