China Automotive Systems (NASDAQ:CAAS) Announces Stock Repurchase Program

China Automotive Systems (NASDAQ:CAAS) announced that its Board of Directors has approved a share buyback plan on Monday, November 18th, RTT News reports. The company plans to repurchase $5.00 million in shares. This repurchase authorization allows the auto parts company to buy up to 3.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

China Automotive Systems Stock Performance

NASDAQ:CAAS opened at $4.47 on Wednesday. China Automotive Systems has a one year low of $3.05 and a one year high of $4.97. The business’s 50-day simple moving average is $4.24 and its 200 day simple moving average is $3.91. The stock has a market cap of $134.93 million, a price-to-earnings ratio of 4.26 and a beta of 2.45.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded shares of China Automotive Systems from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 14th.

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 electronics and systems and parts.