Zacks Investment Research Upgrades China Automotive Systems (CAAS) to “Hold”

Zacks Investment Research upgraded shares of China Automotive Systems (NASDAQ:CAAS) from a strong sell rating to a hold rating in a research note released on Friday morning, reports.

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. “

Several other brokerages have also recently weighed in on CAAS. ValuEngine upgraded China Automotive Systems from a sell rating to a hold rating in a research report on Wednesday, February 27th. Greenridge Global reiterated a buy rating on shares of China Automotive Systems in a research report on Friday, March 29th.

Shares of CAAS opened at $2.52 on Friday. China Automotive Systems has a twelve month low of $2.00 and a twelve month high of $5.00. The stock has a market cap of $81.59 million, a PE ratio of 31.50 and a beta of 1.56. The company has a current ratio of 1.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.01.

China Automotive Systems (NASDAQ:CAAS) last announced its quarterly earnings results on Thursday, May 9th. The auto parts company reported $0.05 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.03. China Automotive Systems had a negative return on equity of 0.17% and a negative net margin of 0.11%. The firm had revenue of $109.19 million for the quarter, compared to analysts’ expectations of $126.56 million. During the same period in the prior year, the business posted $0.14 earnings per share. As a group, sell-side analysts predict that China Automotive Systems will post 0.24 earnings per share for the current fiscal year.

An institutional investor recently bought a new position in China Automotive Systems stock. BlackRock Inc. acquired a new position in shares of China Automotive Systems, Inc. (NASDAQ:CAAS) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 16,247 shares of the auto parts company’s stock, valued at approximately $52,000. BlackRock Inc. owned approximately 0.05% of China Automotive Systems at the end of the most recent quarter. Hedge funds and other institutional investors own 2.57% of the company’s stock.

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 company 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 systems and parts.

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