Canon (CAJ) Lifted to “Buy” at Zacks Investment Research

Canon (NYSE:CAJ) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage presently has a $44.00 price target on the technology company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 12.91% from the stock’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, ValuEngine raised Canon from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the company. Canon currently has an average rating of “Buy” and an average price target of $44.00.

Shares of Canon (NYSE:CAJ) traded up $0.07 on Tuesday, hitting $38.97. The stock had a trading volume of 271,738 shares, compared to its average volume of 241,820. The stock has a market cap of $52,120.00, a PE ratio of 20.19, a price-to-earnings-growth ratio of 3.04 and a beta of 0.47. Canon has a twelve month low of $28.76 and a twelve month high of $39.31. The company has a quick ratio of 1.44, a current ratio of 2.03 and a debt-to-equity ratio of 0.19.

Canon (NYSE:CAJ) last issued its quarterly earnings data on Tuesday, October 24th. The technology company reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.14. Canon had a return on equity of 7.70% and a net margin of 5.91%. analysts expect that Canon will post 2.11 earnings per share for the current year.

Several institutional investors and hedge funds have recently modified their holdings of CAJ. Advisor Group Inc. raised its holdings in shares of Canon by 5.4% during the 2nd quarter. Advisor Group Inc. now owns 5,159 shares of the technology company’s stock worth $175,000 after acquiring an additional 263 shares in the last quarter. FDx Advisors Inc. purchased a new stake in shares of Canon during the 3rd quarter worth approximately $236,000. Advisor Partners LLC purchased a new stake in shares of Canon during the 3rd quarter worth approximately $250,000. Sei Investments Co. raised its holdings in shares of Canon by 58.5% during the 3rd quarter. Sei Investments Co. now owns 7,500 shares of the technology company’s stock worth $257,000 after acquiring an additional 2,768 shares in the last quarter. Finally, Institute for Wealth Management LLC. purchased a new stake in Canon during the 2nd quarter valued at $280,000. 1.27% of the stock is currently owned by institutional investors and hedge funds.

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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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