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

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

China Automotive Systems Stock Up 5.3 %

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

Analyst Ratings Changes

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC raised its stake in China Automotive Systems by 169.0% in the fourth quarter. Millennium Management LLC now owns 304,388 shares of the auto parts company’s stock worth $1,765,000 after buying an additional 191,215 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of China Automotive Systems by 30.9% during the 1st quarter. Renaissance Technologies LLC now owns 475,639 shares of the auto parts company’s stock worth $2,488,000 after purchasing an additional 112,145 shares during the last quarter. Two Sigma Investments LP acquired a new stake in China Automotive Systems in the 1st quarter valued at about $359,000. O Shaughnessy Asset Management LLC purchased a new stake in shares of China Automotive Systems during the 1st quarter valued at approximately $345,000. Finally, Marshall Wace LLP purchased a new stake in shares of China Automotive Systems during the 3rd quarter valued at approximately $191,000. Hedge funds and other 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.