Zacks Investment Research cut shares of China Automotive Systems (NASDAQ:CAAS) from a buy rating to a hold rating in a research report report published on Tuesday.
According to Zacks, “China Automotive Systems is a holding company and has no significant business operations other than their interest in Genesis in which they manufacture power steering systems and other component parts for automobiles. “
CAAS has been the topic of a number of other research reports. ValuEngine lowered China Automotive Systems from a sell rating to a strong sell rating in a research note on Saturday, November 10th. TheStreet lowered China Automotive Systems from a c- rating to a d+ rating in a research note on Friday, October 19th.
China Automotive Systems declared that its board has approved a share buyback program on Friday, December 7th that authorizes the company to buyback $5.00 million in outstanding shares. This buyback authorization authorizes the auto parts company to reacquire up to 6.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
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 company 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 electronic systems and parts.
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