StockNews.com Begins Coverage on Canon (NYSE:CAJ)

StockNews.com began coverage on shares of Canon (NYSE:CAJ – Get Rating) in a report issued on Thursday morning. The firm issued a strong-buy rating on the technology company’s stock.

A number of other research firms have also recently weighed in on CAJ. JPMorgan Chase & Co. cut Canon from an overweight rating to a neutral rating in a research report on Friday, January 13th. Macquarie cut Canon from an outperform rating to a neutral rating in a research report on Thursday, November 24th. Finally, TheStreet raised Canon from a c+ rating to a b rating in a research report on Tuesday, January 31st.

Canon Stock Performance

The company’s 50-day moving average price is $21.91 and its 200-day moving average price is $22.37. The company has a market cap of $22.62 billion, a P/E ratio of 11.57 and a beta of 0.41. Canon has a 52 week low of $20.84 and a 52 week high of $25.79.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. CVA Family Office LLC lifted its position in shares of Canon by 428.6% during the 4th quarter. CVA Family Office LLC now owns 12,333 shares of the technology company’s stock valued at $267,000 after buying an additional 10,000 shares in the last quarter. CI Private Wealth LLC purchased a new position in Canon in the 4th quarter worth approximately $456,000. Millennium Management LLC lifted its holdings in Canon by 203.8% in the 4th quarter. Millennium Management LLC now owns 801,531 shares of the technology company’s stock worth $17,377,000 after purchasing an additional 537,692 shares in the last quarter. Vident Investment Advisory LLC purchased a new position in Canon in the 4th quarter worth approximately $244,000. Finally, Advisor Partners II LLC lifted its holdings in Canon by 1.8% in the 4th quarter. Advisor Partners II LLC now owns 32,318 shares of the technology company’s stock worth $701,000 after purchasing an additional 573 shares in the last quarter. 1.43% of the stock is owned by hedge funds and other institutional investors.

About Canon

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Canon, Inc engages in the development, manufacture, and sale of office multifunction devices, copying machines, printers, cameras, and lithography equipment. It operates through the following segments: Office Business Unit (BU), Imaging Systems, Medical Systems and Others. The Office BU segment offers MFDs, printers, copying machines for personal and office use, and production print products for print professionals.