ARK Investment Management LLC Acquires 112,806 Shares of Cameco Corporation (NYSE:CCJ)

Key Points

• ARK Investment Management LLC increased its stake in Cameco Corporation by 57%, acquiring an additional 112,806 shares in the first quarter, bringing their total to 310,821 shares valued at approximately $12.79 million.
• Cameco reported a missed quarterly earnings estimate with EPS of $0.11, falling short of the expected $0.18, despite a 24.4% revenue increase year-over-year to $549.58 million.
• The company is experiencing bullish sentiment among analysts, with a consensus rating of "Buy" and average target price of $80.65.

ARK Investment Management LLC grew its position in Cameco Corporation (NYSE:CCJ - Free Report) TSE: CCO by 57.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 310,821 shares of the basic materials company's stock after buying an additional 112,806 shares during the quarter. ARK Investment Management LLC owned 0.07% of Cameco worth $12,793,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Hurley Capital LLC acquired a new position in shares of Cameco in the 4th quarter valued at approximately $27,000. Copia Wealth Management acquired a new position in shares of Cameco in the 4th quarter valued at approximately $39,000. Ameriflex Group Inc. acquired a new position in shares of Cameco in the 4th quarter valued at approximately $40,000. CoreCap Advisors LLC raised its position in shares of Cameco by 8,363.6% in the 4th quarter. CoreCap Advisors LLC now owns 931 shares of the basic materials company's stock valued at $48,000 after buying an additional 920 shares in the last quarter. Finally, Private Trust Co. NA raised its position in shares of Cameco by 315.2% in the 1st quarter. Private Trust Co. NA now owns 1,229 shares of the basic materials company's stock valued at $51,000 after buying an additional 933 shares in the last quarter. 70.21% of the stock is currently owned by institutional investors and hedge funds.

Cameco Trading Down 0.4%

Shares of NYSE CCJ opened at $79.60 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.26 and a current ratio of 2.70. Cameco Corporation has a 52-week low of $35.00 and a 52-week high of $80.06. The firm has a 50 day moving average price of $68.07 and a two-hundred day moving average price of $53.43. The stock has a market cap of $34.66 billion, a P/E ratio of 199.00 and a beta of 1.03.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last announced its quarterly 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 net margin of 7.50% and a return on equity of 4.47%. The business had revenue of $549.58 million during the quarter, compared to analyst estimates of $890.07 million. During the same quarter last year, the company posted $0.13 earnings per share. The company's revenue was up 24.4% compared to the same quarter last year. As a group, equities analysts forecast that Cameco Corporation will post 1.27 EPS for the current year.

Wall Street Analysts Forecast Growth

CCJ has been the subject of several analyst reports. Scotiabank restated an "outperform" rating on shares of Cameco in a research report on Tuesday, July 8th. Desjardins initiated coverage on shares of Cameco in a research report on Friday, April 4th. They issued a "buy" rating for the company. Sanford C. Bernstein set a $70.00 price objective on shares of Cameco and gave the stock an "outperform" rating in a research report on Tuesday, June 10th. Glj Research reiterated a "buy" rating and set a $75.27 price objective on shares of Cameco in a research report on Thursday, June 12th. Finally, The Goldman Sachs Group upped their price objective on shares of Cameco from $65.00 to $78.00 and gave the stock a "buy" rating in a research report on Wednesday, June 11th. One investment analyst has rated the stock with a hold rating, ten have given a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, Cameco has a consensus rating of "Buy" and an average target price of $80.65.

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.

Want to see what other hedge funds are holding CCJ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cameco Corporation (NYSE:CCJ - Free Report) TSE: CCO.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.