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

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

Wall Street Analysts Forecast Growth

CCJ has been the subject of a number of analyst reports. Janney Montgomery Scott upgraded Cameco to a “strong-buy” rating in a research report on Friday, October 4th. Scotiabank lowered their target price on shares of Cameco from $81.00 to $80.00 and set an “outperform” rating for the company in a report on Monday, August 19th. National Bank Financial upgraded shares of Cameco to a “strong-buy” rating in a report on Tuesday, September 3rd. Cantor Fitzgerald raised shares of Cameco from a “neutral” rating to an “overweight” rating in a research note on Wednesday, July 31st. Finally, Glj Research reaffirmed a “buy” rating and set a $63.73 target price on shares of Cameco in a research note on Wednesday, August 14th. One investment analyst has rated the stock with a sell rating, five have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cameco presently has an average rating of “Buy” and an average target price of $66.56.

Cameco Stock Up 2.4 %

The company has a market cap of $25.25 billion, a P/E ratio of 145.23 and a beta of 0.90. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.48 and a current ratio of 3.22. The business’s fifty day moving average is $44.05 and its two-hundred day moving average is $47.58.

Cameco (NYSE:CCJ) (TSE:CCO) last posted its quarterly earnings results on Wednesday, July 31st. The basic materials company reported $0.14 earnings per share 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 company had revenue of $598.00 million for the quarter, compared to the consensus estimate of $756.00 million. During the same period in the prior year, the firm posted ($0.01) EPS. The business’s revenue was up 24.1% on a year-over-year basis. Equities analysts predict that Cameco Co. will post 0.83 EPS for the current year.

Institutional Trading of Cameco

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

About Cameco

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.