China Automotive Systems (NASDAQ:CAAS) Announces Quarterly Earnings Results

China Automotive Systems (NASDAQ:CAAS) announced its quarterly earnings data on Thursday. The auto parts company reported $0.36 EPS for the quarter, RTT News reports. China Automotive Systems had a net margin of 5.69% and a return on equity of 9.22%. The company had revenue of $159.16 million for the quarter. China Automotive Systems updated its FY 2024 guidance to EPS.

China Automotive Systems Price Performance

Shares of NASDAQ:CAAS traded up $0.18 during trading on Friday, hitting $3.55. The company’s stock had a trading volume of 129,699 shares, compared to its average volume of 29,197. The company has a 50-day moving average of $3.37 and a 200-day moving average of $3.42. China Automotive Systems has a 12 month low of $3.04 and a 12 month high of $6.09. The firm has a market cap of $107.17 million, a price-to-earnings ratio of 3.45 and a beta of 2.44.

Analyst Ratings Changes

Separately, StockNews.com downgraded shares of China Automotive Systems from a “strong-buy” rating to a “buy” rating in a research report on Monday, March 18th.

Hedge Funds Weigh In On China Automotive Systems

Institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. bought a new position in shares of China Automotive Systems in the 4th quarter worth approximately $31,000. Zacks Investment Management bought a new position in shares of China Automotive Systems in the 2nd quarter worth approximately $49,000. American Century Companies Inc. bought a new position in shares of China Automotive Systems in the 1st quarter worth approximately $50,000. Tower Research Capital LLC TRC bought a new position in shares of China Automotive Systems in the 1st quarter worth approximately $54,000. Finally, XTX Topco Ltd bought a new stake in China Automotive Systems during the 1st quarter worth approximately $63,000. Institutional investors own 5.17% 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 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.