Bank of New York Mellon Corp boosted its stake in Canon, Inc. (NYSE:CAJ) by 12.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 30,563 shares of the technology company’s stock after buying an additional 3,481 shares during the period. Bank of New York Mellon Corp’s holdings in Canon were worth $956,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of CAJ. Conning Inc. purchased a new stake in shares of Canon during the first quarter valued at about $313,000. LSV Asset Management raised its stake in shares of Canon by 1.7% in the first quarter. LSV Asset Management now owns 290,900 shares of the technology company’s stock valued at $9,096,000 after buying an additional 5,000 shares in the last quarter. Manning & Napier Advisors LLC raised its stake in shares of Canon by 7.1% in the first quarter. Manning & Napier Advisors LLC now owns 152,984 shares of the technology company’s stock valued at $4,783,000 after buying an additional 10,126 shares in the last quarter. Gradient Investments LLC raised its stake in shares of Canon by 15,963.0% in the first quarter. Gradient Investments LLC now owns 8,674 shares of the technology company’s stock valued at $271,000 after buying an additional 8,620 shares in the last quarter. Finally, Mondrian Investment Partners LTD raised its stake in shares of Canon by 31.8% in the first quarter. Mondrian Investment Partners LTD now owns 1,238,737 shares of the technology company’s stock valued at $38,401,000 after buying an additional 299,000 shares in the last quarter. 1.52% of the stock is owned by institutional investors and hedge funds.
Shares of Canon, Inc. (NYSE:CAJ) opened at 34.79 on Friday. The stock has a market cap of $37.87 billion, a price-to-earnings ratio of 21.96 and a beta of 0.40. The firm has a 50-day moving average price of $34.36 and a 200 day moving average price of $32.06. Canon, Inc. has a 52 week low of $27.71 and a 52 week high of $35.91.
Canon (NYSE:CAJ) last released its quarterly earnings results on Thursday, July 27th. The technology company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.01. The business had revenue of $8.86 billion during the quarter, compared to analysts’ expectations of $9.40 billion. Canon had a return on equity of 6.48% and a net margin of 5.17%. On average, analysts forecast that Canon, Inc. will post $1.48 EPS for the current fiscal year.
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Several analysts have issued reports on CAJ shares. Zacks Investment Research lowered Canon from a “buy” rating to a “hold” rating in a research note on Friday, April 28th. BidaskClub lowered Canon from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 10th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company’s stock. Canon presently has a consensus rating of “Hold” and an average price target of $36.00.
Canon Company Profile
Canon Inc (Canon) is a manufacturer of office multifunction devices (MFDs), plain paper copying machines, laser printers, inkjet printers, cameras and lithography equipment. Canon sells its products principally under the Canon brand name and through sales subsidiaries. Each of these subsidiaries is responsible for marketing and distribution to retail dealers in an assigned territory.
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