Patten & Patten Inc. TN Grows Position in Cameco Corporation (NYSE:CCJ)

Key Points

• Patten & Patten Inc. TN increased its stake in Cameco Corporation by 44.2% in Q1, now owning 13,970 shares valued at $575,000.
• During the last quarter, several hedge funds also increased their positions in Cameco, with FMR LLC owning over $1.16 billion worth of shares.
• Cameco reported $0.11 earnings per share for the recent quarter, missing expectations, while quarterly revenue saw a year-over-year increase of 24.4%.

Patten & Patten Inc. TN increased its position in Cameco Corporation (NYSE:CCJ - Free Report) TSE: CCO by 44.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,970 shares of the basic materials company's stock after buying an additional 4,285 shares during the quarter. Patten & Patten Inc. TN's holdings in Cameco were worth $575,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. FMR LLC increased its stake in Cameco by 8.7% in the 4th quarter. FMR LLC now owns 22,639,647 shares of the basic materials company's stock worth $1,163,942,000 after purchasing an additional 1,811,876 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Cameco by 1.1% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,846,044 shares of the basic materials company's stock worth $865,729,000 after buying an additional 190,337 shares during the last quarter. Alliancebernstein L.P. grew its position in shares of Cameco by 13.5% in the 4th quarter. Alliancebernstein L.P. now owns 10,088,407 shares of the basic materials company's stock worth $518,443,000 after buying an additional 1,196,336 shares during the last quarter. Norges Bank bought a new stake in shares of Cameco in the 4th quarter worth approximately $188,595,000. Finally, Wellington Management Group LLP grew its position in shares of Cameco by 35.9% in the 4th quarter. Wellington Management Group LLP now owns 2,590,976 shares of the basic materials company's stock worth $133,151,000 after buying an additional 685,145 shares during the last quarter. Institutional investors own 70.21% of the company's stock.

Cameco Stock Performance

Shares of CCJ stock traded down $0.46 during trading hours on Tuesday, reaching $78.68. 3,712,277 shares of the company traded hands, compared to its average volume of 4,664,337. The company has a market cap of $34.26 billion, a P/E ratio of 196.71 and a beta of 1.03. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.70 and a quick ratio of 1.26. The firm has a 50-day moving average price of $69.16 and a 200 day moving average price of $53.84. Cameco Corporation has a 12-month low of $35.00 and a 12-month high of $80.32.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last posted its earnings results on Thursday, May 1st. The basic materials company reported $0.11 earnings per share for the quarter, missing analysts' consensus estimates of $0.18 by ($0.07). Cameco had a return on equity of 4.47% and a net margin of 7.50%. The business had revenue of $549.58 million during the quarter, compared to the consensus estimate of $890.07 million. During the same quarter last year, the firm earned $0.13 earnings per share. The business's quarterly revenue was up 24.4% on a year-over-year basis. As a group, sell-side analysts predict that Cameco Corporation will post 1.27 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. UBS Group reiterated a "buy" rating on shares of Cameco in a research report on Tuesday, June 10th. Scotiabank reiterated an "outperform" rating on shares of Cameco in a research report on Tuesday, July 8th. Glj Research restated a "buy" rating and issued a $75.27 target price on shares of Cameco in a research note on Thursday, June 12th. The Goldman Sachs Group raised their target price on Cameco from $65.00 to $78.00 and gave the company a "buy" rating in a research note on Wednesday, June 11th. Finally, Desjardins started coverage on Cameco in a research note on Friday, April 4th. They issued a "buy" rating for the company. One analyst has rated the stock with a hold rating, ten have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $80.65.

About Cameco

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.