Canon Inc. (NYSE:CAJ) shares gapped up before the market opened on Wednesday . The stock had previously closed at $28.42, but opened at $28.61. Canon shares last traded at $28.82, with a volume of 74,787 shares.

Several research firms recently commented on CAJ. Zacks Investment Research cut Canon from a “hold” rating to a “strong sell” rating in a research note on Tuesday, June 21st. Credit Agricole SA cut Canon from a “buy” rating to an “underperform” rating in a research note on Friday, July 15th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $33.00.

The stock has a 50 day moving average price of $28.36 and a 200 day moving average price of $28.72. The firm has a market capitalization of $31.41 billion and a P/E ratio of 15.93.

Other hedge funds and institutional investors have modified their holdings of the company. Comerica Bank raised its position in shares of 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 raised its position in shares of 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 raised its position in shares of 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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