China Automotive Systems (NASDAQ:CAAS) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Thursday.
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. “
NASDAQ:CAAS opened at $4.35 on Thursday. The company has a market capitalization of $136.70, a PE ratio of 6.80 and a beta of 2.07. China Automotive Systems has a 1-year low of $4.26 and a 1-year high of $5.90.
Hedge funds have recently modified their holdings of the stock. Macquarie Group Ltd. acquired a new position in China Automotive Systems during the third quarter worth approximately $277,000. Spark Investment Management LLC increased its position in China Automotive Systems by 30.2% during the fourth quarter. Spark Investment Management LLC now owns 62,100 shares of the auto parts company’s stock worth $298,000 after purchasing an additional 14,400 shares during the last quarter. Finally, Chartwell Investment Partners LLC increased its position in China Automotive Systems by 39.0% during the fourth quarter. Chartwell Investment Partners LLC now owns 569,963 shares of the auto parts company’s stock worth $2,736,000 after purchasing an additional 159,843 shares during the last quarter. 5.64% of the stock is owned by hedge funds and other institutional investors.
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 United States, 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 systems and parts.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for China Automotive Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for China Automotive Systems and related companies with MarketBeat.com's FREE daily email newsletter.