1,274,385 Shares in Cameco Corporation $CCJ Acquired by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia acquired 1.27 million Cameco shares worth approximately $129.9 million, representing about 0.29% of the company. Institutional investors and hedge funds collectively own 70.21% of Cameco.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $145.68, despite one firm downgrading the stock to “sell.”
• Cameco’s latest quarter missed earnings expectations: adjusted EPS was $0.13 versus the $0.26 consensus, while revenue declined 6.8% year over year to $573.1 million.

Bank of Nova Scotia acquired a new stake in shares of Cameco Corporation (NYSE:CCJ - Free Report) TSE: CCO during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 1,274,385 shares of the basic materials company's stock, valued at approximately $129,887,000. Bank of Nova Scotia owned approximately 0.29% of Cameco as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in CCJ. Norges Bank acquired a new stake in shares of Cameco in the fourth quarter worth $443,265,000. BlackRock Inc. acquired a new stake in shares of Cameco in the second quarter valued at about $381,091,000. William Blair Investment Management LLC acquired a new position in shares of Cameco during the 2nd quarter worth about $189,331,000. Marshall Wace LLP increased its position in Cameco by 7,481.3% in the 4th quarter. Marshall Wace LLP now owns 1,752,571 shares of the basic materials company's stock worth $160,343,000 after buying an additional 1,729,454 shares during the period. Finally, Bank of New York Mellon Corp acquired a new position in shares of Cameco during the second quarter worth approximately $163,449,000. 70.21% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Citigroup restated a "positive" rating on shares of Cameco in a research report on Wednesday, July 15th. Bank of America lowered their price target on Cameco from $143.00 to $140.00 and set a "buy" rating on the stock in a research note on Thursday, July 9th. Wall Street Zen cut Cameco from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Royal Bank Of Canada upped their target price on Cameco from $160.00 to $175.00 and gave the company an "outperform" rating in a research note on Monday, June 29th. Finally, Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $135.00 target price on shares of Cameco in a research report on Monday, June 15th. Fourteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Cameco currently has a consensus rating of "Moderate Buy" and an average price target of $145.68.

Cameco Trading Up 7.3%

CCJ stock opened at $102.55 on Friday. The business has a fifty day moving average of $96.21 and a 200-day moving average of $107.49. The company has a quick ratio of 2.10, a current ratio of 3.06 and a debt-to-equity ratio of 0.14. Cameco Corporation has a twelve month low of $72.75 and a twelve month high of $135.24. The company has a market cap of $44.66 billion, a P/E ratio of 173.81, a PEG ratio of 1.75 and a beta of 1.05.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last posted its earnings results on Friday, July 31st. The basic materials company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.13). Cameco had a return on equity of 7.59% and a net margin of 10.20%.The business had revenue of $573.06 million for the quarter, compared to the consensus estimate of $579.60 million. During the same quarter in the prior year, the firm posted $0.71 earnings per share. The business's revenue was down 6.8% on a year-over-year basis. As a group, equities research analysts expect that Cameco Corporation will post 1.27 EPS for the current year.

Cameco Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source