Bank of Nova Scotia Reduces Stock Holdings in Cameco Corporation $CCJ

Key Points

• Bank of Nova Scotia trimmed its stake in Cameco by 1.2% in Q3, selling 18,626 shares and leaving it with 1,491,977 shares (about 0.34% of the company) valued at $125,250,000.
• Cameco reported a quarterly earnings beat—$0.36 EPS vs. $0.29 expected and $874.57M revenue vs. $782.13M—and analysts remain largely bullish with a consensus "Moderate Buy" rating and an average target of $150.40.
• The stock opened at $107.92 (down 6.4%), with a market cap of $47B and a PE of 111.26, and institutional investors hold roughly 70.21% of the shares.

Bank of Nova Scotia cut its stake in shares of Cameco Corporation (NYSE:CCJ - Free Report) TSE: CCO by 1.2% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 1,491,977 shares of the basic materials company's stock after selling 18,626 shares during the period. Bank of Nova Scotia owned approximately 0.34% of Cameco worth $125,250,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. BNP Paribas grew its position in Cameco by 5.7% in the third quarter. BNP Paribas now owns 29,917 shares of the basic materials company's stock valued at $2,508,000 after acquiring an additional 1,610 shares in the last quarter. Arkos Global Advisors acquired a new position in shares of Cameco during the third quarter worth $222,000. Algert Global LLC acquired a new position in shares of Cameco during the third quarter worth $503,000. Creative Planning boosted its stake in shares of Cameco by 7.7% in the third quarter. Creative Planning now owns 68,793 shares of the basic materials company's stock valued at $5,769,000 after purchasing an additional 4,909 shares during the period. Finally, Lazard Asset Management LLC acquired a new stake in Cameco during the 3rd quarter valued at $6,152,000. Institutional investors and hedge funds own 70.21% of the company's stock.

Cameco Trading Down 6.4%

CCJ opened at $107.92 on Friday. Cameco Corporation has a 12-month low of $35.00 and a 12-month high of $135.24. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.47 and a quick ratio of 1.68. The stock has a market capitalization of $47.00 billion, a PE ratio of 111.26 and a beta of 0.98. The firm's fifty day moving average price is $116.55 and its 200 day moving average price is $97.78.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last announced its quarterly earnings data on Friday, February 13th. The basic materials company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.07. The company had revenue of $874.57 million during the quarter, compared to analyst estimates of $782.13 million. Cameco had a net margin of 17.00% and a return on equity of 9.35%. The firm's revenue for the quarter was up 1.5% compared to the same quarter last year. During the same period last year, the business earned $0.36 EPS. As a group, research analysts expect that Cameco Corporation will post 1.27 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CCJ. Glj Research reaffirmed a "buy" rating and set a $171.20 price target (up from $100.00) on shares of Cameco in a research note on Wednesday, February 18th. Weiss Ratings raised shares of Cameco from a "hold (c)" rating to a "buy (b-)" rating in a research report on Monday, February 23rd. Royal Bank Of Canada raised their target price on Cameco from $150.00 to $160.00 and gave the company an "outperform" rating in a research note on Tuesday, February 17th. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $147.00 target price on shares of Cameco in a research report on Thursday, February 5th. Finally, Canadian Imperial Bank of Commerce boosted their price target on Cameco to $202.00 in a research note on Monday, March 9th. Thirteen research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $150.40.

About Cameco

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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