Shares of Canon Inc. (NYSE:CAJ) dropped 3.6% on Tuesday . The stock traded as low as $27.20 and last traded at $27.22, with a volume of 214,750 shares trading hands. The stock had previously closed at $28.23.

CAJ has been the subject of several recent research reports. TheStreet upgraded shares of Canon from a “hold” rating to a “buy” rating in a research note on Thursday, March 31st. Zacks Investment Research lowered shares of Canon from a “hold” rating to a “strong sell” rating in a research note on Tuesday, June 21st. Finally, Credit Agricole SA lowered shares of Canon from a “buy” rating to an “underperform” rating in a research note on Friday, July 15th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $33.00.

The company has a 50-day moving average of $28.60 and a 200-day moving average of $28.71. The stock has a market capitalization of $29.81 billion and a price-to-earnings ratio of 14.72.

Other hedge funds and institutional investors recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its position in Canon by 2.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 178,322 shares of the company’s stock valued at $5,373,000 after buying an additional 4,321 shares during the period. US Bancorp DE raised its position in Canon by 9.2% in the fourth quarter. US Bancorp DE now owns 467,404 shares of the company’s stock valued at $14,082,000 after buying an additional 39,397 shares during the period. Comerica Bank raised its position in Canon by 3.8% in the fourth quarter. Comerica Bank now owns 73,030 shares of the company’s stock valued at $2,048,000 after buying an additional 2,653 shares during the period. Finally, First Trust Advisors LP raised its position in Canon by 13.3% in the fourth quarter. First Trust Advisors LP now owns 216,375 shares of the company’s stock valued at $6,519,000 after buying an additional 25,438 shares during the period.

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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