Canon (CAJ) Downgraded to “Underweight” at JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of Canon (NYSE:CAJ) from a neutral rating to an underweight rating in a research note issued to investors on Thursday morning, MarketBeat.com reports.

Several other equities research analysts have also recently weighed in on the company. Zacks Investment Research raised Canon from a sell rating to a hold rating in a research report on Tuesday, August 21st. ValuEngine cut Canon from a hold rating to a sell rating in a research report on Monday, June 18th. Finally, Goldman Sachs Group cut Canon from a neutral rating to a sell rating in a research report on Monday, July 2nd.

Shares of Canon stock opened at $30.97 on Thursday. The company has a market cap of $33.28 billion, a price-to-earnings ratio of 13.31, a P/E/G ratio of 1.67 and a beta of 0.70. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.03 and a quick ratio of 1.46. Canon has a 12-month low of $30.14 and a 12-month high of $40.67.

Canon (NYSE:CAJ) last announced its earnings results on Thursday, July 26th. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.04. Canon had a return on equity of 8.96% and a net margin of 6.19%. The firm had revenue of $9.07 billion during the quarter, compared to analysts’ expectations of $9.09 billion. equities analysts predict that Canon will post 2.28 EPS for the current fiscal year.

The firm also recently disclosed a Semi-Annual dividend, which was paid on Tuesday, September 4th. Stockholders of record on Thursday, June 28th were given a $0.574 dividend. The ex-dividend date was Wednesday, June 27th. Canon’s dividend payout ratio is 53.49%.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Jane Street Group LLC bought a new stake in shares of Canon in the second quarter valued at approximately $426,000. Cozad Asset Management Inc. acquired a new stake in shares of Canon in the second quarter valued at $260,000. Adalta Capital Management LLC acquired a new stake in shares of Canon in the second quarter valued at $925,000. OLD Mission Capital LLC acquired a new stake in shares of Canon in the second quarter valued at $1,024,000. Finally, Bank of America Corp DE increased its stake in shares of Canon by 157.0% in the second quarter. Bank of America Corp DE now owns 167,974 shares of the technology company’s stock valued at $5,492,000 after buying an additional 102,623 shares in the last quarter. 1.66% of the stock is owned by institutional investors.

About Canon

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 in four segments: Office Business Unit, Imaging System Business Unit, Medical System Business Unit, and Industry and Others Business Unit.

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