Deepwater Asset Management LLC Buys New Shares in Cameco Corporation $CCJ

Deepwater Asset Management LLC acquired a new stake in shares of Cameco Corporation (NYSE:CCJ) (TSE:CCO) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 64,357 shares of the basic materials company’s stock, valued at approximately $6,555,000. Cameco comprises approximately 3.0% of Deepwater Asset Management LLC’s investment portfolio, making the stock its 21st biggest position.

Other large investors also recently modified their holdings of the company. Temasek Holdings Private Ltd purchased a new position in shares of Cameco during the first quarter worth approximately $70,851,000. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Cameco by 35.2% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 535,743 shares of the basic materials company’s stock valued at $58,187,000 after purchasing an additional 139,592 shares in the last quarter. WCM Investment Management LLC bought a new position in shares of Cameco during the 1st quarter valued at $35,342,000. Amova Asset Management Americas Inc. raised its position in Cameco by 37.7% in the 1st quarter. Amova Asset Management Americas Inc. now owns 522,864 shares of the basic materials company’s stock worth $56,788,000 after purchasing an additional 143,113 shares during the period. Finally, Janus Henderson Group PLC raised its position in Cameco by 102.3% in the 1st quarter. Janus Henderson Group PLC now owns 155,427 shares of the basic materials company’s stock worth $16,883,000 after purchasing an additional 78,609 shares during the period. 70.21% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CCJ has been the subject of several analyst reports. Bank of America cut their price target on shares of Cameco from $143.00 to $140.00 and set a “buy” rating for the company in a research report on Thursday, July 9th. Truist Financial lifted their price objective on Cameco from $129.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Sanford C. Bernstein reissued an “outperform” rating and issued a $135.00 target price on shares of Cameco in a research note on Monday, June 15th. Scotiabank restated an “outperform” rating and set a $175.00 target price on shares of Cameco in a report on Wednesday, May 6th. Finally, Citigroup restated a “positive” rating on shares of Cameco in a research report on Wednesday, July 15th. Fourteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $145.68.

Cameco Stock Performance

Shares of Cameco stock opened at $95.97 on Wednesday. Cameco Corporation has a 12 month low of $68.96 and a 12 month high of $135.24. The firm has a market capitalization of $41.80 billion, a P/E ratio of 162.66, a P/E/G ratio of 1.67 and a beta of 1.05. The company has a current ratio of 3.06, a quick ratio of 2.10 and a debt-to-equity ratio of 0.14. The business has a fifty day simple moving average of $96.19 and a two-hundred day simple moving average of $107.97.

Cameco (NYSE:CCJ) (TSE:CCO) last released its earnings results on Friday, July 31st. The basic materials company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.13). The business had revenue of $573.06 million during the quarter, compared to analysts’ expectations of $579.60 million. Cameco had a return on equity of 7.59% and a net margin of 10.20%.The firm’s quarterly revenue was down 6.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.71 earnings per share. On average, equities analysts forecast that Cameco Corporation will post 1.27 earnings per share for the current fiscal year.

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.