China Automotive Systems (NASDAQ:CAAS) Authorizes Share Repurchase Plan

China Automotive Systems (NASDAQ:CAAS) declared that its board has approved a share repurchase program 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 repurchase up to 3.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s management believes its stock is undervalued.

China Automotive Systems Price Performance

Shares of NASDAQ:CAAS opened at $4.49 on Thursday. The stock has a market capitalization of $135.54 million, a P/E ratio of 4.28 and a beta of 2.45. The business has a 50-day moving average of $4.26 and a two-hundred day moving average of $3.92. China Automotive Systems has a fifty-two week low of $3.05 and a fifty-two week high of $4.97.

Analyst Upgrades and Downgrades

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

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.