Nicholas Investment Partners LP Invests $17.71 Million in Cameco Corporation $CCJ

Key Points

• Nicholas Investment Partners bought 173,899 Cameco shares worth approximately $17.71 million in the second quarter, making CCJ its 28th-largest holding and representing about 1% of its portfolio.
• Institutional investors own 70.21% of Cameco, with major holders including Vanguard, Capital World Investors, VanECK, Morgan Stanley and Norges Bank increasing or initiating positions.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $145.68, despite Cameco’s latest quarterly EPS and revenue falling short of estimates.

Nicholas Investment Partners LP purchased a new position in Cameco Corporation (NYSE:CCJ - Free Report) TSE: CCO in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 173,899 shares of the basic materials company's stock, valued at approximately $17,713,000. Cameco comprises about 1.0% of Nicholas Investment Partners LP's holdings, making the stock its 28th largest holding.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Cameco by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 18,059,335 shares of the basic materials company's stock worth $1,653,639,000 after purchasing an additional 258,193 shares during the last quarter. Capital World Investors increased its holdings in Cameco by 0.3% in the fourth quarter. Capital World Investors now owns 13,545,354 shares of the basic materials company's stock valued at $1,240,047,000 after buying an additional 41,430 shares during the last quarter. Van ECK Associates Corp raised its stake in Cameco by 15.6% during the fourth quarter. Van ECK Associates Corp now owns 6,292,995 shares of the basic materials company's stock valued at $575,771,000 after buying an additional 849,188 shares in the last quarter. Morgan Stanley raised its stake in Cameco by 7.0% during the fourth quarter. Morgan Stanley now owns 4,978,333 shares of the basic materials company's stock valued at $455,468,000 after buying an additional 323,693 shares in the last quarter. Finally, Norges Bank bought a new position in Cameco during the 4th quarter worth approximately $443,265,000. Institutional investors and hedge funds own 70.21% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on CCJ shares. Citigroup reiterated a "positive" rating on shares of Cameco in a research report on Wednesday, July 15th. Bank of America dropped their price target on Cameco from $143.00 to $140.00 and set a "buy" rating on the stock in a research report on Thursday, July 9th. Scotiabank restated an "outperform" rating and set a $175.00 price objective on shares of Cameco in a research note on Wednesday, May 6th. Truist Financial lifted their price objective on shares of Cameco from $129.00 to $130.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. Finally, Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $135.00 price objective on shares of Cameco in a report on Monday, June 15th. Fourteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, Cameco currently has an average rating of "Moderate Buy" and a consensus price target of $145.68.

Cameco Price Performance

CCJ opened at $102.26 on Tuesday. The company has a quick ratio of 2.10, a current ratio of 3.06 and a debt-to-equity ratio of 0.14. The company's 50-day moving average price is $96.12 and its 200 day moving average price is $107.24. Cameco Corporation has a fifty-two week low of $73.20 and a fifty-two week high of $135.24. The firm has a market cap of $44.54 billion, a price-to-earnings ratio of 173.32, a price-to-earnings-growth ratio of 1.75 and a beta of 1.05.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last issued its earnings results on Friday, July 31st. The basic materials company reported $0.13 EPS for the quarter, missing analysts' consensus estimates of $0.26 by ($0.13). Cameco had a net margin of 10.20% and a return on equity of 7.59%. The company had revenue of $573.06 million during the quarter, compared to analyst estimates of $579.60 million. During the same quarter in the previous year, the firm earned $0.71 earnings per share. The business's revenue was down 6.8% on a year-over-year basis. As a group, sell-side analysts expect that Cameco Corporation will post 1.27 earnings per share for the current year.

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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