Cameco (NYSE:CCJ) Shares Down 1.6% – Here’s Why

Cameco Corporation (NYSE:CCJ) (TSE:CCO) dropped 1.6% during trading on Tuesday . The company traded as low as $99.80 and last traded at $101.7940. 3,229,849 shares were traded during trading, a decline of 13% from the average daily volume of 3,694,025 shares. The stock had previously closed at $103.47.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Scotiabank reaffirmed an “outperform” rating and set a $175.00 price target on shares of Cameco in a report on Wednesday, May 6th. William Blair began coverage on shares of Cameco in a research report on Monday, April 20th. They issued an “outperform” rating for the company. Barclays assumed coverage on Cameco in a research note on Thursday, May 21st. They set an “equal weight” rating and a $108.00 target price for the company. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $135.00 target price on shares of Cameco in a research report on Monday, June 15th. Finally, TD Securities cut Cameco from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 26th. Eleven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, Cameco presently has an average rating of “Moderate Buy” and an average price target of $148.92.

Cameco Trading Down 1.1%

The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.09 and a current ratio of 3.08. The business’s 50 day moving average price is $110.26 and its 200-day moving average price is $110.60. The firm has a market cap of $41.97 billion, a price-to-earnings ratio of 89.22, a price-to-earnings-growth ratio of 1.86 and a beta of 1.02.

Cameco (NYSE:CCJ) (TSE:CCO) last issued its quarterly earnings results on Tuesday, May 5th. The basic materials company reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.05. The business had revenue of $607.49 million during the quarter, compared to the consensus estimate of $598.63 million. Cameco had a return on equity of 11.05% and a net margin of 18.38%.The business’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.16 EPS. Equities analysts expect that Cameco Corporation will post 1.21 EPS for the current year.

Hedge Funds Weigh In On Cameco

Several institutional investors have recently made changes to their positions in CCJ. Vanguard Group Inc. lifted its holdings in shares of Cameco by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 18,059,335 shares of the basic materials company’s stock worth $1,653,639,000 after purchasing an additional 258,193 shares during the last quarter. Capital World Investors grew its stake in Cameco by 0.3% during the 4th quarter. Capital World Investors now owns 13,545,354 shares of the basic materials company’s stock worth $1,240,047,000 after buying an additional 41,430 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Cameco by 0.7% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,973,799 shares of the basic materials company’s stock worth $1,089,080,000 after buying an additional 85,762 shares during the period. Van ECK Associates Corp lifted its stake in Cameco by 15.6% in the fourth quarter. Van ECK Associates Corp now owns 6,292,995 shares of the basic materials company’s stock valued at $575,771,000 after buying an additional 849,188 shares during the last quarter. Finally, Morgan Stanley lifted its stake in Cameco by 7.0% in the fourth quarter. Morgan Stanley now owns 4,978,333 shares of the basic materials company’s stock valued at $455,468,000 after buying an additional 323,693 shares during the last quarter. 70.21% of the stock is owned by institutional investors.

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.