China Automotive Systems (CAAS) Issues Earnings Results

China Automotive Systems (NASDAQ:CAAS) announced its earnings results on Friday. The auto parts company reported $0.01 earnings per share (EPS) for the quarter, beating analysts? consensus estimates of ($0.01) by $0.02,?MarketWatch Earnings?reports. The company had revenue of $112.08 million for the quarter, compared to analyst estimates of $118.29 million. China Automotive Systems had a positive return on equity of 3.39% and a negative net margin of 5.52%. China Automotive Systems updated its FY 2018 guidance to EPS.

Shares of?NASDAQ CAAS?opened at $2.21 on Friday. The company has a market capitalization of $77.93 million, a price-to-earnings ratio of 6.89 and a beta of 1.96. China Automotive Systems has a 52-week low of $2.16 and a 52-week high of $5.23.

A hedge fund recently raised its stake in China Automotive Systems stock. Hanson & Doremus Investment Management raised its position in China Automotive Systems, Inc. (NASDAQ:CAAS) by 16.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 100,552 shares of the auto parts company?s stock after purchasing an additional 14,377 shares during the quarter. Hanson & Doremus Investment Management owned 0.32% of China Automotive Systems worth $434,000 as of its most recent SEC filing. 3.66% of the stock is currently owned by institutional investors.

A number of analysts have issued reports on CAAS shares.?ValuEngine?raised China Automotive Systems from a ?hold? rating to a ?buy? rating in a research report on Tuesday, August 28th.?Zacks Investment Research?raised China Automotive Systems from a ?sell? rating to a ?hold? rating in a research report on Monday, October 22nd. Finally, TheStreet lowered China Automotive Systems from a ?c-? rating to a ?d+? rating in a research report on Friday, October 19th.

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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