Balefire LLC Lowers Stock Position in Cameco Corporation $CCJ

Key Points

• Balefire LLC cut its Cameco stake by 44.3% in the first quarter, leaving it with 15,788 shares valued at about $1.715 million.
• Cameco continues to attract major institutional interest, with firms like Norges Bank and Marshall Wace making large purchases; about 70.21% of the stock is owned by hedge funds and other institutions.
• The company posted a stronger-than-expected quarter, reporting $0.34 EPS versus the $0.29 consensus and revenue of $607.49 million, while analysts currently maintain a Moderate Buy rating with an average target price of $146.18.

Balefire LLC trimmed its position in shares of Cameco Corporation (NYSE:CCJ - Free Report) TSE: CCO by 44.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 15,788 shares of the basic materials company's stock after selling 12,555 shares during the period. Balefire LLC's holdings in Cameco were worth $1,715,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Norges Bank purchased a new stake in Cameco during the 4th quarter worth $443,265,000. Marshall Wace LLP raised its holdings in shares of Cameco by 7,481.3% during the 4th quarter. Marshall Wace LLP now owns 1,752,571 shares of the basic materials company's stock valued at $160,343,000 after buying an additional 1,729,454 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in Cameco by 14,338.8% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,112,080 shares of the basic materials company's stock worth $101,744,000 after acquiring an additional 1,104,378 shares in the last quarter. Man Group plc boosted its holdings in Cameco by 126.3% in the 3rd quarter. Man Group plc now owns 1,698,728 shares of the basic materials company's stock worth $142,455,000 after acquiring an additional 948,068 shares during the period. Finally, Corient Private Wealth LLC boosted its holdings in Cameco by 1,339.8% in the 4th quarter. Corient Private Wealth LLC now owns 964,552 shares of the basic materials company's stock worth $88,247,000 after acquiring an additional 897,558 shares during the period. 70.21% of the stock is owned by hedge funds and other institutional investors.

Cameco Price Performance

Shares of CCJ opened at $85.61 on Monday. Cameco Corporation has a 52 week low of $68.96 and a 52 week high of $135.24. The company has a current ratio of 3.08, a quick ratio of 2.09 and a debt-to-equity ratio of 0.14. The firm has a market cap of $37.28 billion, a price-to-earnings ratio of 79.27, a PEG ratio of 1.40 and a beta of 1.02. The stock has a 50 day moving average of $103.83 and a 200-day moving average of $110.80.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last released its quarterly earnings data on Tuesday, May 5th. The basic materials company reported $0.34 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.05. Cameco had a net margin of 18.38% and a return on equity of 11.05%. The firm had revenue of $607.49 million during the quarter, compared to the consensus estimate of $598.63 million. During the same quarter in the previous year, the company posted $0.16 earnings per share. The firm's revenue was up 7.1% on a year-over-year basis. As a group, analysts forecast that Cameco Corporation will post 1.29 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Barclays cut their price objective on shares of Cameco from $108.00 to $104.00 and set an "equal weight" rating on the stock in a report on Wednesday. Weiss Ratings lowered Cameco from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, June 4th. Scotiabank reissued an "outperform" rating and issued a $175.00 price target on shares of Cameco in a report on Wednesday, May 6th. Sanford C. Bernstein restated an "outperform" rating and set a $135.00 price objective on shares of Cameco in a research note on Monday, June 15th. Finally, William Blair began coverage on Cameco in a research note on Monday, April 20th. They set an "outperform" rating for the company. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Cameco has an average rating of "Moderate Buy" and an average target price of $146.18.

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.

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