Cameco (NYSE:CCJ) Shares Down 2.2% – What’s Next?

Cameco Corporation (NYSE:CCJ) (TSE:CCO)’s share price traded down 2.2% during trading on Wednesday . The stock traded as low as $104.51 and last traded at $106.4710. 2,785,871 shares changed hands during trading, a decline of 25% from the average daily volume of 3,724,706 shares. The stock had previously closed at $108.89.

Analysts Set New Price Targets

Several analysts have issued reports on CCJ shares. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $135.00 price objective on shares of Cameco in a research report on Monday, June 15th. Canadian Imperial Bank of Commerce boosted their target price on shares of Cameco to $202.00 in a research report on Monday, March 9th. Barclays started coverage on shares of Cameco in a research note on Thursday, May 21st. They issued an “equal weight” rating and a $108.00 target price for the company. William Blair started coverage on shares of Cameco in a report on Monday, April 20th. They set an “outperform” rating for the company. Finally, TD Securities downgraded shares of Cameco from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 26th. Eleven research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $147.42.

Cameco Stock Down 2.2%

The firm has a fifty day simple moving average of $112.25 and a 200-day simple moving average of $110.19. The company has a market capitalization of $46.37 billion, a PE ratio of 98.59, a P/E/G ratio of 1.95 and a beta of 0.99. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.09 and a current ratio of 3.08.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC acquired a new stake in shares of Cameco in the 4th quarter valued at about $25,000. Founders Capital Management bought a new stake in Cameco in the fourth quarter valued at about $27,000. Strategic Advocates LLC bought a new stake in Cameco in the third quarter valued at about $28,000. Mcguire Capital Advisors Inc. acquired a new stake in Cameco during the fourth quarter valued at approximately $28,000. Finally, Caitong International Asset Management Co. Ltd raised its stake in Cameco by 30,700.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 308 shares of the basic materials company’s stock valued at $28,000 after buying an additional 307 shares in the last quarter. 70.21% of the stock is owned by institutional investors and hedge funds.

Cameco Company 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.