Zacks Investment Research Downgrades Canon Inc. (CAJ) to Sell
Canon Inc. (NYSE:CAJ) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.
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. “
Several other research firms also recently commented on CAJ. TheStreet raised Canon from a “hold” rating to a “buy” rating in a research note on Tuesday, August 23rd. JPMorgan Chase & Co. downgraded Canon from a “neutral” rating to an “underweight” rating in a research note on Wednesday, October 26th. Finally, Bank of America Corp. downgraded Canon from a “neutral” rating to an “underperform” rating in a research note on Thursday, October 27th. Four investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. The stock currently has an average rating of “Sell” and an average target price of $33.00.
Shares of Canon (NYSE:CAJ) opened at 28.03 on Tuesday. Canon has a 52 week low of $26.60 and a 52 week high of $31.39. The stock has a 50 day moving average price of $28.73 and a 200-day moving average price of $28.58. The firm has a market capitalization of $30.60 billion, a price-to-earnings ratio of 18.40 and a beta of 0.57.
Several institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC increased its position in shares of Canon by 31.9% in the first quarter. Renaissance Technologies LLC now owns 988,400 shares of the company’s stock worth $29,474,000 after buying an additional 239,000 shares during the period. UBS Asset Management Americas Inc. acquired a new position in shares of Canon during the first quarter worth about $5,393,000. Conning Inc. acquired a new position in shares of Canon during the second quarter worth about $3,615,000. First Trust Advisors LP increased its position in shares of Canon by 41.5% in the second quarter. First Trust Advisors LP now owns 378,532 shares of the company’s stock worth $10,830,000 after buying an additional 111,081 shares during the period. Finally, Advisors Asset Management Inc. acquired a new position in shares of Canon during the second quarter worth about $3,152,000. 1.57% 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. 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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