O Shaughnessy Asset Management LLC boosted its position in Canon Inc. (NYSE:CAJ) by 86.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 36,243 shares of the technology company’s stock after purchasing an additional 16,768 shares during the quarter. O Shaughnessy Asset Management LLC’s holdings in Canon were worth $820,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its stake in Canon by 5.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 165,480 shares of the technology company’s stock worth $3,212,000 after purchasing an additional 8,801 shares in the last quarter. Comerica Bank increased its stake in Canon by 3.8% during the 1st quarter. Comerica Bank now owns 76,199 shares of the technology company’s stock worth $1,829,000 after acquiring an additional 2,811 shares during the period. Envestnet Asset Management Inc. increased its stake in Canon by 44.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 165,193 shares of the technology company’s stock worth $3,761,000 after acquiring an additional 50,663 shares during the period. Natixis Advisors L.P. bought a new position in Canon during the 1st quarter worth $1,844,000. Finally, Quantitative Systematic Strategies LLC bought a new position in Canon during the 1st quarter worth $255,000. Institutional investors and hedge funds own 1.30% of the company’s stock.
A number of equities research analysts have issued reports on the stock. TheStreet upgraded shares of Canon from a “c+” rating to a “b-” rating in a research note on Monday, August 2nd. JPMorgan Chase & Co. upgraded Canon from an “underweight” rating to a “neutral” rating in a research note on Monday, July 19th. Finally, Zacks Investment Research upgraded Canon from a “hold” rating to a “strong-buy” rating and set a $26.00 target price for the company in a research note on Friday, July 30th.
Canon (NYSE:CAJ) last issued its earnings results on Wednesday, July 28th. The technology company reported $0.53 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.23. The firm had revenue of $7.95 billion during the quarter, compared to the consensus estimate of $7.54 billion. Canon had a return on equity of 6.24% and a net margin of 5.06%. As a group, equities research analysts forecast that Canon Inc. will post 1.84 EPS for the current year.
Canon, Inc engages in the development, manufacture, and sale of office multifunction devices, copying machines, printers, cameras, and lithography equipment. It operates through the following segments: Office Business Unit (BU), Imaging System BU, Medical System BU and Industry and Others BU. The Office BU segment offers MFDs, printers, copying machines for personal and office use, and production print products for print professionals.
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