StockNews.com Downgrades Canon (NYSE:CAJ) to Buy

StockNews.com lowered shares of Canon (NYSE:CAJGet Rating) from a strong-buy rating to a buy rating in a research report released on Tuesday morning.

Canon Stock Performance

Shares of NYSE CAJ opened at $22.90 on Tuesday. The firm has a fifty day moving average price of $22.23 and a 200-day moving average price of $23.46. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.71 and a quick ratio of 1.05. The stock has a market cap of $23.95 billion, a PE ratio of 14.14, a price-to-earnings-growth ratio of 10.70 and a beta of 0.40. Canon has a 1 year low of $20.84 and a 1 year high of $25.79.

Institutional Trading of Canon

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Jane Street Group LLC purchased a new stake in shares of Canon in the third quarter worth $8,282,000. State Street Corp grew its stake in Canon by 2.5% during the third quarter. State Street Corp now owns 113,150 shares of the technology company’s stock valued at $2,467,000 after acquiring an additional 2,725 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its stake in Canon by 34.0% during the third quarter. Mercer Global Advisors Inc. ADV now owns 155,804 shares of the technology company’s stock valued at $3,397,000 after acquiring an additional 39,551 shares in the last quarter. Two Sigma Investments LP purchased a new position in Canon during the third quarter valued at $216,000. Finally, Evergreen Capital Management LLC grew its stake in Canon by 15.0% during the third quarter. Evergreen Capital Management LLC now owns 10,402 shares of the technology company’s stock valued at $227,000 after acquiring an additional 1,357 shares in the last quarter. 1.74% of the stock is owned by hedge funds and other institutional investors.

Canon Company Profile

(Get Rating)

Canon Inc, together with its subsidiaries, 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: Printing Business Unit, Imaging Business Unit, Medical Business Unit, and Industrial and Others Business Unit.

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