Cameco (NYSE:CCJ) Trading Down 2.9% – What’s Next?

Cameco Co. (NYSE:CCJ) (TSE:CCO)’s share price traded down 2.9% during mid-day trading on Tuesday . The company traded as low as $50.12 and last traded at $50.36. 1,681,119 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 4,333,884 shares. The stock had previously closed at $51.88.

Analyst Upgrades and Downgrades

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

Cameco Stock Down 0.5 %

The firm has a market cap of $22.46 billion, a price-to-earnings ratio of 130.23 and a beta of 0.90. The firm has a 50 day moving average of $43.07 and a 200 day moving average of $47.40. The company has a quick ratio of 1.48, a current ratio of 3.22 and a debt-to-equity ratio of 0.23.

Cameco (NYSE:CCJ) (TSE:CCO) last released its quarterly earnings data 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). The company had revenue of $598.00 million during the quarter, compared to the consensus estimate of $756.00 million. Cameco had a net margin of 9.72% and a return on equity of 5.63%. The business’s revenue was up 24.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.01) EPS. As a group, sell-side analysts predict that Cameco Co. will post 0.83 earnings per share for the current year.

Institutional Investors Weigh In On Cameco

Institutional investors and hedge funds have recently bought and sold shares of the stock. Massachusetts Financial Services Co. MA purchased a new stake in Cameco during the second quarter worth about $73,125,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of Cameco during the 1st quarter worth approximately $31,131,000. King Luther Capital Management Corp bought a new stake in shares of Cameco in the 2nd quarter worth approximately $32,740,000. The Manufacturers Life Insurance Company lifted its stake in Cameco by 28.3% in the second 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 purchasing an additional 437,921 shares during the last quarter. Finally, Fred Alger Management LLC grew its holdings in Cameco by 106.2% during the second quarter. Fred Alger Management LLC now owns 841,182 shares of the basic materials company’s stock valued at $41,386,000 after purchasing an additional 433,234 shares during the period. 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.