1832 Asset Management L.P. Cuts Stake in Cameco Corporation $CCJ

Key Points

• 1832 Asset Management L.P. reduced its stake in Cameco Corporation by 55.2% in Q1, owning approximately 0.19% of the company after selling nearly 1 million shares.
• Equities analysts generally have a bullish outlook on Cameco, with Goldman Sachs raising their price target from $65 to $78, while eleven analysts issued a "Buy" rating.
• Cameco reported a strong earnings performance with $0.51 earnings per share for the last quarter, exceeding expectations and showing a 46.7% revenue increase year-over-year.

1832 Asset Management L.P. reduced its stake in shares of Cameco Corporation (NYSE:CCJ - Free Report) TSE: CCO by 55.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 808,608 shares of the basic materials company's stock after selling 997,913 shares during the period. 1832 Asset Management L.P. owned approximately 0.19% of Cameco worth $33,282,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Ameriprise Financial Inc. raised its holdings in shares of Cameco by 20.6% during the first quarter. Ameriprise Financial Inc. now owns 3,048,732 shares of the basic materials company's stock worth $125,533,000 after purchasing an additional 521,492 shares during the last quarter. Summit Financial LLC raised its holdings in shares of Cameco by 9.3% during the first quarter. Summit Financial LLC now owns 164,170 shares of the basic materials company's stock worth $6,757,000 after purchasing an additional 13,998 shares during the last quarter. Credit Agricole S A raised its holdings in shares of Cameco by 771.0% during the first quarter. Credit Agricole S A now owns 80,259 shares of the basic materials company's stock worth $3,303,000 after purchasing an additional 71,044 shares during the last quarter. Banco Bilbao Vizcaya Argentaria S.A. raised its holdings in shares of Cameco by 10.5% during the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 92,960 shares of the basic materials company's stock worth $3,795,000 after purchasing an additional 8,804 shares during the last quarter. Finally, Colonial Trust Advisors raised its holdings in shares of Cameco by 4.1% during the first quarter. Colonial Trust Advisors now owns 59,581 shares of the basic materials company's stock worth $2,452,000 after purchasing an additional 2,349 shares during the last quarter. 70.21% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CCJ. TD Securities reissued a "buy" rating on shares of Cameco in a report on Tuesday, August 5th. The Goldman Sachs Group raised their target price on shares of Cameco from $65.00 to $78.00 and gave the stock a "buy" rating in a report on Wednesday, June 11th. Scotiabank reissued an "outperform" rating on shares of Cameco in a report on Tuesday, July 8th. Wall Street Zen raised shares of Cameco from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. Finally, Glj Research reissued a "buy" rating and set a $75.27 target price on shares of Cameco in a report on Thursday, June 12th. Three investment analysts have rated the stock with a Strong Buy rating and twelve have assigned a Buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $83.32.

Cameco Stock Performance

CCJ traded up $1.46 on Tuesday, reaching $76.43. The stock had a trading volume of 2,833,649 shares, compared to its average volume of 4,209,426. Cameco Corporation has a 12-month low of $35.00 and a 12-month high of $80.32. The company has a current ratio of 2.96, a quick ratio of 2.00 and a debt-to-equity ratio of 0.15. The business's 50-day moving average price is $74.74 and its two-hundred day moving average price is $57.25. The company has a market cap of $33.28 billion, a P/E ratio of 87.86 and a beta of 1.06.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last released its quarterly earnings data on Thursday, July 31st. The basic materials company reported $0.51 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.22. The company had revenue of $467.72 million during the quarter, compared to analysts' expectations of $819.79 million. Cameco had a net margin of 14.97% and a return on equity of 8.21%. The firm's revenue for the quarter was up 46.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.14 earnings per share. Cameco has set its FY 2025 guidance at EPS. Sell-side analysts forecast that Cameco Corporation will post 1.27 earnings per share for the current year.

Cameco Profile

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.