Canon Inc. (CAJ) Expected to Post FY2016 Earnings of $1.98 Per Share
Canon Inc. (NYSE:CAJ) – Jefferies Group raised their FY2016 earnings estimates for shares of Canon in a report issued on Tuesday. Jefferies Group analyst M. Nakanomyo now anticipates that the firm will earn $1.98 per share for the year, up from their prior forecast of $1.48. Jefferies Group also issued estimates for Canon’s FY2017 earnings at $2.41 EPS and FY2018 earnings at $2.45 EPS.
A number of other equities research analysts have also commented on the stock. TheStreet raised shares of Canon from a “hold” rating to a “buy” rating in a report on Tuesday, August 23rd. Credit Agricole SA lowered shares of Canon from a “buy” rating to an “underperform” rating in a report on Friday, July 15th. Finally, Zacks Investment Research raised shares of Canon from a “hold” rating to a “strong-buy” rating and set a $33.00 price objective on the stock in a report on Wednesday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $33.00.
Shares of Canon (NYSE:CAJ) traded down 0.41% on Thursday, reaching $28.89. 109,195 shares of the company were exchanged. The stock has a market capitalization of $31.55 billion, a P/E ratio of 15.89 and a beta of 0.51. Canon has a 12 month low of $26.60 and a 12 month high of $31.96. The stock has a 50 day moving average price of $28.82 and a 200-day moving average price of $28.76.
Several hedge funds and other institutional investors have recently modified their holdings of CAJ. Bonness Enterprises Inc. raised its position in shares of Canon by 5.3% in the third quarter. Bonness Enterprises Inc. now owns 43,900 shares of the company’s stock valued at $1,274,000 after buying an additional 2,200 shares during the period. Stifel Financial Corp raised its position in shares of Canon by 5.2% in the second quarter. Stifel Financial Corp now owns 23,460 shares of the company’s stock valued at $671,000 after buying an additional 1,150 shares during the period. Cypress Wealth Advisors LLC acquired a new position in shares of Canon during the second quarter valued at about $289,000. Water Island Capital LLC raised its position in shares of Canon by 276.4% in the second quarter. Water Island Capital LLC now owns 117,601 shares of the company’s stock valued at $3,365,000 after buying an additional 86,357 shares during the period. Finally, Guggenheim Capital LLC raised its position in shares of Canon by 7.6% in the second quarter. Guggenheim Capital LLC now owns 129,394 shares of the company’s stock valued at $3,702,000 after buying an additional 9,116 shares during the period. 1.57% of the stock is currently owned by institutional investors.
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. The Company operates in three segments: the Office Business Unit, the Imaging System Business Unit, and the Industry and Others Business Unit.
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