The Canon Inc. to Post FY2016 Earnings of $1.97 Per Share, Jefferies Group Forecasts (CAJ)

The Canon Inc. to Post FY2016 Earnings of $1.97 Per Share, Jefferies Group Forecasts (CAJ)

Canon Inc. (NYSE:CAJ) – Investment analysts at Jefferies Group lowered their FY2016 earnings estimates for shares of Canon in a research note issued on Wednesday. Jefferies Group analyst M. Nakanomyo now forecasts that the brokerage will earn $1.97 per share for the year, down from their previous estimate of $1.98.

CAJ has been the topic of several other research reports. TheStreet upgraded Canon from a “hold” rating to a “buy” rating in a research note on Tuesday, August 23rd. Bank of America Corp. downgraded Canon from a “neutral” rating to an “underperform” rating in a report on Thursday. Zacks Investment Research raised Canon from a “sell” rating to a “hold” rating in a report on Tuesday, September 27th. Credit Agricole SA downgraded Canon from a “buy” rating to an “underperform” rating in a report on Friday, July 15th. Finally, JPMorgan Chase & Co. downgraded Canon from a “neutral” rating to an “underweight” rating in a report on Wednesday, October 26th. Three analysts have rated the stock with a sell rating, one has issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Canon currently has a consensus rating of “Hold” and an average price target of $33.00.

Shares of Canon (NYSE:CAJ) opened at 28.41 on Monday. The firm has a 50 day moving average price of $28.86 and a 200 day moving average price of $28.72. Canon has a one year low of $26.60 and a one year high of $31.39. The company has a market capitalization of $31.02 billion, a P/E ratio of 18.50 and a beta of 0.51.

Several large investors have recently added to or reduced their stakes in CAJ. Renaissance Technologies LLC increased its stake in Canon by 31.9% in the first quarter. Renaissance Technologies LLC now owns 988,400 shares of the company’s stock valued at $29,474,000 after buying an additional 239,000 shares during the period. UBS Asset Management Americas Inc. bought a new position in shares of Canon during the first quarter valued at approximately $5,393,000. Conning Inc. bought a new position in shares of Canon during the second quarter valued at approximately $3,615,000. First Trust Advisors LP increased its position in shares of Canon by 41.5% in the second quarter. First Trust Advisors LP now owns 378,532 shares of the company’s stock valued at $10,830,000 after buying an additional 111,081 shares during the last quarter. Finally, Advisors Asset Management Inc. bought a new position in shares of Canon during the second quarter valued at approximately $3,152,000. 1.56% of the stock is currently owned by institutional investors.

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