BlackRock Inc. Makes New Investment in Cameco Corporation $CCJ

Key Points

• BlackRock purchased 3.74 million Cameco shares worth approximately $381.1 million in the second quarter, giving it a 0.86% stake. Institutional investors and hedge funds collectively own 70.21% of the company.
• Analysts maintain a generally positive outlook, with 14 Buy ratings and five Holds producing a consensus “Moderate Buy” rating and an average price target of $145.68.
• Cameco reported quarterly earnings of $0.13 per share, below the $0.26 consensus estimate, while revenue fell 6.8% year over year to $573.06 million. Shares opened at $107.03, compared with a one-year range of $73.20 to $135.24.

BlackRock Inc. bought a new stake in shares of Cameco Corporation (NYSE:CCJ - Free Report) TSE: CCO in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 3,741,326 shares of the basic materials company's stock, valued at approximately $381,091,000. BlackRock Inc. owned about 0.86% of Cameco at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Temasek Holdings Private Ltd acquired a new stake in Cameco in the first quarter worth $70,851,000. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Cameco by 35.2% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 535,743 shares of the basic materials company's stock valued at $58,187,000 after acquiring an additional 139,592 shares during the period. WCM Investment Management LLC bought a new position in shares of Cameco during the first quarter worth about $35,342,000. Amova Asset Management Americas Inc. grew its position in shares of Cameco by 37.7% during the first quarter. Amova Asset Management Americas Inc. now owns 522,864 shares of the basic materials company's stock worth $56,788,000 after acquiring an additional 143,113 shares during the last quarter. Finally, Janus Henderson Group PLC increased its holdings in shares of Cameco by 102.3% in the 1st quarter. Janus Henderson Group PLC now owns 155,427 shares of the basic materials company's stock worth $16,883,000 after acquiring an additional 78,609 shares during the period. 70.21% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CCJ. Weiss Ratings downgraded shares of Cameco from a "hold (c)" rating to a "hold (c-)" rating in a research report on Wednesday, August 12th. Royal Bank Of Canada upped their target price on shares of Cameco from $160.00 to $175.00 and gave the stock an "outperform" rating in a research report on Monday, June 29th. Sanford C. Bernstein restated an "outperform" rating and issued a $135.00 price target on shares of Cameco in a research note on Monday, June 15th. Truist Financial lifted their price target on Cameco from $129.00 to $130.00 and gave the company a "buy" rating in a report on Wednesday, August 12th. Finally, Scotiabank reiterated an "outperform" rating and set a $175.00 price objective on shares of Cameco in a research report on Wednesday, May 6th. Fourteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $145.68.

Cameco Price Performance

Shares of CCJ opened at $107.03 on Wednesday. The firm has a market capitalization of $46.61 billion, a price-to-earnings ratio of 181.40, a price-to-earnings-growth ratio of 1.75 and a beta of 1.05. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.10 and a current ratio of 3.06. Cameco Corporation has a one year low of $73.20 and a one year high of $135.24. The stock's fifty day moving average is $96.10 and its 200-day moving average is $107.18.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last issued its quarterly earnings data on Friday, July 31st. The basic materials company reported $0.13 earnings per share for the quarter, missing analysts' consensus estimates of $0.26 by ($0.13). The company had revenue of $573.06 million for the quarter, compared to the consensus estimate of $579.60 million. Cameco had a net margin of 10.20% and a return on equity of 7.59%. Cameco's revenue for the quarter was down 6.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.71 earnings per share. Equities analysts anticipate that Cameco Corporation will post 1.27 EPS for the current year.

Cameco Company 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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