China Yuchai International (NYSE:CYD) Shares Gap Down - Here's What Happened

Key Points

• China Yuchai shares fell sharply, opening at $23.59 versus the prior close of $25.49 and last trading near $23.33. The stock’s 50-day and 200-day moving averages stood at $34.30 and $42.92, respectively.
• Analyst views were mixed, with recent upgrades and downgrades; however, the stock retained an average “Buy” rating and a consensus price target of $60.00.
• Company insiders reduced their holdings by selling shares, while several hedge funds increased their positions, including Matthews International Capital Management, which raised its stake by 423.7%.

China Yuchai International Limited (NYSE:CYD - Get Free Report) gapped down prior to trading on Friday. The stock had previously closed at $25.49, but opened at $23.59. China Yuchai International shares last traded at $23.3250, with a volume of 3,912 shares.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on CYD shares. Weiss Ratings downgraded shares of China Yuchai International from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, October 8th. Citigroup upgraded shares of China Yuchai International to a "buy" rating in a research report on Monday, July 27th. Greenridge Global raised China Yuchai International from a "hold" rating to a "strong-buy" rating in a report on Monday, July 27th. Zacks Research downgraded China Yuchai International from a "strong-buy" rating to a "hold" rating in a research report on Friday, September 25th. Finally, Wall Street Zen cut shares of China Yuchai International from a "buy" rating to a "hold" rating in a report on Saturday, September 26th. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, China Yuchai International currently has an average rating of "Buy" and a consensus price target of $60.00.

China Yuchai International Price Performance

The business's 50-day simple moving average is $34.30 and its 200-day simple moving average is $42.92.

Insider Transactions at China Yuchai International

In other news, CFO Loo Sen sold 13,200 shares of the firm's stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $46.95, for a total transaction of $619,740.00. Following the completion of the sale, the chief financial officer directly owned 13,200 shares of the company's stock, valued at $619,740. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Neo Kiat sold 8,000 shares of the firm's stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $45.69, for a total value of $365,520.00. Following the sale, the director directly owned 8,000 shares of the company's stock, valued at $365,520. This trade represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing.

Hedge Funds Weigh In On China Yuchai International

Hedge funds have recently added to or reduced their stakes in the company. Matthews International Capital Management LLC lifted its stake in China Yuchai International by 423.7% in the first quarter. Matthews International Capital Management LLC now owns 324,034 shares of the company's stock valued at $12,475,000 after acquiring an additional 262,165 shares during the last quarter. Renaissance Technologies LLC grew its position in China Yuchai International by 23.4% in the first quarter. Renaissance Technologies LLC now owns 343,603 shares of the company's stock worth $13,229,000 after acquiring an additional 65,109 shares in the last quarter. Dorsey Wright & Associates increased its stake in shares of China Yuchai International by 41.6% during the 1st quarter. Dorsey Wright & Associates now owns 90,208 shares of the company's stock worth $3,473,000 after purchasing an additional 26,482 shares during the last quarter. Ritholtz Wealth Management increased its stake in shares of China Yuchai International by 143.1% during the 1st quarter. Ritholtz Wealth Management now owns 24,587 shares of the company's stock worth $947,000 after purchasing an additional 14,474 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in shares of China Yuchai International by 160.1% during the 1st quarter. Bank of America Corp DE now owns 22,389 shares of the company's stock worth $862,000 after purchasing an additional 13,781 shares during the last quarter.

China Yuchai International Company Profile

China Yuchai International Limited NYSE: CYD is a holding company whose principal operating subsidiary, Guangxi Yuchai Machinery Company Limited, manufactures and sells engines in China. The company is one of the country's established engine producers and serves commercial vehicle, transportation, construction, agricultural and marine equipment markets.

Its product portfolio includes diesel, natural-gas and other powertrain products used in trucks, buses, passenger vehicles, construction machinery, agricultural equipment, vessels and power-generation applications.

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