Bank of Nova Scotia Increases Stock Holdings in Cameco Corporation (NYSE:CCJ)

Key Points

• Bank of Nova Scotia increased its holdings in Cameco Corporation by 4.5%, owning approximately $63.88 million worth of shares after acquiring an additional 66,162 shares in the first quarter.
• Cameco reported earnings of $0.51 per share for the last quarter, surpassing analyst estimates of $0.29, with revenue increasing 46.7% year-over-year.
• Analysts have set a consensus target price of $82.65 for Cameco stock, with a majority rating of "Buy" from ten investment analysts.

Bank of Nova Scotia increased its position in shares of Cameco Corporation (NYSE:CCJ - Free Report) TSE: CCO by 4.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,551,654 shares of the basic materials company's stock after buying an additional 66,162 shares during the period. Bank of Nova Scotia owned 0.36% of Cameco worth $63,884,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Hurley Capital LLC acquired a new stake in Cameco in the fourth quarter worth $27,000. Copia Wealth Management bought a new position in shares of Cameco during the fourth quarter valued at about $39,000. Ameriflex Group Inc. bought a new position in shares of Cameco during the fourth quarter valued at about $40,000. CoreCap Advisors LLC boosted its stake in Cameco by 8,363.6% in the fourth quarter. CoreCap Advisors LLC now owns 931 shares of the basic materials company's stock valued at $48,000 after acquiring an additional 920 shares during the last quarter. Finally, Private Trust Co. NA boosted its stake in Cameco by 315.2% in the first quarter. Private Trust Co. NA now owns 1,229 shares of the basic materials company's stock valued at $51,000 after acquiring an additional 933 shares during the last quarter. Institutional investors own 70.21% of the company's stock.

Cameco Stock Down 2.6%

Cameco stock traded down $1.96 during trading hours on Friday, reaching $72.97. The stock had a trading volume of 6,058,073 shares, compared to its average volume of 5,076,301. The company has a market cap of $31.77 billion, a price-to-earnings ratio of 83.87 and a beta of 1.06. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.96 and a quick ratio of 2.00. The business's 50 day moving average price is $70.40 and its 200-day moving average price is $54.41. Cameco Corporation has a 52 week low of $35.00 and a 52 week high of $80.32.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last posted its quarterly earnings data on Thursday, July 31st. The basic materials company reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.22. Cameco had a net margin of 14.97% and a return on equity of 8.21%. The firm had revenue of $467.72 million for the quarter, compared to the consensus estimate of $819.79 million. During the same quarter in the prior year, the company posted $0.14 earnings per share. The company's revenue for the quarter was up 46.7% compared to the same quarter last year. Sell-side analysts anticipate that Cameco Corporation will post 1.27 EPS for the current year.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Wall Street Zen raised shares of Cameco from a "hold" rating to a "buy" rating in a research report on Saturday. Sanford C. Bernstein set a $70.00 price target on shares of Cameco and gave the stock an "outperform" rating in a research note on Tuesday, June 10th. Royal Bank Of Canada upped their price objective on shares of Cameco from $100.00 to $110.00 and gave the company an "outperform" rating in a research note on Friday. UBS Group reiterated a "buy" rating on shares of Cameco in a report on Tuesday, June 10th. Finally, Raymond James Financial restated an "outperform" rating on shares of Cameco in a report on Wednesday, June 18th. Ten investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Cameco currently has an average rating of "Buy" and a consensus target price of $82.65.

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.