Cameco (NYSE:CCJ) Shares Down 1.9% – Here’s Why

Cameco Corporation (NYSE:CCJ) (TSE:CCO) shares dropped 1.9% during trading on Wednesday . The stock traded as low as $108.82 and last traded at $109.4020. Approximately 2,670,959 shares changed hands during mid-day trading, a decline of 39% from the average daily volume of 4,405,696 shares. The stock had previously closed at $111.52.

Analyst Ratings Changes

CCJ has been the subject of a number of recent research reports. Glj Research reiterated a “buy” rating and issued a $171.20 target price (up from $100.00) on shares of Cameco in a research note on Wednesday, February 18th. Zacks Research cut Cameco from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 18th. Canadian Imperial Bank of Commerce increased their price target on Cameco to $202.00 in a research note on Monday, March 9th. Weiss Ratings raised Cameco from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, February 23rd. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $131.00 price objective on shares of Cameco in a research note on Wednesday, February 4th. Thirteen investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $150.40.

Cameco Trading Down 1.9%

The business has a 50 day simple moving average of $116.94 and a 200 day simple moving average of $98.40. The company has a market cap of $47.65 billion, a price-to-earnings ratio of 112.79 and a beta of 0.98. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.47 and a quick ratio of 1.68.

Cameco (NYSE:CCJ) (TSE:CCO) last announced its quarterly earnings data on Friday, February 13th. The basic materials company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.07. Cameco had a net margin of 17.00% and a return on equity of 9.35%. The firm had revenue of $874.57 million for the quarter, compared to analysts’ expectations of $782.13 million. During the same period last year, the firm earned $0.36 earnings per share. The business’s revenue for the quarter was up 1.5% on a year-over-year basis. As a group, equities analysts forecast that Cameco Corporation will post 1.27 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CCJ. Norges Bank bought a new position in Cameco during the 4th quarter worth $443,265,000. TD Asset Management Inc increased its position in Cameco by 116.7% in the 3rd quarter. TD Asset Management Inc now owns 4,622,932 shares of the basic materials company’s stock valued at $388,068,000 after acquiring an additional 2,489,207 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in Cameco by 41.4% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 7,076,815 shares of the basic materials company’s stock worth $524,988,000 after purchasing an additional 2,071,373 shares during the last quarter. Marshall Wace LLP lifted its position in shares of Cameco by 7,481.3% in the 4th quarter. Marshall Wace LLP now owns 1,752,571 shares of the basic materials company’s stock worth $160,343,000 after purchasing an additional 1,729,454 shares during the period. Finally, Van ECK Associates Corp boosted its position in Cameco by 43.3% during 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 acquiring an additional 1,644,061 shares during the last quarter. Institutional investors own 70.21% of the company’s stock.

About Cameco

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.