Cameco (NYSE:CCJ) Stock Price Down 2.2% – Here’s What Happened

Cameco Corporation (NYSE:CCJ) (TSE:CCO) shares dropped 2.2% during trading on Thursday . The company traded as low as $121.75 and last traded at $123.6810. Approximately 4,360,397 shares were traded during trading, an increase of 9% from the average daily volume of 4,010,119 shares. The stock had previously closed at $126.47.

Wall Street Analysts Forecast Growth

CCJ has been the subject of a number of analyst reports. Zacks Research cut shares of Cameco from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, February 18th. Raymond James Financial reiterated an “outperform” rating on shares of Cameco in a research report on Wednesday, January 14th. Canadian Imperial Bank of Commerce upped their price target on Cameco to $202.00 in a research report on Monday, March 9th. William Blair initiated coverage on shares of Cameco in a report on Monday. They set an “outperform” rating for the company. Finally, The Goldman Sachs Group reissued a “buy” rating and set a $131.00 price target on shares of Cameco in a report on Wednesday, February 4th. Twelve analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Cameco currently has an average rating of “Moderate Buy” and a consensus target price of $150.40.

Cameco Stock Performance

The firm has a market capitalization of $53.87 billion, a P/E ratio of 127.51 and a beta of 1.02. The stock has a 50-day moving average of $114.32 and a 200 day moving average of $103.90. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.68 and a current ratio of 2.47.

Cameco (NYSE:CCJ) (TSE:CCO) last released its quarterly earnings results on Friday, February 13th. The basic materials company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.07. The business had revenue of $874.57 million for the quarter, compared to analyst estimates of $782.13 million. Cameco had a return on equity of 9.35% and a net margin of 17.00%.Cameco’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.36 EPS. On average, research analysts anticipate that Cameco Corporation will post 1.48 earnings per share for the current year.

Institutional Investors Weigh In On Cameco

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Financial Consulate Inc. acquired a new stake in Cameco in the 3rd quarter valued at about $25,000. Nisa Investment Advisors LLC acquired a new stake in Cameco in the 4th quarter valued at about $25,000. Founders Capital Management acquired a new stake in Cameco in the 4th quarter valued at about $27,000. Strategic Advocates LLC acquired a new position in Cameco during the 3rd quarter worth $28,000. Finally, Mcguire Capital Advisors Inc. acquired a new position in Cameco during the 4th quarter worth $28,000. Institutional investors and hedge funds own 70.21% of the company’s stock.

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.