Cameco (NYSE:CCJ) Trading 1% Higher – Should You Buy?

Cameco Co. (NYSE:CCJ) (TSE:CCO)’s share price was up 1% during trading on Wednesday . The stock traded as high as $52.60 and last traded at $51.76. Approximately 1,798,431 shares changed hands during trading, a decline of 59% from the average daily volume of 4,388,551 shares. The stock had previously closed at $51.26.

Wall Street Analysts Forecast Growth

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

Cameco Stock Performance

The stock has a market cap of $22.27 billion, a PE ratio of 118.99 and a beta of 0.89. The company has a quick ratio of 1.48, a current ratio of 3.22 and a debt-to-equity ratio of 0.23. The stock has a 50-day moving average of $47.77 and a 200 day moving average of $48.11.

Institutional Investors Weigh In On Cameco

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Daiwa Securities Group Inc. grew its stake in shares of Cameco by 207.3% in the first quarter. Daiwa Securities Group Inc. now owns 7,990 shares of the basic materials company’s stock valued at $346,000 after buying an additional 5,390 shares in the last quarter. Larson Financial Group LLC grew its stake in shares of Cameco by 99.3% in the first quarter. Larson Financial Group LLC now owns 1,204 shares of the basic materials company’s stock valued at $52,000 after buying an additional 600 shares in the last quarter. Mediolanum International Funds Ltd acquired a new stake in shares of Cameco in the first quarter valued at $198,000. Manchester Capital Management LLC acquired a new stake in shares of Cameco in the first quarter valued at $312,000. Finally, Kayne Anderson Capital Advisors LP acquired a new stake in shares of Cameco in the first quarter valued at $8,096,000. Hedge funds and other institutional investors own 70.21% of the company’s stock.

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.