Cameco (NYSE:CCJ) Trading Down 2.3% - Here's What Happened

Cameco Corporation (NYSE:CCJ - Get Free Report) TSE: CCO shares dropped 2.3% on Thursday . The stock traded as low as $69.32 and last traded at $69.91. Approximately 2,563,952 shares traded hands during mid-day trading, a decline of 44% from the average daily volume of 4,547,872 shares. The stock had previously closed at $71.55.

Wall Street Analyst Weigh In

CCJ has been the subject of several research reports. Scotiabank restated an "outperform" rating on shares of Cameco in a research report on Wednesday, May 14th. Desjardins initiated coverage on shares of Cameco in a research report on Friday, April 4th. They issued a "buy" rating for the company. Wall Street Zen upgraded Cameco from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Glj Research restated a "buy" rating and set a $75.27 target price on shares of Cameco in a research report on Thursday, June 12th. Finally, UBS Group restated a "buy" rating on shares of Cameco in a research report on Tuesday, June 10th. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $80.65.

Cameco Price Performance

The company's fifty day moving average is $62.07 and its two-hundred day moving average is $51.53. The firm has a market capitalization of $30.80 billion, a price-to-earnings ratio of 176.85 and a beta of 1.03. 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 issued its earnings results on Thursday, May 1st. The basic materials company reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.18 by ($0.07). Cameco had a return on equity of 4.47% and a net margin of 7.50%. The company had revenue of $549.58 million for the quarter, compared to the consensus estimate of $890.07 million. During the same quarter last year, the business posted $0.13 EPS. Cameco's quarterly revenue was up 24.4% on a year-over-year basis. Equities research analysts anticipate that Cameco Corporation will post 1.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cameco

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jones Financial Companies Lllp lifted its holdings in Cameco by 34.8% during the fourth quarter. Jones Financial Companies Lllp now owns 7,091 shares of the basic materials company's stock worth $364,000 after acquiring an additional 1,830 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Cameco by 3.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 935,507 shares of the basic materials company's stock valued at $48,077,000 after acquiring an additional 32,867 shares during the period. Assetmark Inc. grew its stake in Cameco by 304,100.0% in the fourth quarter. Assetmark Inc. now owns 3,042 shares of the basic materials company's stock valued at $156,000 after acquiring an additional 3,041 shares during the period. M&T Bank Corp lifted its holdings in shares of Cameco by 94.5% during the 4th quarter. M&T Bank Corp now owns 9,184 shares of the basic materials company's stock valued at $472,000 after purchasing an additional 4,463 shares in the last quarter. Finally, Proficio Capital Partners LLC bought a new position in shares of Cameco during the 4th quarter valued at about $1,212,000. Institutional investors 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.