Principal Financial Group Inc. Decreases Position in Cameco Corporation $CCJ

Key Points

• Principal Financial Group cut its stake in Cameco by 18.6% in the first quarter, selling 39,140 shares and leaving it with 171,713 shares valued at about $18.6 million.
• Despite some mixed analyst actions, Wall Street remains broadly positive on Cameco, with a consensus rating of Moderate Buy and an average price target of $146.18.
• Cameco reported better-than-expected earnings for the latest quarter, posting $0.34 EPS versus $0.29 expected, while revenue rose 7.1% year over year to $607.5 million.

Principal Financial Group Inc. reduced its stake in Cameco Corporation (NYSE:CCJ - Free Report) TSE: CCO by 18.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 171,713 shares of the basic materials company's stock after selling 39,140 shares during the period. Principal Financial Group Inc.'s holdings in Cameco were worth $18,641,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Bison Wealth LLC grew its position in shares of Cameco by 16.1% during the fourth quarter. Bison Wealth LLC now owns 21,448 shares of the basic materials company's stock worth $1,102,000 after acquiring an additional 2,975 shares during the last quarter. AQR Capital Management LLC grew its position in Cameco by 16.6% in the 1st quarter. AQR Capital Management LLC now owns 9,547 shares of the basic materials company's stock valued at $393,000 after buying an additional 1,361 shares during the last quarter. Integrated Wealth Concepts LLC boosted its holdings in Cameco by 48.7% in the 1st quarter. Integrated Wealth Concepts LLC now owns 8,485 shares of the basic materials company's stock valued at $349,000 after purchasing an additional 2,780 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Cameco by 11.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 604,841 shares of the basic materials company's stock worth $24,895,000 after acquiring an additional 64,512 shares during the period. Finally, NewGen Equity Long Short Fund acquired a new stake in shares of Cameco in the second quarter valued at about $14,252,000. Institutional investors and hedge funds own 70.21% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. William Blair initiated coverage on Cameco in a report on Monday, April 20th. They issued an "outperform" rating for the company. TD Securities lowered shares of Cameco from a "strong-buy" rating to a "hold" rating in a research report on Thursday, March 26th. Citigroup reaffirmed a "positive" rating on shares of Cameco in a research note on Wednesday, July 15th. Scotiabank reissued an "outperform" rating and set a $175.00 price objective on shares of Cameco in a research note on Wednesday, May 6th. Finally, Weiss Ratings downgraded Cameco from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $146.18.

Cameco Stock Performance

Shares of CCJ stock opened at $90.40 on Thursday. Cameco Corporation has a 12 month low of $68.96 and a 12 month high of $135.24. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.08 and a quick ratio of 2.09. The firm has a market capitalization of $39.37 billion, a P/E ratio of 83.70, a P/E/G ratio of 1.46 and a beta of 1.02. The company's fifty day moving average price is $102.06 and its two-hundred day moving average price is $110.73.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last announced its earnings results on Tuesday, May 5th. The basic materials company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.05. Cameco had a return on equity of 11.05% and a net margin of 18.38%.The company had revenue of $607.49 million during the quarter, compared to the consensus estimate of $598.63 million. During the same period last year, the firm earned $0.16 earnings per share. The company's revenue was up 7.1% on a year-over-year basis. On average, research analysts anticipate that Cameco Corporation will post 1.29 earnings per share for the current fiscal year.

Cameco Company 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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