China Automotive Systems (NASDAQ:CAAS) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Monday, Zacks.com reports. The brokerage currently has a $3.00 price target on the auto parts company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 10.29% from the company’s current price.
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. “
A number of other research firms have also issued reports on CAAS. ValuEngine lowered shares of China Automotive Systems from a “hold” rating to a “sell” rating in a research note on Wednesday, June 24th. Greenridge Global lifted their price target on China Automotive Systems from $3.00 to $5.00 and gave the company a “buy” rating in a report on Thursday, June 25th.
China Automotive Systems (NASDAQ:CAAS) last issued its earnings results on Tuesday, June 23rd. The auto parts company reported ($0.09) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.09). China Automotive Systems had a return on equity of 2.76% and a net margin of 2.15%. The firm had revenue of $73.56 million for the quarter, compared to analyst estimates of $55.50 million. As a group, equities analysts forecast that China Automotive Systems will post 0.11 earnings per share for the current fiscal year.
A hedge fund recently raised its stake in China Automotive Systems stock. Renaissance Technologies LLC increased its stake in China Automotive Systems, Inc. (NASDAQ:CAAS) by 29.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 454,410 shares of the auto parts company’s stock after purchasing an additional 104,319 shares during the quarter. Renaissance Technologies LLC owned about 1.45% of China Automotive Systems worth $1,431,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 2.83% 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 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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