China Automotive Systems (NASDAQ:CAAS) Stock Price Passes Above 200 Day Moving Average – Here’s Why

China Automotive Systems, Inc. (NASDAQ:CAAS)’s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $3.76 and traded as high as $4.51. China Automotive Systems shares last traded at $4.40, with a volume of 40,963 shares traded.

Wall Street Analyst Weigh In

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

China Automotive Systems Stock Performance

The company’s 50 day moving average price is $3.87 and its 200 day moving average price is $3.77. The company has a market cap of $127.69 million, a price-to-earnings ratio of 3.28 and a beta of 2.45.

China Automotive Systems (NASDAQ:CAAS) last released its quarterly earnings results on Tuesday, August 13th. The auto parts company reported $0.24 EPS for the quarter. The firm had revenue of $158.61 million for the quarter. China Automotive Systems had a net margin of 6.02% and a return on equity of 9.50%.

China Automotive Systems Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Tuesday, July 30th were issued a $0.80 dividend. This represents a $3.20 annualized dividend and a dividend yield of 75.65%. The ex-dividend date of this dividend was Tuesday, July 30th.

Institutional Investors Weigh In On China Automotive Systems

Hedge funds and other institutional investors have recently bought and sold shares of the business. American Century Companies Inc. acquired a new position in China Automotive Systems in the second quarter worth $36,000. Empowered Funds LLC raised its holdings in shares of China Automotive Systems by 8.2% in the first quarter. Empowered Funds LLC now owns 120,409 shares of the auto parts company’s stock valued at $427,000 after buying an additional 9,100 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in China Automotive Systems by 1.7% during the 2nd quarter. Renaissance Technologies LLC now owns 419,994 shares of the auto parts company’s stock worth $1,491,000 after buying an additional 6,900 shares in the last quarter. 5.17% of the stock is owned by institutional investors and hedge funds.

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.