Bornite Capital Management LP Invests $440,000 in Cameco Corporation (NYSE:CCJ)

Key Points

• Bornite Capital Management LP has acquired 10,700 shares of Cameco Corporation, valued at approximately $440,000, making it the firm's 28th largest holding.
• Several other institutional investors, including Manchester Capital Management LLC and Private Trust Co. NA, have significantly increased their stakes in Cameco, contributing to 70.21% of the company's stock being held by institutional investors.
• Cameco reported $0.51 EPS for the quarter, surpassing estimates, with a 46.7% year-over-year revenue increase, indicating strong financial performance.

Bornite Capital Management LP purchased a new position in Cameco Corporation (NYSE:CCJ - Free Report) TSE: CCO in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 10,700 shares of the basic materials company's stock, valued at approximately $440,000. Cameco makes up approximately 0.1% of Bornite Capital Management LP's portfolio, making the stock its 28th biggest position.

Several other institutional investors have also added to or reduced their stakes in the business. Driehaus Capital Management LLC lifted its stake in shares of Cameco by 120.2% in the fourth quarter. Driehaus Capital Management LLC now owns 2,245,539 shares of the basic materials company's stock worth $115,398,000 after buying an additional 1,225,966 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Cameco during the 4th quarter valued at about $34,440,000. Canada Pension Plan Investment Board raised its position in Cameco by 3,057.5% in the 4th quarter. Canada Pension Plan Investment Board now owns 643,535 shares of the basic materials company's stock valued at $33,046,000 after purchasing an additional 623,154 shares in the last quarter. Covea Finance raised its position in Cameco by 52.8% in the 1st quarter. Covea Finance now owns 1,665,979 shares of the basic materials company's stock valued at $68,572,000 after purchasing an additional 575,393 shares in the last quarter. Finally, LPL Financial LLC raised its position in Cameco by 161.4% in the 1st quarter. LPL Financial LLC now owns 643,011 shares of the basic materials company's stock valued at $26,466,000 after purchasing an additional 397,002 shares in the last quarter. Institutional investors and hedge funds own 70.21% of the company's stock.

Wall Street Analysts Forecast Growth

CCJ has been the topic of several research analyst reports. Sanford C. Bernstein set a $70.00 target price on Cameco and gave the stock an "outperform" rating in a research report on Tuesday, June 10th. Royal Bank Of Canada boosted their target price on Cameco from $100.00 to $110.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. TD Securities reiterated a "buy" rating on shares of Cameco in a research report on Tuesday, August 5th. Glj Research restated a "buy" rating and issued a $75.27 price objective on shares of Cameco in a research report on Thursday, June 12th. Finally, Raymond James Financial reiterated an "outperform" rating on shares of Cameco in a research note on Wednesday, June 18th. Twelve investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat, Cameco has an average rating of "Buy" and a consensus price target of $82.65.

Cameco Stock Up 0.9%

Shares of CCJ stock traded up $0.73 on Monday, reaching $77.65. 3,293,253 shares of the company's stock traded hands, compared to its average volume of 4,712,165. The business's 50 day moving average price is $72.44 and its two-hundred day moving average price is $55.33. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.00 and a current ratio of 2.96. Cameco Corporation has a 12-month low of $35.00 and a 12-month high of $80.32. The company has a market capitalization of $33.81 billion, a P/E ratio of 89.25 and a beta of 1.06.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last announced its earnings results on Thursday, July 31st. The basic materials company reported $0.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.29 by $0.22. The firm had revenue of $467.72 million during the quarter, compared to analysts' expectations of $819.79 million. Cameco had a return on equity of 8.21% and a net margin of 14.97%. The company's revenue was up 46.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.14 earnings per share. On average, equities analysts forecast that Cameco Corporation will post 1.27 earnings per share for the current year.

Cameco Company Profile

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.