Cameco (NYSE:CCJ) Reaches New 12-Month High - Here's What Happened

Cameco Corporation (NYSE:CCJ - Get Free Report) TSE: CCO shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $72.79 and last traded at $72.38, with a volume of 5792408 shares. The stock had previously closed at $69.72.

Wall Street Analysts Forecast Growth

CCJ has been the subject of a number of recent analyst reports. Stifel Nicolaus started coverage on Cameco in a report on Wednesday, March 12th. They set a "buy" rating for the company. Sanford C. Bernstein set a $70.00 price objective on shares of Cameco and gave the company an "outperform" rating in a research report on Tuesday, June 10th. Scotiabank reiterated an "outperform" rating on shares of Cameco in a research note on Wednesday, May 14th. Desjardins initiated coverage on shares of Cameco in a report on Friday, April 4th. They issued a "buy" rating for the company. Finally, The Goldman Sachs Group upped their price target on shares of Cameco from $65.00 to $78.00 and gave the stock a "buy" rating in a report on Wednesday, June 11th. One analyst has rated the stock with a hold rating, eleven have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $77.30.

Cameco Stock Up 3.8%

The company has a quick ratio of 1.26, a current ratio of 2.70 and a debt-to-equity ratio of 0.15. The stock has a 50-day simple moving average of $54.92 and a two-hundred day simple moving average of $50.00. The firm has a market cap of $31.51 billion, a PE ratio of 180.95 and a beta of 0.97.

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

Institutional Investors Weigh In On Cameco

A number of hedge funds have recently made changes to their positions in CCJ. Principal Securities Inc. lifted its stake in Cameco by 132.9% in the fourth quarter. Principal Securities Inc. now owns 1,742 shares of the basic materials company's stock worth $90,000 after purchasing an additional 994 shares during the last quarter. Sanctuary Advisors LLC lifted its stake in shares of Cameco by 11.6% in the 4th quarter. Sanctuary Advisors LLC now owns 15,587 shares of the basic materials company's stock valued at $784,000 after acquiring an additional 1,618 shares during the last quarter. Truist Financial Corp boosted its holdings in Cameco by 8.3% during the 4th quarter. Truist Financial Corp now owns 28,111 shares of the basic materials company's stock valued at $1,445,000 after acquiring an additional 2,153 shares during the period. Global Retirement Partners LLC grew its position in Cameco by 92.7% during the 4th quarter. Global Retirement Partners LLC now owns 1,931 shares of the basic materials company's stock worth $99,000 after acquiring an additional 929 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new position in Cameco in the 4th quarter worth approximately $2,572,000. 70.21% of the stock is currently owned by institutional investors.

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.

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