Caisse de depot et placement du Quebec Makes New $75.57 Million Investment in Cameco Corporation $CCJ

Key Points

• Caisse de dépôt et placement du Québec acquired 741,696 Cameco shares worth approximately $75.6 million, giving it a 0.17% stake. Institutional investors collectively own 70.21% of the company.
• Cameco’s latest quarterly results fell short of expectations, with adjusted earnings of $0.13 per share versus the $0.26 consensus estimate and revenue down 6.8% year over year to $573.1 million.
• Analysts remain broadly positive, with 14 Buy ratings and five Holds, producing a “Moderate Buy” consensus and an average price target of $145.68.

Caisse de depot et placement du Quebec acquired a new stake in shares of Cameco Corporation (NYSE:CCJ - Free Report) TSE: CCO during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 741,696 shares of the basic materials company's stock, valued at approximately $75,573,000. Caisse de depot et placement du Quebec owned 0.17% of Cameco at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of CCJ. Norges Bank bought a new position in shares of Cameco during the 4th quarter valued at approximately $443,265,000. Canada Pension Plan Investment Board bought a new stake in Cameco in the second quarter worth $420,346,000. BlackRock Inc. purchased a new position in Cameco during the second quarter worth $381,091,000. Cibc World Market Inc. purchased a new position in Cameco during the second quarter worth $354,022,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Cameco during the second quarter valued at $301,990,000. 70.21% of the stock is owned by institutional investors.

Cameco Trading Down 0.9%

CCJ opened at $106.40 on Friday. The stock's fifty day moving average is $96.13 and its two-hundred day moving average is $107.12. The company has a market capitalization of $46.34 billion, a P/E ratio of 180.34, a PEG ratio of 1.84 and a beta of 1.05. Cameco Corporation has a 52 week low of $73.20 and a 52 week high of $135.24. The company has a quick ratio of 2.10, a current ratio of 3.06 and a debt-to-equity ratio of 0.14.

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

Analyst Ratings Changes

CCJ has been the topic of several recent analyst reports. Royal Bank Of Canada increased their target price on shares of Cameco from $160.00 to $175.00 and gave the company an "outperform" rating in a research note on Monday, June 29th. Bank of America cut their price target on shares of Cameco from $143.00 to $140.00 and set a "buy" rating on the stock in a report on Thursday, July 9th. Truist Financial increased their price objective on shares of Cameco from $129.00 to $130.00 and gave the stock a "buy" rating in a research report on Wednesday, August 12th. Scotiabank reissued an "outperform" rating and issued a $175.00 price objective on shares of Cameco in a research note on Wednesday, May 6th. Finally, Sanford C. Bernstein restated an "outperform" rating and set a $135.00 target price on shares of Cameco in a research report on Monday, June 15th. Fourteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $145.68.

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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