China Automotive Systems (NASDAQ:CAAS – Get Free Report) issued its quarterly earnings data on Thursday. The auto parts company reported $0.36 earnings per share (EPS) for the quarter, RTT News reports. China Automotive Systems had a net margin of 6.53% and a return on equity of 11.06%. The firm had revenue of $159.16 million during the quarter. China Automotive Systems updated its FY 2024 guidance to EPS.
China Automotive Systems Price Performance
CAAS stock opened at $3.55 on Friday. The stock has a market cap of $107.17 million, a price-to-earnings ratio of 2.84 and a beta of 2.44. The company has a 50 day simple moving average of $3.38 and a 200 day simple moving average of $3.42. China Automotive Systems has a 1 year low of $3.04 and a 1 year high of $6.09.
Analyst Upgrades and Downgrades
Separately, StockNews.com raised China Automotive Systems from a “buy” rating to a “strong-buy” rating in a report on Friday.
Institutional Investors Weigh In On China Automotive Systems
Several hedge funds have recently modified their holdings of CAAS. Millennium Management LLC raised its position in China Automotive Systems by 169.0% in the fourth quarter. Millennium Management LLC now owns 304,388 shares of the auto parts company’s stock valued at $1,765,000 after purchasing an additional 191,215 shares during the last quarter. Renaissance Technologies LLC boosted its position in China Automotive Systems by 30.9% during the 1st quarter. Renaissance Technologies LLC now owns 475,639 shares of the auto parts company’s stock worth $2,488,000 after buying an additional 112,145 shares during the period. Two Sigma Investments LP acquired a new position in China Automotive Systems in the 1st quarter valued at approximately $359,000. O Shaughnessy Asset Management LLC bought a new position in shares of China Automotive Systems during the first quarter valued at $345,000. Finally, Marshall Wace LLP acquired a new position in shares of China Automotive Systems during the third quarter worth $191,000. Institutional investors and hedge funds 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 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 electronic and hydraulic power steering systems and parts.
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