Canon (NYSE:CAJ) Earns Strong-Buy Rating from Analysts at StockNews.com

Posted by on Apr 9th, 2023

Analysts at StockNews.com assumed coverage on shares of Canon (NYSE:CAJ – Get Rating) in a research note issued on Sunday. The firm set a “strong-buy” rating on the technology company’s stock.

CAJ has been the subject of a number of other reports. TheStreet upgraded shares of Canon from a “c+” rating to a “b” rating in a research note on Tuesday, January 31st. JPMorgan Chase & Co. downgraded Canon from an “overweight” rating to a “neutral” rating in a research note on Friday, January 13th.

Canon Price Performance

The firm has a market capitalization of $22.62 billion, a PE ratio of 11.57 and a beta of 0.41. Canon has a 1-year low of $20.84 and a 1-year high of $25.79. The stock’s 50 day simple moving average is $21.91 and its two-hundred day simple moving average is $22.27.

Institutional Trading of Canon

A number of large investors have recently added to or reduced their stakes in CAJ. CVA Family Office LLC increased its stake in shares of Canon by 428.6% during the 4th quarter. CVA Family Office LLC now owns 12,333 shares of the technology company’s stock worth $267,000 after purchasing an additional 10,000 shares during the last quarter. CI Private Wealth LLC acquired a new position in Canon during the fourth quarter worth approximately $456,000. Millennium Management LLC raised its stake in Canon by 203.8% in the fourth quarter. Millennium Management LLC now owns 801,531 shares of the technology company’s stock valued at $17,377,000 after buying an additional 537,692 shares during the period. Vident Investment Advisory LLC acquired a new stake in shares of Canon in the fourth quarter valued at approximately $244,000. Finally, Advisor Partners II LLC boosted its stake in shares of Canon by 1.8% during the 4th quarter. Advisor Partners II LLC now owns 32,318 shares of the technology company’s stock worth $701,000 after acquiring an additional 573 shares during the period. Institutional investors and hedge funds own 1.43% of the company’s stock.

About Canon

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Canon, Inc engages in the development, manufacture, and sale of office multifunction devices, copying machines, printers, cameras, and lithography equipment. It operates through the following segments: Office Business Unit (BU), Imaging Systems, Medical Systems and Others. The Office BU segment offers MFDs, printers, copying machines for personal and office use, and production print products for print professionals.

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