Canon Inc. (NYSE:CAJ) Short Interest Down 17.3% in October


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Canon Inc. (NYSE:CAJ) saw a significant drop in short interest in the month of October. As of October 30th, there was short interest totalling 1,960,000 shares, a drop of 17.3% from the October 15th total of 2,370,000 shares. Currently, 0.2% of the shares of the company are short sold. Based on an average daily volume of 565,600 shares, the short-interest ratio is presently 3.5 days.

Canon stock traded up $0.16 during mid-day trading on Friday, reaching $18.49. 177,181 shares of the company were exchanged, compared to its average volume of 516,315. The company has a fifty day simple moving average of $17.02 and a 200-day simple moving average of $18.41. Canon has a 12 month low of $15.46 and a 12 month high of $28.41. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.68 and a quick ratio of 1.12. The firm has a market cap of $19.67 billion, a PE ratio of 35.56, a PEG ratio of 41.77 and a beta of 0.43.

Canon (NYSE:CAJ) last posted its quarterly earnings data on Saturday, October 31st. The technology company reported $0.14 EPS for the quarter, topping the Zacks’ consensus estimate of $0.01 by $0.13. Canon had a return on equity of 2.18% and a net margin of 2.58%. Sell-side analysts anticipate that Canon will post 0.44 earnings per share for the current year.

A number of equities analysts have recently weighed in on CAJ shares. ValuEngine lowered Canon from a “buy” rating to a “hold” rating in a research note on Monday, November 2nd. Zacks Investment Research upgraded Canon from a “sell” rating to a “hold” rating and set a $20.00 price objective on the stock in a research note on Wednesday, October 28th. Four investment analysts have rated the stock with a hold rating, The company has an average rating of “Hold” and a consensus price target of $20.00.

Several institutional investors and hedge funds have recently modified their holdings of CAJ. First Trust Advisors LP increased its stake in shares of Canon by 46.9% in the 3rd quarter. First Trust Advisors LP now owns 3,230,164 shares of the technology company’s stock valued at $53,588,000 after purchasing an additional 1,030,550 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Canon by 623.3% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 959,517 shares of the technology company’s stock valued at $15,918,000 after acquiring an additional 826,854 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Canon by 40.6% during the 2nd quarter. Goldman Sachs Group Inc. now owns 573,220 shares of the technology company’s stock valued at $11,447,000 after acquiring an additional 165,560 shares in the last quarter. Rodgers Brothers Inc. acquired a new stake in shares of Canon during the 2nd quarter valued at $2,197,000. Finally, Schonfeld Strategic Advisors LLC acquired a new stake in shares of Canon during the 2nd quarter valued at $1,997,000. Institutional investors own 1.04% of the company’s stock.

About Canon

Canon Inc manufactures and sells office multifunction devices (MFDs), plain paper copying machines, laser and inkjet printers, cameras, diagnostic equipment, and lithography equipment. The company operates through four segments: Office Business Unit, Imaging System Business Unit, Medical System Business Unit, and Industry and Others Business Unit.

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