Canon (CAJ) Downgraded by Zacks Investment Research to Sell

Canon (NYSE:CAJ) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday, Zacks.com reports.

According to Zacks, “Canon, Inc. is an industry leader in professional and consumer imaging equipment and information systems. Canon’s extensive product line enables businesses and consumers worldwide to capture, store and distribute visual information. Canon products include full-color as well as black and white copiers; color laser printers; facsimile machines; micrographics and optical disk filing systems; word processors, typewriters and calculators; camcorders, and lenses; semiconductor, broadcast and optical equipment; and other specialized industrial products. “

A number of other research analysts also recently commented on CAJ. ValuEngine downgraded shares of Canon from a “hold” rating to a “sell” rating in a research note on Monday, February 4th. Goldman Sachs Group upgraded Canon from a “sell” rating to a “neutral” rating in a report on Thursday, February 21st. Finally, Morgan Stanley upgraded Canon from an “equal weight” rating to an “overweight” rating in a report on Tuesday. Three investment analysts have rated the stock with a sell rating, one has given a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold”.

Shares of NYSE CAJ traded up $0.40 on Tuesday, reaching $29.42. 256,911 shares of the company traded hands, compared to its average volume of 283,605. Canon has a fifty-two week low of $26.36 and a fifty-two week high of $36.50. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.99 and a quick ratio of 1.40. The company has a market cap of $31.33 billion, a P/E ratio of 13.81, a P/E/G ratio of 3.35 and a beta of 0.63.

Canon (NYSE:CAJ) last posted its quarterly earnings data on Wednesday, January 30th. The technology company reported $0.59 EPS for the quarter, beating the Zacks’ consensus estimate of $0.51 by $0.08. Canon had a net margin of 6.40% and a return on equity of 8.22%. The company had revenue of $9.39 billion during the quarter, compared to the consensus estimate of $10.03 billion. As a group, equities research analysts anticipate that Canon will post 1.92 EPS for the current year.

Several large investors have recently modified their holdings of the company. Moody National Bank Trust Division grew its holdings in shares of Canon by 10.4% during the 4th quarter. Moody National Bank Trust Division now owns 3,865 shares of the technology company’s stock worth $106,000 after purchasing an additional 365 shares during the period. Cornerstone Advisors Inc. grew its holdings in shares of Canon by 54.0% during the 4th quarter. Cornerstone Advisors Inc. now owns 1,070 shares of the technology company’s stock worth $30,000 after purchasing an additional 375 shares during the period. Bessemer Group Inc. grew its holdings in shares of Canon by 13.4% during the 4th quarter. Bessemer Group Inc. now owns 4,130 shares of the technology company’s stock worth $114,000 after purchasing an additional 487 shares during the period. Cardinal Capital Management grew its holdings in shares of Canon by 2.3% during the 4th quarter. Cardinal Capital Management now owns 26,436 shares of the technology company’s stock worth $729,000 after purchasing an additional 587 shares during the period. Finally, NumerixS Investment Technologies Inc grew its holdings in shares of Canon by 2,000.0% during the 4th quarter. NumerixS Investment Technologies Inc now owns 2,100 shares of the technology company’s stock worth $57,000 after purchasing an additional 2,000 shares during the period. Institutional investors and hedge funds own 1.17% 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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