Cameco (NYSE:CCJ) Shares Down 1.2% – Here’s Why

Cameco Corporation (NYSE:CCJ) (TSE:CCO)’s share price traded down 1.2% during mid-day trading on Wednesday . The company traded as low as $112.02 and last traded at $115.5580. 3,340,381 shares traded hands during trading, a decline of 14% from the average session volume of 3,863,261 shares. The stock had previously closed at $116.93.

Wall Street Analysts Forecast Growth

CCJ has been the topic of a number of recent research reports. Raymond James Financial restated an “outperform” rating on shares of Cameco in a research report on Wednesday, January 14th. William Blair began coverage on shares of Cameco in a research note on Monday, April 20th. They issued an “outperform” rating on the stock. Glj Research restated a “buy” rating and set a $171.20 target price (up from $100.00) on shares of Cameco in a report on Wednesday, February 18th. Scotiabank restated an “outperform” rating and issued a $175.00 price target on shares of Cameco in a research report on Wednesday, May 6th. Finally, Weiss Ratings cut Cameco from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, May 6th. Eleven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $153.13.

Cameco Trading Down 1.2%

The company has a quick ratio of 2.09, a current ratio of 3.08 and a debt-to-equity ratio of 0.14. The company’s 50-day moving average is $114.83 and its 200-day moving average is $106.69. The stock has a market capitalization of $50.33 billion, a price-to-earnings ratio of 107.00, a PEG ratio of 2.17 and a beta of 1.04.

Cameco (NYSE:CCJ) (TSE:CCO) last posted its quarterly earnings results on Tuesday, May 5th. The basic materials company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.05. The business had revenue of $607.49 million during the quarter, compared to analysts’ expectations of $598.63 million. Cameco had a net margin of 18.38% and a return on equity of 11.05%. The business’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.16 EPS. Research analysts anticipate that Cameco Corporation will post 1.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cameco

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in Cameco in the fourth quarter valued at $443,265,000. TD Asset Management Inc lifted its position in Cameco by 116.7% in the third quarter. TD Asset Management Inc now owns 4,622,932 shares of the basic materials company’s stock valued at $388,068,000 after buying an additional 2,489,207 shares during the last quarter. Marshall Wace LLP boosted its stake in Cameco by 7,481.3% during the fourth quarter. Marshall Wace LLP now owns 1,752,571 shares of the basic materials company’s stock worth $160,343,000 after buying an additional 1,729,454 shares during the period. Van ECK Associates Corp boosted its stake in Cameco by 43.3% during the third quarter. Van ECK Associates Corp now owns 5,443,807 shares of the basic materials company’s stock worth $456,530,000 after buying an additional 1,644,061 shares during the period. Finally, Mizuho Markets Cayman LP acquired a new stake in shares of Cameco during the third quarter valued at about $128,370,000. Institutional investors and hedge funds own 70.21% of the company’s stock.

About Cameco

Cameco Corporation (NYSE: CCJ) is a leading producer of uranium and a supplier to the global nuclear power industry. Headquartered in Saskatoon, Saskatchewan, Canada, the company is engaged in the exploration, mining, milling and sale of uranium concentrate, commonly known as yellowcake, which is used as fuel for nuclear reactors. Cameco also participates in services and activities that support the front end of the nuclear fuel cycle, including processing and marketing of uranium to utilities under long‑term and spot contracts.

The company’s operations have historically centered in Canada and the United States, where it operates and develops uranium mining and processing properties.