China Automotive Systems, Inc. (NASDAQ:CAAS) Sees Large Drop in Short Interest

China Automotive Systems, Inc. (NASDAQ:CAAS) was the recipient of a significant decline in short interest during the month of October. As of October 15th, there was short interest totalling 7,300 shares, a decline of 82.8% from the September 30th total of 42,400 shares. Based on an average daily volume of 70,100 shares, the days-to-cover ratio is presently 0.1 days. Approximately 0.1% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

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

Institutional Trading of China Automotive Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Empowered Funds LLC lifted its position in shares of China Automotive Systems by 8.2% during the first quarter. Empowered Funds LLC now owns 120,409 shares of the auto parts company’s stock worth $427,000 after purchasing an additional 9,100 shares during the last quarter. American Century Companies Inc. purchased a new position in China Automotive Systems in the 2nd quarter worth about $36,000. Finally, Renaissance Technologies LLC increased its stake in China Automotive Systems by 1.7% in 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 during the period. 5.17% of the stock is owned by hedge funds and other institutional investors.

China Automotive Systems Stock Up 2.9 %

NASDAQ CAAS traded up $0.12 during trading hours on Friday, hitting $4.30. 91,924 shares of the company were exchanged, compared to its average volume of 56,667. The stock has a market cap of $129.80 million, a PE ratio of 3.33 and a beta of 2.45. China Automotive Systems has a 52 week low of $3.04 and a 52 week high of $4.97. The stock has a 50-day moving average price of $3.93 and a 200 day moving average price of $3.80.

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

China Automotive Systems Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Tuesday, July 30th were issued a dividend of $0.80 per share. The ex-dividend date of this dividend was Tuesday, July 30th. This represents a $3.20 annualized dividend and a yield of 74.42%.

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.