Canon, Inc. (NYSE:CAJ) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Monday, October 9th. The brokerage presently has a $40.00 price target on the technology company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 11.79% 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 downgraded shares of Canon from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Canon presently has a consensus rating of “Buy” and a consensus target price of $40.00.
Shares of Canon (CAJ) opened at 35.78 on Monday. The stock has a market cap of $38.63 billion, a P/E ratio of 21.84 and a beta of 0.42. The stock has a 50 day moving average price of $34.71 and a 200 day moving average price of $34.17. Canon has a 12 month low of $27.76 and a 12 month high of $35.94.
Canon (NYSE:CAJ) last released its quarterly 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. The firm had revenue of $8.86 billion during the quarter, compared to the consensus estimate of $9.40 billion. Canon had a net margin of 5.17% and a return on equity of 6.48%. Equities analysts anticipate that Canon will post $1.62 EPS for the current fiscal year.
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A number of hedge funds and other institutional investors have recently made changes to their positions in CAJ. Wells Fargo & Company MN raised its stake in Canon by 498.0% during the first quarter. Wells Fargo & Company MN now owns 86,796 shares of the technology company’s stock worth $2,714,000 after buying an additional 72,282 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Canon by 12.9% during the first quarter. Bank of New York Mellon Corp now owns 30,563 shares of the technology company’s stock worth $956,000 after buying an additional 3,481 shares during the last quarter. Ameriprise Financial Inc. raised its stake in Canon by 27.3% during the first quarter. Ameriprise Financial Inc. now owns 40,675 shares of the technology company’s stock worth $1,272,000 after buying an additional 8,714 shares during the last quarter. Stifel Financial Corp raised its stake in Canon by 18.0% during the first quarter. Stifel Financial Corp now owns 20,103 shares of the technology company’s stock worth $631,000 after buying an additional 3,064 shares during the last quarter. Finally, FMR LLC raised its stake in Canon by 1.7% during the first quarter. FMR LLC now owns 525,719 shares of the technology company’s stock worth $16,439,000 after buying an additional 8,834 shares during the last quarter. 1.20% of the stock is 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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