Cibc World Market Inc. Takes $354.02 Million Position in Cameco Corporation $CCJ

Key Points

• Cibc World Market Inc. acquired 3.48 million Cameco shares worth approximately $354 million, representing about 0.80% of the company. Institutional investors and hedge funds collectively own 70.21% of Cameco.
• Analyst sentiment remains positive overall, with 14 Buy ratings and five Holds, producing a “Moderate Buy” consensus and an average price target of $145.68. Recent target increases included Scotiabank and RBC raising their objectives to $175.
• Cameco’s latest quarterly results fell short of expectations: EPS was $0.13 versus the $0.26 consensus, while revenue declined 6.8% year over year to $573.06 million. The stock opened at $102.55, compared with a 52-week range of $72.75 to $135.24.

Cibc World Market Inc. bought a new position in Cameco Corporation (NYSE:CCJ - Free Report) TSE: CCO during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 3,476,306 shares of the basic materials company's stock, valued at approximately $354,022,000. Cibc World Market Inc. owned about 0.80% of Cameco as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Mcguire Capital Advisors Inc. bought a new stake in Cameco during the fourth quarter worth about $28,000. Caitong International Asset Management Co. Ltd raised its stake in shares of Cameco by 30,700.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 308 shares of the basic materials company's stock valued at $28,000 after acquiring an additional 307 shares during the last quarter. Sterling Capital Management LLC bought a new position in shares of Cameco in the first quarter valued at approximately $30,000. Sunbelt Securities Inc. boosted its holdings in shares of Cameco by 928.6% in the 3rd quarter. Sunbelt Securities Inc. now owns 360 shares of the basic materials company's stock worth $30,000 after acquiring an additional 325 shares in the last quarter. Finally, Brown Lisle Cummings Inc. grew its position in Cameco by 3,200.0% during the 1st quarter. Brown Lisle Cummings Inc. now owns 297 shares of the basic materials company's stock worth $32,000 after acquiring an additional 288 shares during the last quarter. Institutional investors and hedge funds own 70.21% of the company's stock.

Analyst Ratings Changes

A number of research firms recently weighed in on CCJ. Wall Street Zen cut Cameco from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. Scotiabank reissued an "outperform" rating and issued a $175.00 price objective on shares of Cameco in a research note on Wednesday, May 6th. Royal Bank Of Canada increased their target price on Cameco from $160.00 to $175.00 and gave the stock an "outperform" rating in a report on Monday, June 29th. Sanford C. Bernstein restated an "outperform" rating and issued a $135.00 target price on shares of Cameco in a research note on Monday, June 15th. Finally, Truist Financial lifted their price target on Cameco from $129.00 to $130.00 and gave the company a "buy" rating in a report on Wednesday, August 12th. Fourteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $145.68.

Cameco Price Performance

CCJ opened at $102.55 on Monday. Cameco Corporation has a one year low of $72.75 and a one year high of $135.24. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.06 and a quick ratio of 2.10. The company's 50 day simple moving average is $96.21 and its 200-day simple moving average is $107.40. The stock has a market capitalization of $44.66 billion, a P/E ratio of 173.81, a price-to-earnings-growth ratio of 1.75 and a beta of 1.05.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last posted its quarterly earnings data 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). Cameco had a return on equity of 7.59% and a net margin of 10.20%.The company had revenue of $573.06 million during the quarter, compared to the consensus estimate of $579.60 million. During the same quarter last year, the firm earned $0.71 EPS. The business's revenue for the quarter was down 6.8% on a year-over-year basis. Sell-side analysts anticipate that Cameco Corporation will post 1.27 earnings per share for the current fiscal year.

About Cameco

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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