Empowered Funds LLC Increases Stake in China Automotive Systems, Inc. (NASDAQ:CAAS)

Empowered Funds LLC lifted its position in China Automotive Systems, Inc. (NASDAQ:CAAS) by 5.4% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 136,737 shares of the auto parts company’s stock after buying an additional 6,968 shares during the period. Empowered Funds LLC’s holdings in China Automotive Systems were worth $629,000 as of its most recent SEC filing.

Separately, Renaissance Technologies LLC raised its holdings in China Automotive Systems by 1.7% in the second quarter. Renaissance Technologies LLC now owns 419,994 shares of the auto parts company’s stock worth $1,491,000 after purchasing an additional 6,900 shares in the last quarter. 5.17% of the stock is owned by hedge funds and other institutional investors.

China Automotive Systems Stock Down 1.8 %

Shares of China Automotive Systems stock opened at $4.36 on Friday. The firm has a market capitalization of $131.61 million, a P/E ratio of 4.15 and a beta of 2.45. China Automotive Systems, Inc. has a 52 week low of $3.05 and a 52 week high of $4.97. The company has a 50 day moving average price of $4.30 and a 200 day moving average price of $3.93.

China Automotive Systems declared that its Board of Directors has authorized a share repurchase plan on Monday, November 18th that permits the company to repurchase $5.00 million in outstanding shares. This repurchase authorization permits the auto parts company to repurchase up to 3.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

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 note on Wednesday, August 14th.

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, 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.