Denison Mine Corp $DNN Shares Newly Purchased by Bank of America Corp DE

Key Points

• Bank of America purchased 4.33 million Denison Mines shares worth approximately $13.2 million, representing about 0.48% of the company.
• Several other institutions also increased or initiated positions, and hedge funds and institutional investors collectively own 36.74% of Denison Mines.
• Analyst sentiment is favorable, with six Buy ratings and one Hold rating producing a “Moderate Buy” consensus and an average price target of $5.38, compared with the stock’s $2.65 opening price.

Bank of America Corp DE bought a new position in shares of Denison Mine Corp (NYSEAMERICAN:DNN - Free Report) TSE: DML in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 4,325,704 shares of the basic materials company's stock, valued at approximately $13,237,000. Bank of America Corp DE owned approximately 0.48% of Denison Mine as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. Van ECK Associates Corp raised its stake in shares of Denison Mine by 20.9% in the 4th quarter. Van ECK Associates Corp now owns 75,910,027 shares of the basic materials company's stock valued at $201,916,000 after acquiring an additional 13,106,987 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Denison Mine by 275.0% during the first quarter. Renaissance Technologies LLC now owns 9,455,713 shares of the basic materials company's stock worth $33,379,000 after purchasing an additional 6,934,400 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Denison Mine during the second quarter worth about $16,541,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Denison Mine in the second quarter worth about $12,507,000. Finally, Jupiter Topco LLC purchased a new stake in shares of Denison Mine in the second quarter worth about $11,857,000. Hedge funds and other institutional investors own 36.74% of the company's stock.

Analyst Upgrades and Downgrades

DNN has been the topic of several analyst reports. Royal Bank Of Canada initiated coverage on Denison Mine in a report on Monday, July 13th. They set an "outperform" rating on the stock. Jefferies Financial Group assumed coverage on Denison Mine in a report on Thursday, September 3rd. They issued a "buy" rating for the company. Six research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $5.38.

Denison Mine Stock Performance

DNN stock opened at $2.65 on Friday. The stock's 50 day simple moving average is $3.12 and its 200 day simple moving average is $3.33. Denison Mine Corp has a 12-month low of $2.20 and a 12-month high of $4.43. The firm has a market cap of $2.40 billion, a P/E ratio of -12.05 and a beta of 1.24. The company has a current ratio of 9.41, a quick ratio of 9.14 and a debt-to-equity ratio of 2.38.

Denison Mine Company Profile

Denison Mines Corp. is a Canadian uranium exploration and development company focused on advancing uranium projects and acquiring interests in uranium-producing assets. Its activities are concentrated primarily in the Athabasca Basin of northern Saskatchewan, Canada, one of the world's leading uranium-producing regions.

The company's principal development asset is the Wheeler River project, which includes the Phoenix in-situ recovery uranium project and the Gryphon underground project.

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