Canon Inc. (CAJ) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Canon Inc. (NYSE:CAJ) from a hold rating to a strong-buy rating in a research note issued to investors on Wednesday morning. They currently have $33.00 price objective on the stock.
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. “
CAJ has been the subject of several other research reports. TheStreet upgraded Canon from a hold rating to a buy rating in a report on Tuesday, August 23rd. Credit Agricole SA downgraded Canon from a buy rating to an underperform rating in a report on Friday, July 15th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of Hold and an average target price of $33.00.
Shares of Canon (NYSE:CAJ) opened at 29.02 on Wednesday. The stock has a market cap of $31.69 billion, a PE ratio of 16.18 and a beta of 0.51. Canon has a one year low of $26.60 and a one year high of $31.96. The stock’s 50 day moving average price is $28.82 and its 200-day moving average price is $28.75.
Several large investors have recently made changes to their positions in the stock. Commonwealth Equity Services Inc bought a new stake in shares of Canon during the first quarter valued at approximately $251,000. Ngam Advisors L.P. increased its stake in shares of Canon by 1.9% in the first quarter. Ngam Advisors L.P. now owns 69,175 shares of the company’s stock valued at $2,063,000 after buying an additional 1,260 shares in the last quarter. RMB Capital Management LLC increased its stake in shares of Canon by 11.5% in the first quarter. RMB Capital Management LLC now owns 58,628 shares of the company’s stock valued at $1,748,000 after buying an additional 6,050 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of Canon by 1.8% in the first quarter. Franklin Resources Inc. now owns 297,560 shares of the company’s stock valued at $8,874,000 after buying an additional 5,128 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Canon by 5.1% in the first quarter. JPMorgan Chase & Co. now owns 38,553 shares of the company’s stock valued at $1,150,000 after buying an additional 1,878 shares in the last quarter. 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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