Canon, Inc. (NYSE:CAJ) Position Raised by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its position in Canon, Inc. (NYSE:CAJ) by 12.9% during the first quarter, according to its most recent filing with the 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 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Wheatland Advisors Inc. bought a new stake in shares of Canon during the first quarter worth approximately $263,000. Gradient Investments LLC boosted 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 worth $271,000 after buying an additional 8,620 shares in the last quarter. Conning Inc. bought a new stake in shares of Canon during the first quarter worth approximately $313,000. Acadian Asset Management LLC purchased a new position in shares of Canon during the first quarter worth $420,000. Finally, Greenleaf Trust purchased a new position in shares of Canon during the first quarter worth $534,000. 1.50% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Canon, Inc. (NYSE:CAJ) traded up 0.37% during trading on Wednesday, reaching $35.16. 94,584 shares of the company were exchanged. The firm has a market capitalization of $38.29 billion, a PE ratio of 21.91 and a beta of 0.41. Canon, Inc. has a 1-year low of $27.71 and a 1-year high of $35.91. The company’s 50-day moving average is $34.34 and its 200 day moving average is $32.20.

Canon (NYSE:CAJ) last announced its earnings results on Thursday, July 27th. The technology company reported $0.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $0.01. The company had revenue of $8.86 billion during the quarter, compared to the consensus estimate of $9.40 billion. Canon had a net margin of 5.17% and a return on equity of 6.48%. Equities research analysts expect that Canon, Inc. will post $1.64 EPS for the current fiscal year.

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A number of equities analysts recently weighed in on CAJ shares. Zacks Investment Research lowered shares of Canon from a “buy” rating to a “hold” rating in a report on Friday, April 28th. BidaskClub lowered shares of Canon from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $36.00.

About Canon

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.