Cameco (NYSE:CCJ) Shares Down 4.6% – Here’s Why

Shares of Cameco Corporation (NYSE:CCJ) (TSE:CCO) were down 4.6% during trading on Wednesday . The company traded as low as $96.82 and last traded at $97.2050. 4,022,847 shares traded hands during trading, an increase of 9% from the average session volume of 3,696,948 shares. The stock had previously closed at $101.86.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Royal Bank Of Canada raised their price objective on shares of Cameco from $160.00 to $175.00 and gave the stock an “outperform” rating in a research note on Monday. Sanford C. Bernstein reiterated an “outperform” rating and issued a $135.00 price target on shares of Cameco in a report on Monday, June 15th. William Blair started coverage on Cameco in a research note on Monday, April 20th. They set an “outperform” rating for the company. Canadian Imperial Bank of Commerce boosted their price objective on Cameco to $202.00 in a report on Monday, March 9th. Finally, Weiss Ratings downgraded Cameco from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, June 4th. Eleven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $148.92.

Cameco Stock Performance

The company has a current ratio of 3.08, a quick ratio of 2.09 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $42.34 billion, a PE ratio of 90.01, a PEG ratio of 1.89 and a beta of 0.99. The firm’s 50-day simple moving average is $110.79 and its 200-day simple moving average is $110.59.

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

Institutional Investors Weigh In On Cameco

A number of institutional investors and hedge funds have recently bought and sold shares of CCJ. PVG Asset Management Corp grew its position in shares of Cameco by 404.8% during the 1st quarter. PVG Asset Management Corp now owns 11,818 shares of the basic materials company’s stock worth $1,265,000 after buying an additional 9,477 shares in the last quarter. Rathbones Group PLC raised its holdings in shares of Cameco by 5.3% in the first quarter. Rathbones Group PLC now owns 589,998 shares of the basic materials company’s stock valued at $63,967,000 after acquiring an additional 29,748 shares in the last quarter. Parallel Advisors LLC lifted its stake in Cameco by 2.7% in the first quarter. Parallel Advisors LLC now owns 10,202 shares of the basic materials company’s stock worth $1,108,000 after acquiring an additional 270 shares during the period. Vestor Capital LLC bought a new position in Cameco during the 1st quarter worth about $42,000. Finally, BankChampaign National Association bought a new position in Cameco during the 1st quarter worth about $530,000. 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.