Canon Inc (NYSE:CAJ) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Tuesday. The brokerage presently has a $36.00 target price on the technology company’s stock. Zacks Investment Research’s price target indicates a potential upside of 15.94% from the stock’s previous close.

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. “

Several other brokerages have also recently commented on CAJ. TheStreet upgraded shares of Canon from a “c+” rating to a “b” rating in a report on Thursday, March 16th. JPMorgan Chase & Co. upgraded shares of Canon from a “neutral” rating to an “overweight” rating in a report on Monday, March 6th. Two research analysts have rated the stock with a sell rating, two have issued a buy rating and one has given a strong buy rating to the stock. Canon presently has a consensus rating of “Hold” and a consensus target price of $36.00.

Canon (NYSE:CAJ) traded down 0.19% during midday trading on Tuesday, hitting $31.05. 239,026 shares of the stock traded hands. The company has a 50-day moving average price of $30.71 and a 200-day moving average price of $29.36. The firm has a market cap of $33.91 billion, a P/E ratio of 24.98 and a beta of 0.60. Canon has a 1-year low of $27.18 and a 1-year high of $31.68.

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Hedge funds and other institutional investors have recently made changes to their positions in the company. OLD Mission Capital LLC purchased a new position in shares of Canon during the third quarter valued at approximately $620,000. Checchi Capital Advisers LLC boosted its position in shares of Canon by 14.6% in the third quarter. Checchi Capital Advisers LLC now owns 11,530 shares of the technology company’s stock valued at $335,000 after buying an additional 1,472 shares during the last quarter. Riverhead Capital Management LLC boosted its position in shares of Canon by 903.3% in the third quarter. Riverhead Capital Management LLC now owns 18,100 shares of the technology company’s stock valued at $525,000 after buying an additional 16,296 shares during the last quarter. Stevens Capital Management LP boosted its position in shares of Canon by 9.0% in the third quarter. Stevens Capital Management LP now owns 8,196 shares of the technology company’s stock valued at $238,000 after buying an additional 676 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its position in shares of Canon by 23.9% in the third quarter. New York State Common Retirement Fund now owns 97,209 shares of the technology company’s stock valued at $2,822,000 after buying an additional 18,770 shares during the last quarter. Institutional investors own 1.49% of the company’s stock.

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. Canon sells its products principally under the Canon brand name and through sales subsidiaries. Each of these subsidiaries is responsible for marketing and distribution to retail dealers in an assigned territory.

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