Cameco (NYSE:CCJ) Stock Price Up 1.6% – What’s Next?

Shares of Cameco Corporation (NYSE:CCJ) (TSE:CCO) were up 1.6% on Tuesday . The stock traded as high as $111.49 and last traded at $108.78. Approximately 3,707,648 shares changed hands during mid-day trading, a decline of 1% from the average session volume of 3,731,580 shares. The stock had previously closed at $107.07.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CCJ. Canadian Imperial Bank of Commerce boosted their target price on Cameco to $202.00 in a report on Monday, March 9th. Barclays started coverage on shares of Cameco in a research report on Thursday, May 21st. They issued an “equal weight” rating and a $108.00 price objective on the stock. 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 issued a $175.00 target price on shares of Cameco in a research note on Wednesday, May 6th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $135.00 target price on shares of Cameco in a report on Monday, June 15th. Eleven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $147.42.

Cameco Trading Down 2.8%

The firm has a market capitalization of $45.13 billion, a PE ratio of 95.97, a P/E/G ratio of 1.99 and a beta of 0.99. The business has a 50 day moving average price of $112.05 and a 200-day moving average price of $110.27. The company has a current ratio of 3.08, a quick ratio of 2.09 and a debt-to-equity ratio of 0.14.

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 analysts’ consensus estimates of $0.29 by $0.05. Cameco had a return on equity of 11.05% and a net margin of 18.38%.The firm had revenue of $607.49 million for the quarter, compared to the consensus estimate of $598.63 million. During the same period in the previous year, the business earned $0.16 earnings per share. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. Analysts expect that Cameco Corporation will post 1.21 earnings per share for the current year.

Hedge Funds Weigh In On Cameco

Institutional investors and hedge funds have recently made changes to their positions in the stock. Norges Bank acquired a new stake in shares of Cameco in the fourth quarter valued at about $443,265,000. TD Asset Management Inc grew its position in Cameco by 116.7% during the third quarter. TD Asset Management Inc now owns 4,622,932 shares of the basic materials company’s stock worth $388,068,000 after buying an additional 2,489,207 shares during the period. Marshall Wace LLP increased its holdings in Cameco by 7,481.3% in the fourth quarter. Marshall Wace LLP now owns 1,752,571 shares of the basic materials company’s stock valued at $160,343,000 after buying an additional 1,729,454 shares in the last quarter. Van ECK Associates Corp increased its holdings in Cameco by 43.3% in the third quarter. Van ECK Associates Corp now owns 5,443,807 shares of the basic materials company’s stock valued at $456,530,000 after buying an additional 1,644,061 shares in the last quarter. Finally, Mizuho Markets Cayman LP acquired a new stake in shares of Cameco during the 3rd quarter valued at approximately $128,370,000. 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.