Cameco Corporation $CCJ Position Boosted by Generali Asset Management SPA SGR

Key Points

• Generali Asset Management increased its Cameco stake by 23.4% in the third quarter, adding 32,760 shares to hold 172,863 shares valued at approximately $15.1 million. Institutional investors collectively own 70.21% of Cameco’s stock.
• Cameco’s shares opened at $82.33, well below their 52-week high of $135.24. The company’s latest quarterly results missed expectations, with earnings per share of $0.13 versus the $0.26 consensus estimate and revenue down 6.8% year over year.
• Analyst sentiment remains generally positive: 12 analysts rate the stock a Buy, four rate it Hold, and one rates it Sell. The stock has a “Moderate Buy” consensus rating and an average price target of $148.10.

Generali Asset Management SPA SGR grew its holdings in shares of Cameco Corporation (NYSE:CCJ - Free Report) TSE: CCO by 23.4% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 172,863 shares of the basic materials company's stock after buying an additional 32,760 shares during the period. Generali Asset Management SPA SGR's holdings in Cameco were worth $15,138,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of CCJ. Wellington Management Group LLP bought a new position in shares of Cameco during the 2nd quarter worth about $212,908,000. Amundi grew its stake in shares of Cameco by 13.7% in the 2nd quarter. Amundi now owns 2,992,074 shares of the basic materials company's stock valued at $304,773,000 after buying an additional 359,375 shares during the period. Temasek Holdings Private Ltd bought a new stake in Cameco in the 1st quarter valued at about $70,851,000. Sumitomo Mitsui Trust Group Inc. increased its position in Cameco by 35.2% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 535,743 shares of the basic materials company's stock valued at $58,187,000 after buying an additional 139,592 shares in the last quarter. Finally, Bank of America Corp DE bought a new stake in Cameco in the 2nd quarter valued at about $735,498,000. Institutional investors and hedge funds own 70.21% of the company's stock.

Cameco Stock Performance

CCJ stock opened at $82.33 on Wednesday. The business has a 50-day simple moving average of $91.54 and a two-hundred day simple moving average of $104.58. The company has a market capitalization of $35.86 billion, a P/E ratio of 139.55 and a beta of 1.17. Cameco Corporation has a 52-week low of $76.92 and a 52-week high of $135.24.

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 EPS 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. During the same period in the previous year, the business posted $0.71 earnings per share. The firm's revenue was down 6.8% on a year-over-year basis. As a group, sell-side analysts forecast that Cameco Corporation will post 1.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Weiss Ratings upgraded Cameco from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, October 8th. Truist Financial reduced their price objective on Cameco from $130.00 to $125.00 and set a "buy" rating for the company in a research note on Thursday, October 22nd. Wall Street Zen downgraded Cameco from a "hold" rating to a "sell" rating in a report on Saturday, September 19th. Bank of America lowered their target price on Cameco from $143.00 to $140.00 and set a "buy" rating on the stock in a research report on Thursday, July 9th. Finally, Citigroup reiterated a "positive" rating on shares of Cameco in a report on Wednesday, July 15th. Twelve research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $148.10.

About Cameco

Cameco Corporation is a Canadian uranium company that explores for, mines, processes and supplies uranium used to generate nuclear power. The company produces uranium concentrates, commonly known as yellowcake, which are sold to nuclear utilities and other customers for conversion into nuclear fuel.

Cameco's principal mining operations are located in northern Saskatchewan, including the McArthur River and Cigar Lake mines. It also operates the Key Lake uranium mill and has interests in uranium assets in Kazakhstan through the Inkai joint venture.

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