China Automotive Systems (NASDAQ:CAAS) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of China Automotive Systems (NASDAQ:CAAS) from a hold rating to a buy rating in a report published on Wednesday, Zacks.com reports. The firm currently has $3.00 target price on the auto parts company’s stock.

According to Zacks, “China Automotive Systems is a holding company and has no significant business operations other than their interest in Genesis in which they manufacture power steering systems and other component parts for automobiles. “

Separately, Greenridge Global upped their price objective on shares of China Automotive Systems from $6.00 to $7.00 and gave the company a buy rating in a research report on Monday, November 15th.

Shares of NASDAQ CAAS opened at $2.67 on Wednesday. China Automotive Systems has a 12-month low of $2.48 and a 12-month high of $8.75. The company has a market cap of $82.37 million, a P/E ratio of 29.67 and a beta of 2.91. The stock has a fifty day moving average price of $3.06 and a 200 day moving average price of $3.55.

China Automotive Systems (NASDAQ:CAAS) last posted its quarterly earnings data on Friday, November 12th. The auto parts company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.06). The firm had revenue of $108.23 million during the quarter, compared to analysts’ expectations of $119.39 million. China Automotive Systems had a net margin of 0.57% and a return on equity of 1.99%. During the same period in the previous year, the company earned $0.08 earnings per share. As a group, equities analysts predict that China Automotive Systems will post 0.26 earnings per share for the current fiscal year.

A number of large investors have recently bought and sold shares of the business. Millennium Management LLC bought a new position in shares of China Automotive Systems during the second quarter worth about $292,000. Invesco Ltd. lifted its position in shares of China Automotive Systems by 21.6% during the third quarter. Invesco Ltd. now owns 21,611 shares of the auto parts company’s stock worth $70,000 after purchasing an additional 3,834 shares during the last quarter. MARSHALL WACE ASIA Ltd bought a new position in shares of China Automotive Systems during the third quarter worth about $43,000. Morgan Stanley lifted its position in shares of China Automotive Systems by 3,918.7% during the second quarter. Morgan Stanley now owns 12,056 shares of the auto parts company’s stock worth $59,000 after purchasing an additional 11,756 shares during the last quarter. Finally, Zacks Investment Management bought a new position in shares of China Automotive Systems during the third quarter worth about $33,000. 3.30% of the stock is owned by institutional investors.

About China Automotive Systems

China Automotive Systems, Inc is a holding company, which engages in the manufacture and sale of automotive products, through its subsidiaries. It operates through the following geographical segments: Henglong, Jiulong, Shenyang, Wuhu, Hubei Henglong, Henglong KYB, and Other Entities. It also supplies power steering systems and component.

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