Cameco (NYSE:CCJ) Shares Up 5.2% – Here’s Why

Cameco Co. (NYSE:CCJ) (TSE:CCO)’s stock price rose 5.2% during mid-day trading on Wednesday . The stock traded as high as $54.55 and last traded at $54.40. Approximately 2,958,710 shares traded hands during mid-day trading, a decline of 32% from the average daily volume of 4,343,644 shares. The stock had previously closed at $51.71.

Analysts Set New Price Targets

A number of research firms recently issued reports on CCJ. Bank of America raised their price objective on shares of Cameco from $59.00 to $60.50 and gave the stock a “buy” rating in a report on Wednesday, June 26th. Cantor Fitzgerald raised shares of Cameco from a “neutral” rating to an “overweight” rating in a research report on Wednesday, July 31st. Scotiabank lowered their target price on Cameco from $81.00 to $80.00 and set an “outperform” rating on the stock in a research report on Monday, August 19th. Glj Research reaffirmed a “buy” rating and issued a $63.73 price objective on shares of Cameco in a research note on Wednesday, August 14th. Finally, National Bank Financial upgraded shares of Cameco to a “strong-buy” rating in a research note on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, five have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Cameco currently has an average rating of “Buy” and an average target price of $66.56.

Cameco Stock Performance

The business’s 50-day moving average price is $43.34 and its 200-day moving average price is $47.46. The company has a current ratio of 3.22, a quick ratio of 1.48 and a debt-to-equity ratio of 0.23. The stock has a market cap of $24.30 billion, a PE ratio of 139.49 and a beta of 0.90.

Cameco (NYSE:CCJ) (TSE:CCO) last released its earnings results on Wednesday, July 31st. The basic materials company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.14). Cameco had a net margin of 9.72% and a return on equity of 5.63%. The firm had revenue of $598.00 million during the quarter, compared to analyst estimates of $756.00 million. During the same period in the previous year, the company earned ($0.01) earnings per share. Cameco’s revenue was up 24.1% on a year-over-year basis. As a group, equities research analysts expect that Cameco Co. will post 0.83 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cameco

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA acquired a new position in Cameco in the 2nd quarter worth about $73,125,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of Cameco during the 1st quarter valued at approximately $31,131,000. King Luther Capital Management Corp acquired a new stake in Cameco in the 2nd quarter valued at $32,740,000. The Manufacturers Life Insurance Company raised its position in Cameco by 28.3% during the second quarter. The Manufacturers Life Insurance Company now owns 1,987,526 shares of the basic materials company’s stock worth $97,653,000 after acquiring an additional 437,921 shares during the period. Finally, Fred Alger Management LLC raised its position in shares of Cameco by 106.2% during the 2nd quarter. Fred Alger Management LLC now owns 841,182 shares of the basic materials company’s stock worth $41,386,000 after purchasing an additional 433,234 shares during the last quarter. 70.21% of the stock is owned by institutional investors and hedge funds.

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.