Cameco (NYSE:CCJ) Shares Down 0.5% – Here’s What Happened

by · The Cerbat Gem

Cameco Co. (NYSE:CCJ – Get Free Report) (TSE:CCO)’s share price dropped 0.5% during mid-day trading on Wednesday . The company traded as low as $53.65 and last traded at $54.47. Approximately 890,086 shares traded hands during trading, a decline of 80% from the average daily volume of 4,395,370 shares. The stock had previously closed at $54.77.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. National Bank Financial raised shares of Cameco to a “strong-buy” rating in a research note on Tuesday, September 3rd. Glj Research reaffirmed a “buy” rating and set a $63.73 target price on shares of Cameco in a report on Wednesday, August 14th. Janney Montgomery Scott raised shares of Cameco to a “strong-buy” rating in a report on Friday, October 4th. Cantor Fitzgerald raised Cameco from a “neutral” rating to an “overweight” rating in a research note on Wednesday, July 31st. Finally, Scotiabank dropped their price objective on shares of Cameco from $81.00 to $80.00 and set an “outperform” rating for the company in a report on Monday, August 19th. One equities research analyst has rated the stock with a sell rating, five have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $66.56.

View Our Latest Report on Cameco

Cameco Stock Performance

The company has a market cap of $23.40 billion, a price-to-earnings ratio of 139.67 and a beta of 0.90. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.48 and a current ratio of 3.22. The firm’s 50 day simple moving average is $46.51 and its 200-day simple moving average is $47.95.

Cameco (NYSE:CCJ – Get Free Report) (TSE:CCO) last released its quarterly earnings results on Wednesday, July 31st. The basic materials company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.14). Cameco had a net margin of 9.72% and a return on equity of 5.63%. The company had revenue of $598.00 million during the quarter, compared to analysts’ expectations of $756.00 million. During the same period last year, the firm posted ($0.01) earnings per share. Cameco’s revenue was up 24.1% on a year-over-year basis. On average, sell-side analysts predict that Cameco Co. will post 0.83 EPS for the current year.

Hedge Funds Weigh In On Cameco

Several hedge funds and other institutional investors have recently bought and sold shares of CCJ. Massachusetts Financial Services Co. MA purchased a new position in Cameco during the second quarter worth about $73,125,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in shares of Cameco in the 1st quarter worth about $31,131,000. King Luther Capital Management Corp acquired a new stake in Cameco during the second quarter valued at approximately $32,740,000. Van ECK Associates Corp lifted its stake in Cameco by 48.1% during the third quarter. Van ECK Associates Corp now owns 1,584,822 shares of the basic materials company’s stock worth $75,691,000 after purchasing an additional 515,046 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Cameco by 28.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,987,526 shares of the basic materials company’s stock worth $97,653,000 after buying an additional 437,921 shares during the last quarter. 70.21% of the stock is owned by institutional investors and hedge funds.

About Cameco

(Get Free Report)

Cameco Corporation provides uranium for the generation of electricity. It operates through Uranium, Fuel Services, Westinghouse segments. The Uranium segment is involved in the exploration for, mining, and milling, purchase, and sale of uranium concentrate. The Fuel Services segment engages in the refining, conversion, and fabrication of uranium concentrate, as well as the purchase and sale of conversion services.

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