Permanens Capital L.P. Makes New $17.50 Million Investment in Cameco Corporation $CCJ

Permanens Capital L.P. acquired a new position in Cameco Corporation (NYSE:CCJ) (TSE:CCO) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 171,804 shares of the basic materials company’s stock, valued at approximately $17,500,000. Cameco accounts for 1.8% of Permanens Capital L.P.’s portfolio, making the stock its 13th largest holding.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CCJ. Philadelphia Financial Management of San Francisco LLC purchased a new position in shares of Cameco during the 2nd quarter worth approximately $4,614,258,000. Philadelphia Investment Partners LLC acquired a new stake in shares of Cameco in the second quarter valued at $146,000. Ausdal Financial Partners Inc. purchased a new stake in shares of Cameco in the 2nd quarter valued at $510,000. Bank of America Corp DE purchased a new stake in shares of Cameco in the 2nd quarter valued at $735,498,000. Finally, Freestone Grove Partners LP acquired a new position in Cameco during the 2nd quarter worth about $14,593,000. Institutional investors and hedge funds own 70.21% of the company’s stock.

Analyst Ratings Changes

CCJ has been the topic of several recent research reports. Wall Street Zen downgraded shares of Cameco from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Truist Financial upped their price target on Cameco from $129.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Weiss Ratings lowered Cameco from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, August 12th. Scotiabank reiterated an “outperform” rating and issued a $175.00 price objective on shares of Cameco in a research note on Wednesday, May 6th. Finally, Bank of America lowered their price objective on Cameco from $143.00 to $140.00 and set a “buy” rating for the company in a research report on Thursday, July 9th. Fourteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $145.68.

Cameco Price Performance

Shares of CCJ opened at $107.51 on Thursday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.10 and a current ratio of 3.06. Cameco Corporation has a fifty-two week low of $73.20 and a fifty-two week high of $135.24. The firm has a 50-day simple moving average of $96.14 and a 200-day simple moving average of $107.17. The company has a market capitalization of $46.82 billion, a price-to-earnings ratio of 182.22, a price-to-earnings-growth ratio of 1.83 and a beta of 1.05.

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

Cameco 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.