Connor Clark & Lunn Investment Management Ltd. Raises Stock Position in China Automotive Systems, Inc. (NASDAQ:CAAS)

Connor Clark & Lunn Investment Management Ltd. grew its holdings in China Automotive Systems, Inc. (NASDAQ:CAAS) by 14.8% during the 3rd quarter, Holdings Channel.com reports. The fund owned 87,102 shares of the auto parts company’s stock after acquiring an additional 11,197 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in China Automotive Systems were worth $401,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. American Century Companies Inc. purchased a new position in shares of China Automotive Systems in the second quarter worth $36,000. Renaissance Technologies LLC grew its stake 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 acquiring an additional 6,900 shares in the last quarter. Finally, Empowered Funds LLC increased its holdings in China Automotive Systems by 5.4% in the 3rd quarter. Empowered Funds LLC now owns 136,737 shares of the auto parts company’s stock valued at $629,000 after acquiring an additional 6,968 shares during the last quarter. Institutional investors own 5.17% of the company’s stock.

China Automotive Systems Trading Up 2.3 %

Shares of China Automotive Systems stock opened at $4.44 on Friday. The firm has a market cap of $134.04 million, a PE ratio of 4.23 and a beta of 2.45. The stock has a 50 day moving average of $4.38 and a 200 day moving average of $3.96. China Automotive Systems, Inc. has a 12 month low of $3.05 and a 12 month high of $4.97.

China Automotive Systems declared that its board has approved a share repurchase plan on Monday, November 18th that permits the company to buyback $5.00 million in shares. This buyback authorization permits the auto parts company to purchase up to 3.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

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

China Automotive Systems 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.