Canon Inc. (NYSE:CAJ) gapped down before the market opened on Friday . The stock had previously closed at $27.31, but opened at $27.69. Canon shares last traded at $28.28, with a volume of 199,008 shares trading hands.

CAJ has been the subject of a number of research reports. Zacks Investment Research lowered shares of Canon from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 7th. Credit Agricole SA lowered shares of Canon from a “buy” rating to an “underperform” rating in a research note on Friday, July 15th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $33.00.

The firm has a market capitalization of $30.87 billion and a PE ratio of 16.34. The stock’s 50 day moving average price is $28.45 and its 200 day moving average price is $28.69.

Several institutional investors have added to or reduced their stakes in the stock. Comerica Bank increased its position in Canon by 3.8% in the fourth quarter. Comerica Bank now owns 73,030 shares of the company’s stock worth $2,048,000 after buying an additional 2,653 shares in the last quarter. Dimensional Fund Advisors LP increased 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 worth $5,373,000 after buying an additional 4,321 shares in the last quarter. Finally, US Bancorp DE increased its position in Canon by 9.2% in the fourth quarter. US Bancorp DE now owns 467,404 shares of the company’s stock worth $14,082,000 after buying an additional 39,397 shares in the last quarter.

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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