Canon (CAJ) Lifted to “Hold” at ValuEngine

ValuEngine upgraded shares of Canon (NYSE:CAJ) from a sell rating to a hold rating in a research note issued to investors on Wednesday, ValuEngine reports.

Several other equities research analysts also recently issued reports on CAJ. Zacks Investment Research downgraded Canon from a hold rating to a sell rating in a report on Tuesday, April 16th. Morgan Stanley upgraded Canon from an equal weight rating to an overweight rating in a report on Tuesday, April 16th. Finally, Goldman Sachs Group upgraded Canon from a sell rating to a neutral rating in a report on Thursday, February 21st. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of Hold.

Shares of NYSE:CAJ traded up $0.20 during trading on Wednesday, reaching $28.25. 3,659 shares of the stock were exchanged, compared to its average volume of 306,183. The company has a quick ratio of 1.28, a current ratio of 1.92 and a debt-to-equity ratio of 0.15. Canon has a 1-year low of $26.36 and a 1-year high of $34.45. The firm has a market capitalization of $29.90 billion, a price-to-earnings ratio of 13.25, a PEG ratio of 3.72 and a beta of 0.56.

A number of institutional investors have recently made changes to their positions in the stock. LPL Financial LLC acquired a new stake in Canon in the third quarter valued at approximately $215,000. Morgan Stanley lifted its stake in shares of Canon by 11.0% in the third quarter. Morgan Stanley now owns 167,479 shares of the technology company’s stock worth $5,301,000 after buying an additional 16,532 shares during the last quarter. Cardinal Capital Management lifted its stake in shares of Canon by 2.3% in the fourth quarter. Cardinal Capital Management now owns 26,436 shares of the technology company’s stock worth $729,000 after buying an additional 587 shares during the last quarter. Cornerstone Advisors Inc. lifted its stake in shares of Canon by 54.0% in the fourth quarter. Cornerstone Advisors Inc. now owns 1,070 shares of the technology company’s stock worth $30,000 after buying an additional 375 shares during the last quarter. Finally, Quadrant Capital Group LLC lifted its stake in shares of Canon by 368.0% in the fourth quarter. Quadrant Capital Group LLC now owns 9,303 shares of the technology company’s stock worth $251,000 after buying an additional 7,315 shares during the last quarter. Institutional investors and hedge funds own 1.18% of the company’s stock.

Canon Company Profile

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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