Canon Inc (NYSE:CAJ) was the recipient of a large drop in short interest during the month of January. As of January 31st, there was short interest totalling 288,438 shares, a drop of 64.2% from the January 12th total of 805,396 shares. Based on an average daily trading volume, of 247,863 shares, the days-to-cover ratio is presently 1.2 days.
A number of research analysts recently issued reports on the company. ValuEngine upgraded Canon from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Zacks Investment Research upgraded Canon from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a research note on Tuesday, January 16th. One equities research analyst has rated the stock with a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $44.00.
Several hedge funds have recently made changes to their positions in the business. LPL Financial LLC purchased a new position in shares of Canon in the 4th quarter valued at approximately $240,000. Raymond James & Associates grew its stake in shares of Canon by 430.8% in the 4th quarter. Raymond James & Associates now owns 134,954 shares of the technology company’s stock valued at $5,047,000 after purchasing an additional 109,529 shares during the last quarter. Two Sigma Advisers LP grew its stake in shares of Canon by 10.8% in the 4th quarter. Two Sigma Advisers LP now owns 39,100 shares of the technology company’s stock valued at $1,462,000 after purchasing an additional 3,800 shares during the last quarter. Guggenheim Capital LLC grew its stake in shares of Canon by 26.2% in the 4th quarter. Guggenheim Capital LLC now owns 113,686 shares of the technology company’s stock valued at $4,252,000 after purchasing an additional 23,618 shares during the last quarter. Finally, Investors Research Corp purchased a new position in shares of Canon in the 4th quarter valued at approximately $1,011,000. Institutional investors own 1.29% of the company’s stock.
Canon (NYSE CAJ) opened at $37.70 on Friday. Canon has a 12 month low of $28.94 and a 12 month high of $40.67. The firm has a market capitalization of $40,570.33, a P/E ratio of 18.99, a price-to-earnings-growth ratio of 2.05 and a beta of 0.59. The company has a quick ratio of 1.50, a current ratio of 2.01 and a debt-to-equity ratio of 0.16.
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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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