Canon (NYSE:CAJ) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Thursday, Zacks.com reports.
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 analysts have also recently weighed in on CAJ. ValuEngine raised shares of Canon from a “sell” rating to a “hold” rating in a report on Wednesday, May 15th. Morgan Stanley raised shares of Canon from an “equal weight” rating to an “overweight” rating in a report on Tuesday, April 16th. Finally, Goldman Sachs Group raised shares of Canon from a “sell” rating to a “neutral” rating in a report on Thursday, February 21st. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the stock. The company currently has a consensus rating of “Hold”.
NYSE:CAJ opened at $28.84 on Thursday. The firm has a market cap of $31.22 billion, a price-to-earnings ratio of 13.54, a P/E/G ratio of 3.90 and a beta of 0.50. Canon has a 1 year low of $26.36 and a 1 year high of $33.87. The company has a current ratio of 1.92, a quick ratio of 1.28 and a debt-to-equity ratio of 0.15.
Canon (NYSE:CAJ) last posted its earnings results on Wednesday, April 24th. The technology company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.10). The company had revenue of $7.85 billion for the quarter, compared to analysts’ expectations of $8.60 billion. Canon had a return on equity of 7.36% and a net margin of 5.88%. On average, analysts predict that Canon will post 1.65 earnings per share for the current fiscal year.
Several institutional investors have recently added to or reduced their stakes in CAJ. NumerixS Investment Technologies Inc increased its stake in Canon by 2,000.0% in the fourth quarter. NumerixS Investment Technologies Inc now owns 2,100 shares of the technology company’s stock valued at $57,000 after acquiring an additional 2,000 shares during the last quarter. Bessemer Group Inc. increased its stake in Canon by 13.4% in the fourth quarter. Bessemer Group Inc. now owns 4,130 shares of the technology company’s stock valued at $114,000 after acquiring an additional 487 shares during the last quarter. Bonness Enterprises Inc. bought a new position in Canon in the first quarter valued at $950,000. Morgan Stanley increased its stake in Canon by 11.0% in the third quarter. Morgan Stanley now owns 167,479 shares of the technology company’s stock valued at $5,301,000 after acquiring an additional 16,532 shares during the last quarter. Finally, Signaturefd LLC increased its stake in Canon by 26.2% in the first quarter. Signaturefd LLC now owns 14,969 shares of the technology company’s stock valued at $435,000 after acquiring an additional 3,108 shares during the last quarter. 1.24% of the stock is currently owned by hedge funds and other institutional investors.
Canon Inc manufactures and sells office multifunction devices (MFDs), plain paper copying machines, laser and inkjet printers, cameras, diagnostic equipment, and lithography equipment. The company operates through four segments: Office Business Unit, Imaging System Business Unit, Medical System Business Unit, and Industry and Others Business Unit.
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