Pacific Heights Asset Management LLC Makes New $50.93 Million Investment in Cameco Corporation $CCJ

Key Points

• Pacific Heights Asset Management bought 500,000 Cameco shares worth approximately $50.93 million, making CCJ its 15th-largest holding and representing 1.6% of its portfolio. Institutional investors collectively own 70.21% of Cameco.
• Analyst sentiment remains favorable, with 14 Buy ratings and five Holds; Cameco has a “Moderate Buy” consensus and an average price target of $145.68, despite one recent downgrade to Sell.
• Cameco shares opened at $106.40 after a 0.9% decline, while the company’s latest quarterly results missed expectations: EPS was $0.13 versus a $0.26 estimate and revenue fell 6.8% year over year to $573.06 million.

Pacific Heights Asset Management LLC acquired a new stake in Cameco Corporation (NYSE:CCJ - Free Report) TSE: CCO during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 500,000 shares of the basic materials company's stock, valued at approximately $50,930,000. Cameco accounts for 1.6% of Pacific Heights Asset Management LLC's investment portfolio, making the stock its 15th biggest holding. Pacific Heights Asset Management LLC owned about 0.11% of Cameco as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in CCJ. Temasek Holdings Private Ltd bought a new position in Cameco during the first quarter worth $70,851,000. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Cameco by 35.2% during 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 purchasing an additional 139,592 shares during the period. WCM Investment Management LLC bought a new position in shares of Cameco during the 1st quarter worth about $35,342,000. Amova Asset Management Americas Inc. grew its stake in shares of Cameco by 37.7% in the 1st quarter. Amova Asset Management Americas Inc. now owns 522,864 shares of the basic materials company's stock valued at $56,788,000 after buying an additional 143,113 shares during the period. Finally, Janus Henderson Group PLC raised its stake in Cameco by 102.3% during the 1st quarter. Janus Henderson Group PLC now owns 155,427 shares of the basic materials company's stock worth $16,883,000 after buying an additional 78,609 shares during the period. Institutional investors and hedge funds own 70.21% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Citigroup reissued a "positive" rating on shares of Cameco in a research note on Wednesday, July 15th. Wall Street Zen downgraded shares of Cameco from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Royal Bank Of Canada boosted their price objective on Cameco from $160.00 to $175.00 and gave the stock an "outperform" rating in a report on Monday, June 29th. Bank of America cut 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. Finally, Sanford C. Bernstein restated an "outperform" rating and set a $135.00 price objective on shares of Cameco in a research note on Monday, June 15th. Fourteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Cameco has an average rating of "Moderate Buy" and a consensus target price of $145.68.

Cameco Stock Down 0.9%

Shares of NYSE:CCJ opened at $106.40 on Friday. The company has a market capitalization of $46.34 billion, a PE ratio of 180.34, a price-to-earnings-growth ratio of 1.84 and a beta of 1.05. The business has a fifty day moving average price of $96.13 and a two-hundred day moving average price of $107.12. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.06 and a quick ratio of 2.10. Cameco Corporation has a 1 year low of $73.20 and a 1 year high of $135.24.

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 (EPS) for the quarter, missing analysts' consensus estimates of $0.26 by ($0.13). The company had revenue of $573.06 million for the quarter, compared to analysts' expectations of $579.60 million. Cameco had a return on equity of 7.59% and a net margin of 10.20%.The business's quarterly revenue was down 6.8% on a year-over-year basis. During the same quarter last year, the business posted $0.71 EPS. Analysts forecast 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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