Contravisory Investment Management Inc. Grows Position in Cameco Corporation $CCJ

Key Points

• Contravisory Investment Management increased its Cameco position by 2,229.3% in the second quarter, bringing its holdings to 71,788 shares valued at approximately $7.3 million. Institutional investors collectively own 70.21% of CCJ.
• Cameco reported quarterly EPS of $0.13, missing the $0.26 consensus estimate, while revenue declined 6.8% year over year to $573.06 million. Shares opened at $97.39, well below their 12-month high of $135.24.
• Wall Street remains broadly positive, with an average rating of “Moderate Buy” and an average price target of $145.60, implying potential upside from current levels.

Contravisory Investment Management Inc. raised its holdings in Cameco Corporation (NYSE:CCJ - Free Report) TSE: CCO by 2,229.3% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 71,788 shares of the basic materials company's stock after acquiring an additional 68,706 shares during the quarter. Contravisory Investment Management Inc.'s holdings in Cameco were worth $7,312,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in CCJ. Mcguire Capital Advisors Inc. purchased a new position in shares of Cameco in the 4th quarter valued at about $28,000. Caitong International Asset Management Co. Ltd boosted its holdings in Cameco by 30,700.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 308 shares of the basic materials company's stock worth $28,000 after buying an additional 307 shares in the last quarter. Sterling Capital Management LLC acquired a new position in Cameco during the first quarter worth about $30,000. Sunbelt Securities Inc. grew its position in Cameco by 928.6% during the third quarter. Sunbelt Securities Inc. now owns 360 shares of the basic materials company's stock worth $30,000 after buying an additional 325 shares during the period. Finally, Brown Lisle Cummings Inc. grew its position in Cameco by 3,200.0% during the first quarter. Brown Lisle Cummings Inc. now owns 297 shares of the basic materials company's stock worth $32,000 after buying an additional 288 shares during the period. 70.21% of the stock is currently owned by hedge funds and other institutional investors.

Cameco Stock Performance

Shares of CCJ opened at $97.39 on Monday. Cameco Corporation has a 12-month low of $68.96 and a 12-month high of $135.24. The stock has a market cap of $42.42 billion, a P/E ratio of 165.06, a PEG ratio of 1.55 and a beta of 1.05. The company has a current ratio of 3.06, a quick ratio of 2.10 and a debt-to-equity ratio of 0.14. The company has a 50-day moving average of $97.94 and a two-hundred day moving average of $109.23.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last released its quarterly earnings results 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). Cameco had a net margin of 10.20% and a return on equity of 7.59%. The business had revenue of $573.06 million during the quarter, compared to analyst estimates of $579.60 million. During the same quarter in the prior year, the company earned $0.71 earnings per share. The firm's revenue for the quarter was down 6.8% compared to the same quarter last year. As a group, research analysts predict that Cameco Corporation will post 1.36 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CCJ. Sanford C. Bernstein reiterated an "outperform" rating and set a $135.00 price target on shares of Cameco in a research report on Monday, June 15th. Royal Bank Of Canada upped their price target on Cameco from $160.00 to $175.00 and gave the stock an "outperform" rating in a report on Monday, June 29th. Scotiabank reaffirmed an "outperform" rating and issued a $175.00 price objective on shares of Cameco in a research note on Wednesday, May 6th. Weiss Ratings cut Cameco from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, June 4th. Finally, Bank of America decreased 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. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Cameco currently has an average rating of "Moderate Buy" and an average price target of $145.60.

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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