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

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

China Automotive Systems Stock Up 5.3 %

Shares of NASDAQ CAAS traded up $0.18 during mid-day trading on Friday, reaching $3.55. 129,699 shares of the company were exchanged, compared to its average volume of 29,197. China Automotive Systems has a 52 week low of $3.04 and a 52 week high of $6.09. The stock has a market capitalization of $107.17 million, a PE ratio of 3.45 and a beta of 2.44. The company’s 50 day moving average price is $3.37 and its 200 day moving average price is $3.42.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On China Automotive Systems

A number of large investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. purchased a new position in shares of China Automotive Systems in the fourth quarter valued at about $31,000. Zacks Investment Management purchased a new position in shares of China Automotive Systems in the second quarter valued at about $49,000. American Century Companies Inc. purchased a new position in shares of China Automotive Systems in the first quarter valued at about $50,000. Tower Research Capital LLC TRC purchased a new position in shares of China Automotive Systems in the first quarter valued at about $54,000. Finally, XTX Topco Ltd purchased a new position in shares of China Automotive Systems in the first quarter valued at about $63,000. Hedge funds and other institutional investors 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.