Canon Inc. (NYSE: CAJ) Short interest rate up 30.8% in June

Canon Inc. (NYSE: CAJ) was the target of strong growth in short-term interest rates in June. As of June 30, there was short interest totaling 869,300 shares, an increase of 30.8% from the total of 664,400 shares as of June 15. About 0.1% of the company’s shares are sold short. Based on an average daily volume of 235,000 shares, the days-to-cover ratio is currently 3.7 days.

Meanwhile, Zacks Investment Research upgraded Canon shares from a “hold” rating to a “buy” rating and set a target price of $ 26.00 on the stock in a report released on Monday, July 12.

Shares of CAJ opened at $ 22.68 on Monday. Canon has a twelve month minimum of $ 15.46 and a twelve month maximum of $ 25.94. The company has a fifty-day moving average price of $ 23.30. The company has a market cap of $ 24.13 billion, a price-to-earnings ratio of 23.63, a price-to-earnings-growth ratio of 15.90 and a beta of 0.38.

Canon (NYSE: CAJ) last reported its quarterly results on Sunday, April 25. The tech company reported earnings per share of $ 0.40 for the quarter, beating the Zacks’ consensus estimate by $ 0.27 by $ 0.13. Canon had a net margin of 3.29% and a return on equity of 3.90%. The company posted revenue of $ 7.95 billion for the quarter, compared to analysts’ estimates of $ 7.96 billion. Analysts expect Canon to post earnings per share of 1.43 for the current fiscal year.

A number of large investors have recently changed their positions in the stock. Northern Trust Corp increased its stake in Canon by 4.2% during the 1st quarter. Northern Trust Corp now owns 990,042 shares of the tech company valued at $ 22,544,000 after acquiring an additional 39,676 shares in the last quarter. BlackRock Inc. increased its stake in Canon by 333,303.5% during the 1st quarter. BlackRock Inc. now owns 753,492 shares of the tech company valued at $ 17,157,000 after acquiring an additional 753,266 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Canon by 26.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 725,474 shares of the tech company valued at $ 16,519,000 after acquiring an additional 151,307 shares in the last quarter. US Bancorp DE increased its stake in Canon by 87.0% during the first quarter. US Bancorp DE now owns 342,291 shares of the tech company worth $ 7,794,000 after acquiring an additional 159,261 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Canon by 5.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 165,480 shares of the technology company valued at $ 3,212,000 after acquiring an additional 8,801 shares in the last quarter. Hedge funds and other institutional investors own 1.29% of the company’s shares.

Canon Company Profile

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

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