Canon Inc. (CAJ) Upgraded to Strong-Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Canon Inc. (NYSE:CAJ) from a hold rating to a strong-buy rating in a report released on Wednesday. The brokerage currently has $33.00 price objective on the stock.
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. “
CAJ has been the subject of several other research reports. Credit Agricole SA downgraded shares of Canon from a buy rating to an underperform rating in a research note on Friday, July 15th. TheStreet raised shares of Canon from a hold rating to a buy rating in a research note on Tuesday, August 23rd. One research analyst has rated the stock with a sell rating, two have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. Canon presently has an average rating of Hold and a consensus target price of $33.00.
Canon (NYSE:CAJ) traded down 0.45% during trading on Wednesday, reaching $28.88. The company had a trading volume of 53,924 shares. The stock has a market capitalization of $31.54 billion, a P/E ratio of 15.89 and a beta of 0.51. The stock has a 50 day moving average of $28.82 and a 200-day moving average of $28.76. Canon has a 12-month low of $26.60 and a 12-month high of $31.96.
A number of institutional investors have recently modified their holdings of CAJ. Advisor Group Inc. acquired a new position in shares of Canon during the second quarter valued at about $109,000. Signaturefd LLC raised its position in shares of Canon by 10.7% in the second quarter. Signaturefd LLC now owns 4,394 shares of the company’s stock valued at $126,000 after buying an additional 426 shares during the last quarter. Private Bank & Trust Co. acquired a new position in shares of Canon during the second quarter valued at about $214,000. Stevens Capital Management LP acquired a new position in shares of Canon during the second quarter valued at about $215,000. Finally, Dynamic Advisors Solutions LLC raised its position in shares of Canon by 6.9% in the second quarter. Dynamic Advisors Solutions LLC now owns 8,243 shares of the company’s stock valued at $236,000 after buying an additional 530 shares during the last quarter. 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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