Cameco (NYSE:CCJ) Trading Down 2.6% – Here’s Why

Cameco Corporation (NYSE:CCJ) (TSE:CCO) shares were down 2.6% on Thursday . The company traded as low as $110.12 and last traded at $112.4010. Approximately 3,124,724 shares were traded during trading, a decline of 19% from the average daily volume of 3,860,001 shares. The stock had previously closed at $115.39.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on CCJ shares. Canadian Imperial Bank of Commerce increased their price objective on Cameco to $202.00 in a report on Monday, March 9th. The Goldman Sachs Group reiterated a “buy” rating and issued a $131.00 target price on shares of Cameco in a research note on Wednesday, February 4th. TD Securities downgraded shares of Cameco from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 26th. Scotiabank restated an “outperform” rating and set a $175.00 price target on shares of Cameco in a report on Wednesday, May 6th. Finally, William Blair began coverage on shares of Cameco in a research note on Monday, April 20th. They issued an “outperform” rating for the company. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $153.13.

Cameco Price Performance

The firm has a market capitalization of $48.95 billion, a P/E ratio of 104.08, a P/E/G ratio of 1.97 and a beta of 1.04. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.09 and a current ratio of 3.08. The stock has a 50 day moving average of $114.62 and a two-hundred day moving average of $106.90.

Cameco (NYSE:CCJ) (TSE:CCO) last announced its quarterly earnings results on Tuesday, May 5th. The basic materials company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.29 by $0.05. The company had revenue of $607.49 million for the quarter, compared to the consensus estimate of $598.63 million. Cameco had a return on equity of 11.05% and a net margin of 18.38%.The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.16 earnings per share. Sell-side analysts predict that Cameco Corporation will post 1.32 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cameco

Several hedge funds and other institutional investors have recently made changes to their positions in CCJ. GC Wealth Management RIA LLC bought a new stake in Cameco during the 1st quarter valued at approximately $469,000. Aristides Capital LLC increased its position in Cameco by 9.8% in the 1st quarter. Aristides Capital LLC now owns 26,379 shares of the basic materials company’s stock worth $2,865,000 after buying an additional 2,361 shares during the period. Compound Planning Inc. lifted its holdings in shares of Cameco by 10.3% during the first quarter. Compound Planning Inc. now owns 4,242 shares of the basic materials company’s stock worth $461,000 after buying an additional 397 shares during the last quarter. State of Wyoming lifted its holdings in shares of Cameco by 239.8% during the first quarter. State of Wyoming now owns 1,828 shares of the basic materials company’s stock worth $198,000 after buying an additional 1,290 shares during the last quarter. Finally, Icon Advisers Inc. Co. boosted its position in shares of Cameco by 22.0% in the first quarter. Icon Advisers Inc. Co. now owns 50,000 shares of the basic materials company’s stock valued at $5,430,000 after acquiring an additional 9,000 shares during the period. 70.21% of the stock is owned by institutional investors and hedge funds.

Cameco Company Profile

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.