Scotia Capital Inc. Has $47.60 Million Stake in Cameco Corporation (NYSE:CCJ)

Key Points

• Scotia Capital Inc. increased its stake in Cameco Corporation by 14.5%, holding approximately $47.60 million worth of shares by the end of the latest quarter.
• Institutional investors now own 70.21% of Cameco's stock, highlighting significant interest from larger funds, including a 3,057.5% increase by Canada Pension Plan Investment Board.
• Analysts have set an average price target of $82.65 for Cameco, with several brokerages giving the stock an "outperform" rating and expressing strong bullish sentiment.

Scotia Capital Inc. raised its stake in shares of Cameco Corporation (NYSE:CCJ - Free Report) TSE: CCO by 14.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,158,878 shares of the basic materials company's stock after purchasing an additional 146,916 shares during the period. Scotia Capital Inc. owned 0.27% of Cameco worth $47,601,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. FMR LLC lifted its stake in shares of Cameco by 8.7% in the fourth quarter. FMR LLC now owns 22,639,647 shares of the basic materials company's stock worth $1,163,942,000 after acquiring an additional 1,811,876 shares during the period. Driehaus Capital Management LLC increased its position in Cameco by 120.2% during the 4th quarter. Driehaus Capital Management LLC now owns 2,245,539 shares of the basic materials company's stock valued at $115,398,000 after purchasing an additional 1,225,966 shares during the period. Raymond James Financial Inc. bought a new position in Cameco during the 4th quarter worth approximately $34,440,000. Canada Pension Plan Investment Board lifted its position in shares of Cameco by 3,057.5% in the 4th quarter. Canada Pension Plan Investment Board now owns 643,535 shares of the basic materials company's stock worth $33,046,000 after purchasing an additional 623,154 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Cameco by 31.8% in the 4th quarter. Geode Capital Management LLC now owns 2,518,655 shares of the basic materials company's stock valued at $130,550,000 after purchasing an additional 607,041 shares during the last quarter. 70.21% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CCJ. Raymond James Financial reissued an "outperform" rating on shares of Cameco in a research note on Wednesday, June 18th. Sanford C. Bernstein set a $70.00 price target on Cameco and gave the stock an "outperform" rating in a report on Tuesday, June 10th. Glj Research reissued a "buy" rating and issued a $75.27 price objective on shares of Cameco in a research report on Thursday, June 12th. UBS Group reissued a "buy" rating on shares of Cameco in a research note on Tuesday, June 10th. Finally, Wall Street Zen upgraded Cameco from a "hold" rating to a "buy" rating in a research report on Saturday. Ten investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Cameco presently has an average rating of "Buy" and an average target price of $82.65.

Cameco Stock Down 2.6%

Shares of NYSE:CCJ opened at $72.97 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.26 and a current ratio of 2.70. Cameco Corporation has a 52-week low of $35.00 and a 52-week high of $80.32. The business's 50 day simple moving average is $70.40 and its two-hundred day simple moving average is $54.38. The firm has a market cap of $31.77 billion, a P/E ratio of 83.87 and a beta of 1.06.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last issued its earnings results on Thursday, July 31st. The basic materials company reported $0.51 earnings per share for the quarter, topping analysts' consensus estimates of $0.29 by $0.22. Cameco had a return on equity of 8.34% and a net margin of 14.97%. The company had revenue of $467.72 million for the quarter, compared to analyst estimates of $819.79 million. During the same period in the prior year, the firm earned $0.14 earnings per share. Cameco's revenue for the quarter was up 46.7% on a year-over-year basis. As a group, research analysts forecast that Cameco Corporation will post 1.27 EPS for the current fiscal year.

About Cameco

Cameco Corporation provides uranium for the generation of electricity. It operates through Uranium, Fuel Services, Westinghouse segments. The Uranium segment is involved in the exploration for, mining, and milling, purchase, and sale of uranium concentrate. The Fuel Services segment engages in the refining, conversion, and fabrication of uranium concentrate, as well as the purchase and sale of conversion services.

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