Canon Inc. (NYSE:CAJ) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Wednesday. The firm presently has a $33.00 target price on the stock. Zacks Investment Research’s price target indicates a potential upside of 13.75% from the stock’s current price.
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 research firms also recently commented on CAJ. Credit Agricole SA downgraded shares of Canon from a “buy” rating to an “underperform” rating in a report on Friday, July 15th. TheStreet raised shares of Canon from a “hold” rating to a “buy” rating in a report on Tuesday, August 23rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $33.00.
Shares of Canon (NYSE:CAJ) traded up 0.69% on Wednesday, reaching $29.01. 120,191 shares of the company’s stock traded hands. Canon has a one year low of $26.60 and a one year high of $31.96. The firm has a market cap of $31.68 billion, a P/E ratio of 15.96 and a beta of 0.51. The company’s 50-day moving average price is $28.81 and its 200 day moving average price is $28.76.
A number of hedge funds have recently bought and sold shares of the company. Logan Capital Management Inc. boosted its stake in Canon by 8.1% in the first quarter. Logan Capital Management Inc. now owns 20,588 shares of the company’s stock valued at $614,000 after buying an additional 1,547 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in Canon by 11.9% in the first quarter. Envestnet Asset Management Inc. now owns 48,826 shares of the company’s stock valued at $1,456,000 after buying an additional 5,173 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Canon by 31.9% in the first quarter. Renaissance Technologies LLC now owns 988,400 shares of the company’s stock valued at $29,474,000 after buying an additional 239,000 shares in the last quarter. HBK Investments L P purchased a new stake in Canon during the first quarter valued at about $349,000. Finally, Geode Capital Management LLC boosted its stake in Canon by 9.4% in the first quarter. Geode Capital Management LLC now owns 33,468 shares of the company’s stock valued at $998,000 after buying an additional 2,872 shares in the last quarter. Institutional investors and hedge funds own 1.57% 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. 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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