Trading Report: Today, Canon Inc. (CAJ) Rating Increased to Outperform at CLSA

Today, Canon Inc. (CAJ) Rating Increased to Outperform at CLSA

Canon Inc. (NYSE:CAJ) was upgraded by stock analysts at CLSA from an “underperform” rating to an “outperform” rating in a report released on Friday.

Other equities research analysts also recently issued reports about the company. Zacks Investment Research downgraded Canon from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 31st. TheStreet downgraded Canon from a “buy” rating to a “hold” rating in a research note on Tuesday, November 1st. JPMorgan Chase & Co. downgraded Canon from a “neutral” rating to an “underweight” rating in a research note on Wednesday, October 26th. Finally, Bank of America Corp. downgraded Canon from a “neutral” rating to an “underperform” rating in a research note on Thursday, October 27th. Four research analysts have rated the stock with a sell rating, one has assigned a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $33.00.

Shares of Canon (NYSE:CAJ) traded up 0.21% during midday trading on Friday, reaching $28.14. 115,507 shares of the company were exchanged. The stock has a market capitalization of $30.73 billion, a P/E ratio of 19.14 and a beta of 0.57. The company has a 50 day moving average price of $28.61 and a 200-day moving average price of $28.59. Canon has a 12-month low of $26.60 and a 12-month high of $31.39.

Several hedge funds and other institutional investors have recently made changes to their positions in CAJ. JPMorgan Chase & Co. increased its position in shares of Canon by 5.1% in the first quarter. JPMorgan Chase & Co. now owns 38,553 shares of the company’s stock worth $1,150,000 after buying an additional 1,878 shares during the period. Envestnet Asset Management Inc. increased its position in shares of Canon by 11.9% in the first quarter. Envestnet Asset Management Inc. now owns 48,826 shares of the company’s stock worth $1,456,000 after buying an additional 5,173 shares during the period. Logan Capital Management Inc. increased its position in shares of Canon by 8.1% in the first quarter. Logan Capital Management Inc. now owns 20,588 shares of the company’s stock worth $614,000 after buying an additional 1,547 shares during the period. Private Bank & Trust Co. bought a new position in shares of Canon during the second quarter worth about $214,000. Finally, Delta Asset Management LLC TN increased its position in shares of Canon by 1.4% in the second quarter. Delta Asset Management LLC TN now owns 159,412 shares of the company’s stock worth $4,561,000 after buying an additional 2,193 shares during the period. Institutional investors own 1.51% of the company’s stock.

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