Short Interest in Canon Inc (CAJ) Decreases By 64.2%

Canon Inc (NYSE:CAJ) was the target of a significant drop in short interest in January. As of January 31st, there was short interest totalling 288,438 shares, a drop of 64.2% from the January 12th total of 805,396 shares. Based on an average trading volume of 247,863 shares, the short-interest ratio is presently 1.2 days.

A number of large investors have recently bought and sold shares of CAJ. Bank of New York Mellon Corp increased its holdings in Canon by 0.7% in the second quarter. Bank of New York Mellon Corp now owns 30,783 shares of the technology company’s stock valued at $1,047,000 after buying an additional 220 shares during the last quarter. Wells Fargo & Company MN increased its holdings in Canon by 6.5% in the second quarter. Wells Fargo & Company MN now owns 92,418 shares of the technology company’s stock valued at $3,144,000 after buying an additional 5,622 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in Canon by 32.7% in the second quarter. Ameriprise Financial Inc. now owns 53,988 shares of the technology company’s stock valued at $1,837,000 after buying an additional 13,313 shares during the last quarter. Advisor Group Inc. increased its holdings in 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 buying an additional 263 shares during the last quarter. Finally, Virtu KCG Holdings LLC purchased a new position in Canon in the second quarter valued at $314,000. 1.29% of the stock is currently owned by hedge funds and other institutional investors.

Canon (NYSE:CAJ) opened at $37.15 on Thursday. The company has a market capitalization of $49,270.00, a price-to-earnings ratio of 18.76, a P/E/G ratio of 2.05 and a beta of 0.60. The company has a quick ratio of 1.50, a current ratio of 2.01 and a debt-to-equity ratio of 0.16. Canon has a twelve month low of $28.94 and a twelve month high of $40.67.

Several analysts have recently issued reports on the company. ValuEngine upgraded Canon from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Zacks Investment Research upgraded Canon from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a research note on Tuesday, January 16th. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $44.00.

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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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