Zacks Investment Research upgraded shares of Canon, Inc. (NYSE:CAJ) from a hold rating to a buy rating in a report released on Wednesday morning. The brokerage currently has $39.00 price objective on the technology company’s 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. “

Separately, BidaskClub cut Canon from a strong-buy rating to a buy rating in a research report on Saturday, June 10th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $39.00.

Shares of Canon (NYSE CAJ) opened at 33.79 on Wednesday. The firm’s 50-day moving average is $34.83 and its 200 day moving average is $33.56. The stock has a market capitalization of $36.49 billion, a P/E ratio of 20.73 and a beta of 0.41. Canon has a 12-month low of $27.76 and a 12-month high of $35.91.

Canon (NYSE:CAJ) last announced its earnings results on Thursday, July 27th. The technology company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.01. The business had revenue of $8.86 billion for the quarter, compared to analysts’ expectations of $9.40 billion. Canon had a return on equity of 6.48% and a net margin of 5.17%. On average, equities research analysts forecast that Canon will post $1.64 EPS for the current fiscal year.

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Several hedge funds have recently bought and sold shares of CAJ. Proficio Capital Partners LLC lifted its position in shares of Canon by 301.8% during the 1st quarter. Proficio Capital Partners LLC now owns 3,275 shares of the technology company’s stock valued at $111,000 after buying an additional 2,460 shares in the last quarter. Sei Investments Co. lifted its position in shares of Canon by 67.5% during the 2nd quarter. Sei Investments Co. now owns 4,732 shares of the technology company’s stock valued at $161,000 after buying an additional 1,907 shares in the last quarter. Advisor Group Inc. lifted its position in shares of Canon by 5.4% during the 2nd quarter. Advisor Group Inc. now owns 5,159 shares of the technology company’s stock valued at $175,000 after buying an additional 263 shares in the last quarter. Jarislowsky Fraser Ltd purchased a new position in shares of Canon during the 2nd quarter valued at about $204,000. Finally, Eqis Capital Management Inc. purchased a new position in shares of Canon during the 2nd quarter valued at about $233,000. 1.20% of the stock is currently owned by hedge funds and other institutional investors.

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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