Canon, Inc. (CAJ) Upgraded at Zacks Investment Research
Canon, Inc. (NYSE:CAJ) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Monday. The firm currently has a $40.00 price objective on the technology company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 15.27% from the company’s current price.
According to Zacks, “Canon, Inc. is an industry leader in professional and consumer imaging equipment and information systems. Canon’s extensive product line enables businesses and consumers worldwide to capture, store and distribute visual information. Canon products include full-color as well as black and white copiers; color laser printers; facsimile machines; micrographics and optical disk filing systems; word processors, typewriters and calculators; camcorders, and lenses; semiconductor, broadcast and optical equipment; and other specialized industrial products. “
Separately, BidaskClub lowered Canon from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. One analyst has rated the stock with a sell rating, one has issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Canon presently has an average rating of “Buy” and a consensus price target of $40.00.
Canon (NYSE CAJ) traded up 0.43% during midday trading on Monday, hitting $34.70. The company had a trading volume of 69,433 shares. The stock has a 50 day moving average price of $34.52 and a 200-day moving average price of $33.88. Canon has a 52 week low of $27.76 and a 52 week high of $35.91. The stock has a market capitalization of $37.47 billion, a PE ratio of 21.18 and a beta of 0.42.
Canon (NYSE:CAJ) last announced its earnings results on Thursday, July 27th. The technology company reported $0.57 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $0.01. Canon had a return on equity of 6.48% and a net margin of 5.17%. The company had revenue of $8.86 billion for the quarter, compared to analyst estimates of $9.40 billion. On average, equities analysts predict that Canon will post $1.62 EPS for the current year.
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Hedge funds have recently made changes to their positions in the company. Proficio Capital Partners LLC increased its holdings in shares of Canon by 301.8% in the first quarter. Proficio Capital Partners LLC now owns 3,275 shares of the technology company’s stock valued at $111,000 after purchasing an additional 2,460 shares during the period. Sei Investments Co. increased its holdings in shares of Canon by 67.5% in the second quarter. Sei Investments Co. now owns 4,732 shares of the technology company’s stock valued at $161,000 after purchasing an additional 1,907 shares during the period. Advisor Group Inc. increased its holdings in shares of Canon by 5.4% in the second quarter. Advisor Group Inc. now owns 5,159 shares of the technology company’s stock valued at $175,000 after purchasing an additional 263 shares during the period. Jarislowsky Fraser Ltd acquired a new position in shares of Canon in the second quarter valued at about $204,000. Finally, Eqis Capital Management Inc. acquired a new position in shares of Canon in the second quarter valued at about $233,000. 1.20% of the stock is currently owned by institutional investors and hedge funds.
Canon Company Profile
Canon Inc (Canon) is a manufacturer of office multifunction devices (MFDs), plain paper copying machines, laser printers, inkjet printers, cameras and lithography equipment. Canon sells its products principally under the Canon brand name and through sales subsidiaries. Each of these subsidiaries is responsible for marketing and distribution to retail dealers in an assigned territory.
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