Bank of Nova Scotia Invests $4.18 Million in Denison Mine Corp $DNN

Key Points

• Bank of Nova Scotia purchased 1.37 million Denison Mines shares worth approximately $4.18 million during the second quarter, giving it a 0.15% stake. Institutional investors collectively own 36.74% of the company.
• Denison Mines shares opened at $3.72, compared with a 52-week range of $2.08 to $4.43. The company has a market capitalization of about $3.37 billion.
• Analysts remain broadly positive, with five Buy ratings and one Hold rating, producing a “Moderate Buy” consensus and an average price target of $5.38. Denison focuses on uranium exploration and development, including its flagship Wheeler River project in Saskatchewan.

Bank of Nova Scotia purchased a new stake in Denison Mine Corp (NYSEAMERICAN:DNN - Free Report) TSE: DML in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 1,367,479 shares of the basic materials company's stock, valued at approximately $4,185,000. Bank of Nova Scotia owned 0.15% of Denison Mine as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Summitry LLC bought a new position in Denison Mine during the fourth quarter worth about $27,000. Kelleher Financial Advisors acquired a new position in Denison Mine in the second quarter valued at about $27,000. First Citizens Bank & Trust Co. bought a new stake in shares of Denison Mine in the fourth quarter worth about $27,000. Invesco Ltd. bought a new stake in shares of Denison Mine in the fourth quarter worth about $27,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Denison Mine during the second quarter worth about $28,000. Institutional investors own 36.74% of the company's stock.

Denison Mine Stock Performance

Shares of Denison Mine stock opened at $3.72 on Wednesday. The company has a debt-to-equity ratio of 2.38, a current ratio of 9.41 and a quick ratio of 9.14. The firm has a market cap of $3.37 billion, a price-to-earnings ratio of -16.91 and a beta of 1.23. The stock's 50-day moving average is $3.13 and its 200-day moving average is $3.47. Denison Mine Corp has a one year low of $2.08 and a one year high of $4.43.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Scotiabank reiterated an "outperform" rating on shares of Denison Mine in a report on Thursday, May 14th. Zacks Research cut Denison Mine from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 15th. Finally, Royal Bank Of Canada assumed coverage on shares of Denison Mine in a report on Monday, July 13th. They set an "outperform" rating on the stock. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $5.38.

About Denison Mine

Denison Mines Corp. NYSEAMERICAN: DNN is a Canada-based uranium exploration and development company focused on the Athabasca Basin region of Saskatchewan. The company's core business is the discovery, evaluation and advancement of high-grade uranium projects that can supply fuel for the global nuclear power industry.

Denison's flagship asset is the 66.9%-owned Wheeler River Project, one of the largest undeveloped high-grade uranium deposits in the Athabasca Basin. In addition to Wheeler River, Denison holds interests in several other exploration properties across northern Saskatchewan and maintains a strategic partnership in the McClean Lake uranium mill, providing it with downstream processing capabilities for future production.

Founded in 1974, Denison Mines has accumulated decades of geological expertise in one of the world's most prolific uranium districts.

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