Cameco (NYSE:CCJ) Shares Down 5.7% – Here’s Why

Cameco Co. (NYSE:CCJ) (TSE:CCO)’s stock price dropped 5.7% on Tuesday . The stock traded as low as $63.00 and last traded at $63.10. Approximately 4,945,115 shares changed hands during mid-day trading, an increase of 15% from the average daily volume of 4,294,511 shares. The stock had previously closed at $66.91.

Analyst Upgrades and Downgrades

Several research analysts recently commented on CCJ shares. Glj Research boosted their target price on Cameco from $62.76 to $75.68 and gave the stock a “buy” rating in a research note on Wednesday, March 12th. Sanford C. Bernstein assumed coverage on Cameco in a research report on Tuesday, April 1st. They issued an “outperform” rating and a $52.00 price target on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $90.00 target price on shares of Cameco in a report on Tuesday, March 4th. Stifel Canada upgraded shares of Cameco to a “strong-buy” rating in a research report on Wednesday, March 12th. Finally, Desjardins initiated coverage on shares of Cameco in a report on Friday, April 4th. They set a “buy” rating on the stock. One research analyst has rated the stock with a hold rating, nine have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $70.53.

Cameco Stock Down 5.6%

The company’s 50 day moving average price is $48.51 and its two-hundred day moving average price is $49.23. The stock has a market cap of $27.48 billion, a P/E ratio of 225.70 and a beta of 0.97. The company has a current ratio of 2.88, a quick ratio of 1.26 and a debt-to-equity ratio of 0.20.

Cameco (NYSE:CCJ) (TSE:CCO) last announced its quarterly earnings results on Thursday, May 1st. The basic materials company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.07). Cameco had a net margin of 5.39% and a return on equity of 4.34%. The company had revenue of $549.58 million during the quarter, compared to the consensus estimate of $890.07 million. During the same quarter in the prior year, the firm posted $0.13 earnings per share. The business’s revenue was up 24.4% on a year-over-year basis. Equities analysts forecast that Cameco Co. will post 1.27 earnings per share for the current year.

Institutional Investors Weigh In On Cameco

Several hedge funds have recently bought and sold shares of CCJ. Vanguard Capital Wealth Advisors purchased a new position in shares of Cameco during the fourth quarter worth $839,000. Sprott Inc. grew its holdings in Cameco by 44.5% in the fourth quarter. Sprott Inc. now owns 111,896 shares of the basic materials company’s stock valued at $5,750,000 after purchasing an additional 34,483 shares during the period. Aigen Investment Management LP purchased a new stake in Cameco during the fourth quarter worth approximately $930,000. Plato Investment Management Ltd purchased a new position in shares of Cameco in the fourth quarter valued at $360,000. Finally, Tidal Investments LLC grew its position in Cameco by 44.7% in the 4th quarter. Tidal Investments LLC now owns 36,736 shares of the basic materials company’s stock valued at $1,888,000 after buying an additional 11,340 shares in the last quarter. Hedge funds and other institutional investors own 70.21% of the company’s stock.

Cameco Company Profile

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.