Canada Pension Plan Investment Board Buys Shares of 4,128,072 Cameco Corporation $CCJ

Key Points

• Canada Pension Plan Investment Board purchased 4.13 million Cameco shares worth approximately $420.3 million, representing about 0.95% of the company. Institutional investors collectively own 70.21% of Cameco.
• Cameco shares opened at $107.03, up 4.7%, but the company recently reported disappointing quarterly results: EPS of $0.13 missed estimates by $0.13, while revenue fell 6.8% year over year to $573.1 million.
• Analyst sentiment remains mixed but leans positive, with a consensus “Moderate Buy” rating and a $145.68 price target; recent actions included Barclays lowering its target to $97 and Scotiabank maintaining an “outperform” rating with a $175 target.

Canada Pension Plan Investment Board purchased a new position 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 purchased 4,128,072 shares of the basic materials company's stock, valued at approximately $420,346,000. Canada Pension Plan Investment Board owned approximately 0.95% of Cameco as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Temasek Holdings Private Ltd acquired a new position in shares of Cameco in the first quarter worth $70,851,000. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Cameco by 35.2% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 535,743 shares of the basic materials company's stock valued at $58,187,000 after acquiring an additional 139,592 shares in the last quarter. WCM Investment Management LLC acquired a new stake in shares of Cameco in the first quarter valued at $35,342,000. Amova Asset Management Americas Inc. boosted its holdings in Cameco by 37.7% in the first quarter. Amova Asset Management Americas Inc. now owns 522,864 shares of the basic materials company's stock valued at $56,788,000 after purchasing an additional 143,113 shares during the period. Finally, Janus Henderson Group PLC boosted its holdings in Cameco by 102.3% in the first quarter. Janus Henderson Group PLC now owns 155,427 shares of the basic materials company's stock valued at $16,883,000 after purchasing an additional 78,609 shares during the period. 70.21% of the stock is currently owned by hedge funds and other institutional investors.

Cameco Trading Up 4.7%

NYSE:CCJ opened at $107.03 on Wednesday. Cameco Corporation has a 1 year low of $73.20 and a 1 year high of $135.24. The stock has a market cap of $46.61 billion, a P/E ratio of 181.40, a P/E/G ratio of 1.75 and a beta of 1.05. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.10 and a current ratio of 3.06. The stock has a 50-day simple moving average of $96.10 and a 200-day simple moving average of $107.18.

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 business had revenue of $573.06 million for the quarter, compared to analyst estimates of $579.60 million. Cameco had a return on equity of 7.59% and a net margin of 10.20%.Cameco's revenue was down 6.8% on a year-over-year basis. During the same period last year, the business posted $0.71 EPS. As a group, analysts anticipate that Cameco Corporation will post 1.27 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have weighed in on CCJ. Barclays cut their price target on Cameco from $104.00 to $97.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 4th. Weiss Ratings cut Cameco from a "hold (c)" rating to a "hold (c-)" rating in a research note on Wednesday, August 12th. Citigroup reissued a "positive" rating on shares of Cameco in a research report on Wednesday, July 15th. Scotiabank restated an "outperform" rating and set a $175.00 target price on shares of Cameco in a research note on Wednesday, May 6th. Finally, Wall Street Zen cut shares of Cameco from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. Fourteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Cameco presently has a consensus rating of "Moderate Buy" and a consensus price target 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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