Cameco (NYSE:CCJ) Trading Down 3.8% – Here’s Why

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

Analyst Ratings Changes

Several research firms have recently issued reports on CCJ. Sanford C. Bernstein reiterated an “outperform” rating and set a $135.00 price objective on shares of Cameco in a research report on Monday, June 15th. William Blair started coverage on shares of Cameco in a research note on Monday, April 20th. They set an “outperform” rating for the company. Barclays reduced their price target on shares of Cameco from $108.00 to $104.00 and set an “equal weight” rating on the stock in a report on Wednesday. Bank of America decreased their price target on shares of Cameco from $143.00 to $140.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. Finally, Royal Bank Of Canada increased their price objective on shares of Cameco from $160.00 to $175.00 and gave the company an “outperform” rating in a report on Monday, June 29th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, Cameco currently has a consensus rating of “Moderate Buy” and a consensus price target of $146.18.

Cameco Trading Down 2.0%

The company has a market cap of $37.28 billion, a PE ratio of 79.27, a P/E/G ratio of 1.43 and a beta of 1.02. The stock’s 50 day moving average is $103.83 and its 200-day moving average is $110.67. The company has a quick ratio of 2.09, a current ratio of 3.08 and a debt-to-equity ratio of 0.14.

Cameco (NYSE:CCJ) (TSE:CCO) last announced its earnings results on Tuesday, May 5th. The basic materials company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.05. The firm had revenue of $607.49 million for the quarter, compared to analysts’ expectations of $598.63 million. Cameco had a net margin of 18.38% and a return on equity of 11.05%. The business’s revenue was up 7.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.16 EPS. As a group, sell-side analysts anticipate that Cameco Corporation will post 1.29 EPS for the current year.

Hedge Funds Weigh In On Cameco

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Bay Colony Advisory Group Inc d b a Bay Colony Advisors increased its position in shares of Cameco by 6.2% during the 2nd quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 6,647 shares of the basic materials company’s stock valued at $677,000 after purchasing an additional 389 shares during the last quarter. Contravisory Investment Management Inc. lifted its position in Cameco by 2,229.3% in the second quarter. Contravisory Investment Management Inc. now owns 71,788 shares of the basic materials company’s stock worth $7,312,000 after buying an additional 68,706 shares during the last quarter. Vertrix Wealth Management LLC purchased a new position in Cameco during the second quarter worth $567,000. Chemistry Wealth Management LLC increased its position in Cameco by 13.4% during the second quarter. Chemistry Wealth Management LLC now owns 3,402 shares of the basic materials company’s stock valued at $347,000 after acquiring an additional 402 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. increased its position in Cameco by 12.2% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 27,761 shares of the basic materials company’s stock valued at $2,828,000 after acquiring an additional 3,014 shares during the last quarter. Hedge funds and other 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.