Cameco (NYSE:CCJ) Sets New 12-Month High - Time to Buy?

Cameco Corporation (NYSE:CCJ - Get Free Report) TSE: CCO hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $80.32 and last traded at $78.68, with a volume of 3712277 shares changing hands. The stock had previously closed at $79.14.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Glj Research reissued a "buy" rating and set a $75.27 target price on shares of Cameco in a research report on Thursday, June 12th. UBS Group reiterated a "buy" rating on shares of Cameco in a research note on Tuesday, June 10th. Sanford C. Bernstein set a $70.00 target price on Cameco and gave the company an "outperform" rating in a report on Tuesday, June 10th. Royal Bank Of Canada upped their target price on Cameco from $90.00 to $100.00 and gave the stock an "outperform" rating in a research note on Friday, June 20th. Finally, Scotiabank restated an "outperform" rating on shares of Cameco in a report on Tuesday, July 8th. One research analyst has rated the stock with a hold rating, ten have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $80.65.

Cameco Stock Down 1.2%

The company has a market cap of $33.83 billion, a PE ratio of 194.28 and a beta of 1.03. The business has a 50-day simple moving average of $69.16 and a 200-day simple moving average of $53.84. The company has a quick ratio of 1.26, a current ratio of 2.70 and a debt-to-equity ratio of 0.15.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last posted its earnings results on Thursday, May 1st. The basic materials company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.07). Cameco had a return on equity of 4.47% and a net margin of 7.50%. The business had revenue of $549.58 million for the quarter, compared to analyst estimates of $890.07 million. During the same period last year, the business earned $0.13 EPS. Cameco's revenue was up 24.4% compared to the same quarter last year. Equities research analysts anticipate that Cameco Corporation will post 1.27 EPS for the current year.

Hedge Funds Weigh In On Cameco

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Manchester Capital Management LLC boosted its holdings in Cameco by 100.0% in the first quarter. Manchester Capital Management LLC now owns 600 shares of the basic materials company's stock valued at $25,000 after acquiring an additional 300 shares during the last quarter. Hurley Capital LLC acquired a new position in Cameco in the fourth quarter valued at $27,000. Dagco Inc. acquired a new position in Cameco in the first quarter valued at $28,000. SVB Wealth LLC acquired a new position in Cameco in the first quarter valued at $29,000. Finally, Trust Co. of Vermont boosted its holdings in Cameco by 1,029.4% in the second quarter. Trust Co. of Vermont now owns 384 shares of the basic materials company's stock valued at $29,000 after acquiring an additional 350 shares during the last quarter. Institutional investors and hedge funds 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.