Short Interest in China Automotive Systems, Inc. (NASDAQ:CAAS) Declines By 82.8%

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

Analysts Set New Price Targets

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

China Automotive Systems Stock Up 2.9 %

NASDAQ:CAAS traded up $0.12 during trading hours on Friday, hitting $4.30. 84,377 shares of the company’s stock traded hands, compared to its average volume of 56,630. The firm has a market cap of $129.80 million, a P/E 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 business’s fifty day simple moving average is $3.92 and its two-hundred day simple moving average is $3.79.

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

China Automotive Systems Dividend Announcement

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

Institutional Investors Weigh In On China Automotive Systems

A number of large investors have recently added to or reduced their stakes in CAAS. Empowered Funds LLC raised its position in 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 valued at $427,000 after purchasing an additional 9,100 shares in the last quarter. American Century Companies Inc. purchased a new stake in China Automotive Systems during the second quarter valued at about $36,000. Finally, Renaissance Technologies LLC raised its position in China Automotive Systems by 1.7% during the second quarter. Renaissance Technologies LLC now owns 419,994 shares of the auto parts company’s stock valued at $1,491,000 after purchasing an additional 6,900 shares in the last quarter. Hedge funds and other institutional investors own 5.17% of the company’s stock.

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.