China Automotive Systems (NASDAQ:CAAS) Announces Quarterly Earnings Results, Beats Estimates By $0.54 EPS
by Teresa Graham · The Cerbat GemChina Automotive Systems (NASDAQ:CAAS – Get Free Report) released its earnings results on Wednesday. The auto parts company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.54, Zacks reports. The business had revenue of $229.19 million for the quarter, compared to analyst estimates of $118.18 million. China Automotive Systems had a net margin of 4.62% and a return on equity of 8.38%.
China Automotive Systems Stock Up 3.6%
CAAS traded up $0.16 during midday trading on Wednesday, hitting $4.44. The company had a trading volume of 36,052 shares, compared to its average volume of 23,065. China Automotive Systems has a 52 week low of $3.77 and a 52 week high of $5.15. The company has a market capitalization of $133.80 million, a price-to-earnings ratio of 4.00 and a beta of 1.04. The stock’s 50 day moving average price is $4.29 and its 200 day moving average price is $4.33.
Analyst Ratings Changes
Separately, Weiss Ratings restated a “hold (c)” rating on shares of China Automotive Systems in a report on Monday, December 29th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has an average rating of “Hold”.
View Our Latest Research Report on China Automotive Systems
Institutional Investors Weigh In On China Automotive Systems
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Bridgeway Capital Management LLC increased its stake in China Automotive Systems by 2.9% in the second quarter. Bridgeway Capital Management LLC now owns 301,155 shares of the auto parts company’s stock valued at $1,229,000 after purchasing an additional 8,547 shares in the last quarter. Empowered Funds LLC increased its stake in China Automotive Systems by 8.6% in the first quarter. Empowered Funds LLC now owns 156,258 shares of the auto parts company’s stock valued at $691,000 after purchasing an additional 12,402 shares in the last quarter. Citadel Advisors LLC bought a new stake in China Automotive Systems in the third quarter valued at $213,000. Virtu Financial LLC bought a new stake in China Automotive Systems in the third quarter valued at $86,000. Finally, XTX Topco Ltd bought a new stake in China Automotive Systems in the fourth quarter valued at $47,000. 5.17% of the stock is owned by institutional investors.
China Automotive Systems Company Profile
China Automotive Systems, Inc (NASDAQ: CAAS) is a leading designer, manufacturer and marketer of power steering systems and related components primarily for the automotive industry in China. The company’s core business centers on hydraulic and electric power steering products, steering columns, steering gearboxes and electronic control units. By integrating research and development, manufacturing and sales, China Automotive Systems aims to deliver high-quality steering solutions that meet the performance and safety requirements of global automakers.
The company’s product portfolio includes traditional hydraulic power steering systems, which have long been favored for their reliability, as well as advanced electric power steering units that offer improved fuel efficiency and enhanced vehicle control.