Renaissance Technologies LLC Purchases 464,867 Shares of Cameco Corporation $CCJ

Key Points

• Renaissance Technologies increased its Cameco stake by 211.6% in Q1, buying 464,867 shares and bringing its position to 684,567 shares worth about $74.4 million.
• Other large institutional investors also hold significant positions in Cameco, and institutional ownership stands at 70.21% of the company’s stock.
• Wall Street sentiment remains constructive: Cameco has a Moderate Buy consensus rating with a $146.18 average price target, while the stock recently traded at $87.86 after a 1.6% decline.

Renaissance Technologies LLC boosted its position in shares of Cameco Corporation (NYSE:CCJ - Free Report) TSE: CCO by 211.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 684,567 shares of the basic materials company's stock after purchasing an additional 464,867 shares during the period. Renaissance Technologies LLC owned about 0.16% of Cameco worth $74,351,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in CCJ. Vanguard Group Inc. raised its holdings in shares of Cameco by 1.5% in 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 buying an additional 258,193 shares during the period. Capital World Investors lifted its position in shares of Cameco by 0.3% during the fourth quarter. Capital World Investors now owns 13,545,354 shares of the basic materials company's stock worth $1,240,047,000 after purchasing an additional 41,430 shares during the last quarter. Van ECK Associates Corp boosted its stake in shares of 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 purchasing an additional 849,188 shares during the period. Morgan Stanley grew its holdings in shares of Cameco by 7.0% in the fourth quarter. Morgan Stanley now owns 4,978,333 shares of the basic materials company's stock worth $455,468,000 after purchasing an additional 323,693 shares during the last quarter. Finally, Norges Bank purchased a new position in Cameco in the 4th quarter worth about $443,265,000. Institutional investors own 70.21% of the company's stock.

Wall Street Analyst Weigh In

CCJ has been the topic of a number of research reports. Citigroup reaffirmed a "positive" rating on shares of Cameco in a research report on Wednesday, July 15th. Weiss Ratings downgraded Cameco from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, June 4th. Truist Financial initiated coverage on Cameco in a research report on Monday, July 13th. They set a "buy" rating and a $129.00 price target on the stock. Bank of America lowered their price objective on shares of Cameco from $143.00 to $140.00 and set a "buy" rating for the company in a research note on Thursday, July 9th. Finally, Royal Bank Of Canada raised their target price on shares of Cameco from $160.00 to $175.00 and gave the company an "outperform" rating in a research report on Monday, June 29th. One investment 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's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $146.18.

Cameco Stock Down 1.6%

Cameco stock opened at $87.86 on Friday. Cameco Corporation has a 1-year low of $68.96 and a 1-year high of $135.24. The stock has a market capitalization of $38.27 billion, a price-to-earnings ratio of 81.35, a PEG ratio of 1.39 and a beta of 1.02. 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 business has a fifty day moving average price of $101.20 and a 200-day moving average price of $110.50.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last released its earnings results on Tuesday, May 5th. The basic materials company reported $0.34 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.05. Cameco had a net margin of 18.38% and a return on equity of 11.05%. The company had revenue of $607.49 million during the quarter, compared to analysts' expectations of $598.63 million. During the same period last year, the business earned $0.16 EPS. Cameco's revenue for the quarter was up 7.1% on a year-over-year basis. Equities research analysts forecast that Cameco Corporation will post 1.34 EPS 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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