NorthCoast Asset Management LLC Acquires New Position in Canon, Inc. (CAJ)

NorthCoast Asset Management LLC acquired a new position in Canon, Inc. (NYSE:CAJ) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 62,508 shares of the technology company’s stock, valued at approximately $2,127,000.

A number of other large investors have also added to or reduced their stakes in the stock. Lowe Brockenbrough & Co. Inc. lifted its stake in Canon by 2.0% in the second quarter. Lowe Brockenbrough & Co. Inc. now owns 9,493 shares of the technology company’s stock worth $323,000 after acquiring an additional 190 shares during the period. Bank of New York Mellon Corp lifted its stake in Canon by 0.7% in the second quarter. Bank of New York Mellon Corp now owns 30,783 shares of the technology company’s stock worth $1,047,000 after acquiring an additional 220 shares during the period. Peak Asset Management LLC lifted its stake in Canon by 0.5% in the second quarter. Peak Asset Management LLC now owns 75,210 shares of the technology company’s stock worth $2,559,000 after acquiring an additional 395 shares during the period. Parallel Advisors LLC lifted its stake in Canon by 4.0% in the second quarter. Parallel Advisors LLC now owns 13,362 shares of the technology company’s stock worth $467,000 after acquiring an additional 510 shares during the period. Finally, Regentatlantic Capital LLC lifted its stake in Canon by 1.5% in the second quarter. Regentatlantic Capital LLC now owns 36,672 shares of the technology company’s stock worth $1,248,000 after acquiring an additional 527 shares during the period. 1.21% of the stock is owned by institutional investors.

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Canon, Inc. (NYSE CAJ) traded down 0.83% during mid-day trading on Friday, reaching $34.48. 211,072 shares of the company were exchanged. The stock’s 50-day moving average price is $34.86 and its 200-day moving average price is $33.24. The stock has a market capitalization of $37.23 billion, a price-to-earnings ratio of 21.27 and a beta of 0.41. Canon, Inc. has a 1-year low of $27.76 and a 1-year high of $35.91.

Canon (NYSE:CAJ) last released its earnings results on Thursday, July 27th. The technology company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.01. The company had revenue of $8.86 billion during the quarter, compared to the consensus estimate 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 anticipate that Canon, Inc. will post $1.64 EPS for the current fiscal year.

Separately, BidaskClub raised shares of Canon from a “hold” rating to a “buy” rating in a research note on Monday, July 31st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $36.00.

Canon 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.

Institutional Ownership by Quarter for Canon (NYSE:CAJ)

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