Cameco (NYSE:CCJ) Shares Down 3.8% – What’s Next?

Shares of Cameco Corporation (NYSE:CCJ) (TSE:CCO) dropped 3.8% during mid-day trading on Thursday . The company traded as low as $86.44 and last traded at $87.5030. 5,029,372 shares traded hands during trading, an increase of 36% from the average session volume of 3,692,515 shares. The stock had previously closed at $90.98.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CCJ. Sanford C. Bernstein restated an “outperform” rating and issued a $135.00 price objective on shares of Cameco in a report on Monday, June 15th. Bank of America decreased their target price on Cameco from $143.00 to $140.00 and set a “buy” rating for the company in a report on Thursday, July 9th. Weiss Ratings downgraded shares of Cameco from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, June 4th. TD Securities cut shares of Cameco from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 26th. Finally, Barclays decreased their price objective on shares of Cameco from $108.00 to $104.00 and set an “equal weight” rating for the company in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $146.18.

Cameco Trading Down 3.8%

The firm has a market cap of $38.11 billion, a price-to-earnings ratio of 81.02, a price-to-earnings-growth ratio of 1.61 and a beta of 1.02. 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 business has a 50 day moving average price of $105.08 and a 200-day moving average price of $110.89.

Cameco (NYSE:CCJ) (TSE:CCO) last released its quarterly earnings results on Tuesday, May 5th. The basic materials company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.29 by $0.05. The firm had revenue of $607.49 million for the quarter, compared to analyst estimates of $598.63 million. Cameco had a return on equity of 11.05% and a net margin of 18.38%.Cameco’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.16 EPS. As a group, research analysts expect that Cameco Corporation will post 1.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank purchased a new position in Cameco in the 4th quarter valued at about $443,265,000. Marshall Wace LLP grew its stake in shares of 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 valued at $160,343,000 after acquiring an additional 1,729,454 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of Cameco by 14,338.8% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,112,080 shares of the basic materials company’s stock worth $101,744,000 after acquiring an additional 1,104,378 shares during the last quarter. Man Group plc increased its position in shares of Cameco by 126.3% during the third quarter. Man Group plc now owns 1,698,728 shares of the basic materials company’s stock worth $142,455,000 after acquiring an additional 948,068 shares during the last quarter. Finally, Corient Private Wealth LLC lifted its stake in shares of Cameco by 1,339.8% in the fourth quarter. Corient Private Wealth LLC now owns 964,552 shares of the basic materials company’s stock worth $88,247,000 after acquiring an additional 897,558 shares in the last quarter. 70.21% of the stock is currently owned by hedge funds and other institutional investors.

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.