Short Interest in China Automotive Systems, Inc. (NASDAQ:CAAS) Expands By 665.9%

China Automotive Systems, Inc. (NASDAQ:CAAS) was the recipient of a large increase in short interest in July. As of July 31st, there was short interest totalling 98,800 shares, an increase of 665.9% from the July 15th total of 12,900 shares. Currently, 1.2% of the shares of the stock are sold short. Based on an average daily volume of 70,700 shares, the short-interest ratio is presently 1.4 days.

Institutional Investors Weigh In On China Automotive Systems

Several large investors have recently bought and sold shares of CAAS. Empowered Funds LLC lifted its holdings in China Automotive Systems by 8.2% in the 1st quarter. Empowered Funds LLC now owns 120,409 shares of the auto parts company’s stock valued at $427,000 after purchasing an additional 9,100 shares in the last quarter. American Century Companies Inc. acquired a new stake in shares of China Automotive Systems in the second quarter valued at about $36,000. Finally, Renaissance Technologies LLC lifted its stake in shares of 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 buying an additional 6,900 shares in the last quarter. 5.17% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

China Automotive Systems Stock Performance

China Automotive Systems stock traded down $0.21 during trading on Wednesday, reaching $3.77. The company had a trading volume of 29,441 shares, compared to its average volume of 54,737. The firm has a market capitalization of $113.80 million, a PE ratio of 2.95 and a beta of 2.47. The firm’s 50-day simple moving average is $3.82 and its 200 day simple moving average is $3.60. China Automotive Systems has a 1-year low of $3.04 and a 1-year high of $4.94.

China Automotive Systems (NASDAQ:CAAS) last announced its earnings results on Tuesday, May 14th. The auto parts company reported $0.27 earnings per share (EPS) for the quarter. The business had revenue of $139.39 million for the quarter. China Automotive Systems had a net margin of 6.82% and a return on equity of 10.84%.

China Automotive Systems Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Investors of record on Tuesday, July 30th will be paid a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a yield of 84.88%. The ex-dividend date of this dividend is Tuesday, July 30th.

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.