China Automotive Systems (NASDAQ:CAAS) Board of Directors Authorizes Share Buyback Plan

China Automotive Systems (NASDAQ:CAAS) announced that its Board of Directors has approved a stock buyback plan on Monday, November 18th, RTT News reports. The company plans to buyback $5.00 million in outstanding shares. This buyback authorization permits the auto parts company to purchase up to 3.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

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

China Automotive Systems Price Performance

Shares of CAAS stock traded up $0.29 during trading hours on Monday, reaching $4.62. 77,808 shares of the company traded hands, compared to its average volume of 57,605. The firm has a 50-day moving average price of $4.22 and a 200 day moving average price of $3.91. The company has a market cap of $139.48 million, a P/E ratio of 4.40 and a beta of 2.45. China Automotive Systems has a 12-month low of $3.05 and a 12-month high of $4.97.

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.