Gradient Investments LLC Raises Stake in Canon Inc (CAJ)

Gradient Investments LLC increased its position in Canon Inc (NYSE:CAJ) by 9.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 72,451 shares of the technology company’s stock after buying an additional 6,157 shares during the period. Gradient Investments LLC’s holdings in Canon were worth $2,293,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Renaissance Technologies LLC grew its stake in shares of Canon by 65.6% in the 2nd quarter. Renaissance Technologies LLC now owns 1,658,600 shares of the technology company’s stock valued at $54,220,000 after buying an additional 657,300 shares during the period. Northern Trust Corp boosted its stake in Canon by 0.5% during the 1st quarter. Northern Trust Corp now owns 968,677 shares of the technology company’s stock valued at $35,308,000 after purchasing an additional 4,648 shares during the last quarter. LSV Asset Management boosted its stake in Canon by 12.3% during the 2nd quarter. LSV Asset Management now owns 950,700 shares of the technology company’s stock valued at $31,078,000 after purchasing an additional 104,100 shares during the last quarter. First Trust Advisors LP boosted its stake in Canon by 11.2% during the 2nd quarter. First Trust Advisors LP now owns 652,803 shares of the technology company’s stock valued at $21,340,000 after purchasing an additional 65,638 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in Canon by 348.4% during the 1st quarter. Millennium Management LLC now owns 508,394 shares of the technology company’s stock valued at $18,531,000 after purchasing an additional 395,005 shares during the last quarter. Institutional investors own 1.65% of the company’s stock.

CAJ has been the subject of a number of analyst reports. JPMorgan Chase & Co. downgraded Canon from an “overweight” rating to a “neutral” rating in a research note on Monday, June 25th. Zacks Investment Research downgraded Canon from a “hold” rating to a “strong sell” rating in a research note on Monday, July 30th. Goldman Sachs Group downgraded Canon from a “neutral” rating to a “sell” rating in a research note on Monday, July 2nd. Finally, ValuEngine downgraded Canon from a “hold” rating to a “sell” rating in a research note on Monday, June 18th.

CAJ stock opened at $30.86 on Friday. The stock has a market cap of $34.56 billion, a price-to-earnings ratio of 14.35, a P/E/G ratio of 1.74 and a beta of 0.68. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.03 and a quick ratio of 1.46. Canon Inc has a 52-week low of $30.14 and a 52-week high of $40.67.

Canon (NYSE:CAJ) last released its quarterly earnings results on Thursday, July 26th. The technology company reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.04. The business had revenue of $9.07 billion during the quarter, compared to the consensus estimate of $9.09 billion. Canon had a return on equity of 8.96% and a net margin of 6.19%. On average, analysts forecast that Canon Inc will post 2.28 EPS for the current year.

Canon Profile

Canon Inc manufactures and sells office multifunction devices (MFDs), plain paper copying machines, laser and inkjet printers, cameras, diagnostic equipment, and lithography equipment. The company operates in four segments: Office Business Unit, Imaging System Business Unit, Medical System Business Unit, and Industry and Others Business Unit.

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Institutional Ownership by Quarter for Canon (NYSE:CAJ)

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