Jefferies Group Analysts Increase Earnings Estimates for Canon Inc. (CAJ)
Canon Inc. (NYSE:CAJ) – Equities researchers at Jefferies Group upped their FY2016 earnings per share estimates for shares of Canon in a research note issued on Tuesday. Jefferies Group analyst M. Nakanomyo now expects that the brokerage will earn $1.98 per share for the year, up from their prior forecast of $1.48. Jefferies Group also issued estimates for Canon’s FY2017 earnings at $2.41 EPS and FY2018 earnings at $2.45 EPS.
Several other brokerages also recently weighed in on CAJ. Zacks Investment Research downgraded shares of Canon from a “hold” rating to a “strong sell” rating in a research note on Tuesday, June 21st. Credit Agricole SA downgraded shares of Canon from a “buy” rating to an “underperform” rating in a research note on Friday, July 15th. Finally, TheStreet upgraded shares of Canon from a “hold” rating to a “buy” rating in a research note on Tuesday, August 23rd. One analyst has rated the stock with a sell rating, two have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $33.00.
Shares of Canon (NYSE:CAJ) opened at 28.85 on Thursday. The stock has a market cap of $31.51 billion, a P/E ratio of 15.87 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 one year low of $26.60 and a one year high of $31.96.
A number of hedge funds have recently bought and sold shares of the stock. Advisor Group Inc. bought a new stake in Canon during the second quarter valued at about $109,000. Signaturefd LLC boosted its stake in 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 in the last quarter. Private Bank & Trust Co. bought a new stake in Canon during the second quarter valued at about $214,000. Stevens Capital Management LP bought a new stake in Canon during the second quarter valued at about $215,000. Finally, Dynamic Advisors Solutions LLC boosted its stake in 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 in the last quarter. 1.57% of the stock is currently owned by hedge funds and other institutional investors.
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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