Zacks Investment Research upgraded shares of China Automotive Systems (NASDAQ:CAAS) from a strong sell rating to a hold rating in a research report sent to investors on Friday morning, Zacks.com 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. “
A number of other equities research analysts have also commented on the stock. ValuEngine lowered shares of China Automotive Systems from a hold rating to a sell rating in a research note on Friday, February 8th. Greenridge Global reaffirmed a buy rating on shares of China Automotive Systems in a research note on Friday, March 29th.
China Automotive Systems (NASDAQ:CAAS) last posted its earnings results on Thursday, May 9th. The auto parts company reported $0.05 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.03. China Automotive Systems had a negative net margin of 0.11% and a negative return on equity of 0.17%. The firm had revenue of $109.19 million for the quarter, compared to analyst estimates of $126.56 million. During the same period in the previous year, the firm posted $0.14 EPS. Equities research analysts forecast that China Automotive Systems will post 0.24 EPS for the current fiscal year.
A hedge fund recently bought a new stake in China Automotive Systems stock. BlackRock Inc. acquired a new stake in China Automotive Systems, Inc. (NASDAQ:CAAS) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 16,247 shares of the auto parts company’s stock, valued at approximately $52,000. BlackRock Inc. owned about 0.05% of China Automotive Systems as of its most recent filing with the SEC. Institutional investors and hedge funds own 2.57% 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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