Canon (NYSE:CAJ) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Canon (NYSE:CAJGet Rating) from a buy rating to a hold rating in a report published on Thursday morning, 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. “

Separately, upgraded shares of Canon from a buy rating to a strong-buy rating in a research note on Wednesday.

Shares of NYSE CAJ opened at $24.13 on Thursday. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.77 and a quick ratio of 1.16. The company’s 50-day moving average price is $23.90 and its 200 day moving average price is $23.80. Canon has a 52 week low of $21.00 and a 52 week high of $25.94.

Canon (NYSE:CAJGet Rating) last posted its quarterly earnings results on Thursday, January 27th. The technology company reported $0.47 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.01. Canon had a net margin of 6.10% and a return on equity of 6.94%. The firm had revenue of $7.71 billion for the quarter, compared to analyst estimates of $8.68 billion. Equities research analysts forecast that Canon will post 2.09 earnings per share for the current fiscal year.

Hedge funds have recently modified their holdings of the company. Clark Capital Management Group Inc. purchased a new position in Canon in the third quarter valued at about $32,723,000. CWM LLC acquired a new position in shares of Canon during the 4th quarter worth about $8,018,000. Goldman Sachs Group Inc. raised its holdings in Canon by 21.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,143,193 shares of the technology company’s stock valued at $27,929,000 after acquiring an additional 203,653 shares in the last quarter. LMR Partners LLP acquired a new position in shares of Canon in the 4th quarter worth approximately $3,409,000. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of Canon by 27.9% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 519,341 shares of the technology company’s stock worth $12,662,000 after buying an additional 113,315 shares in the last quarter.

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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