Summit Financial LLC Increases Position in Cameco Corporation $CCJ

Key Points

• Summit Financial LLC increased its stake in Cameco Corporation to $6.76 million by purchasing an additional 13,998 shares during the first quarter.
• Cameco reported earnings of $0.51 EPS for its most recent quarter, exceeding analysts' estimates of $0.29, while revenue was up 46.7% year-over-year.
• Currently, approximately 70.21% of Cameco's stock is held by institutional investors and hedge funds, indicating strong institutional support for the company.

Summit Financial LLC grew its stake in shares of Cameco Corporation (NYSE:CCJ - Free Report) TSE: CCO by 9.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 164,170 shares of the basic materials company's stock after buying an additional 13,998 shares during the quarter. Summit Financial LLC's holdings in Cameco were worth $6,757,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in CCJ. Manchester Capital Management LLC boosted its holdings in shares of Cameco by 100.0% in the 1st quarter. Manchester Capital Management LLC now owns 600 shares of the basic materials company's stock worth $25,000 after purchasing an additional 300 shares in the last quarter. Dagco Inc. bought a new stake in Cameco in the 1st quarter worth approximately $28,000. Copia Wealth Management purchased a new stake in Cameco in the fourth quarter worth approximately $39,000. Ameriflex Group Inc. purchased a new stake in Cameco in the fourth quarter worth approximately $40,000. Finally, CoreCap Advisors LLC grew its position in Cameco by 8,363.6% during the fourth quarter. CoreCap Advisors LLC now owns 931 shares of the basic materials company's stock valued at $48,000 after acquiring an additional 920 shares during the last quarter. Hedge funds and other institutional investors own 70.21% of the company's stock.

Wall Street Analyst Weigh In

CCJ has been the subject of a number of research reports. UBS Group reaffirmed a "buy" rating on shares of Cameco in a research note on Tuesday, June 10th. Sanford C. Bernstein set a $70.00 price target on shares of Cameco and gave the stock an "outperform" rating in a research note on Tuesday, June 10th. Scotiabank restated an "outperform" rating on shares of Cameco in a research report on Tuesday, July 8th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Cameco in a research note on Tuesday, August 5th. Finally, The Goldman Sachs Group lifted their price objective on Cameco from $65.00 to $78.00 and gave the stock a "buy" rating in a report on Wednesday, June 11th. Three research analysts have rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $83.32.

Cameco Trading Up 4.8%

Shares of CCJ traded up $3.4020 during trading hours on Friday, reaching $74.8320. 4,582,504 shares of the company traded hands, compared to its average volume of 4,189,311. Cameco Corporation has a 12 month low of $35.00 and a 12 month high of $80.32. The company has a quick ratio of 2.00, a current ratio of 2.96 and a debt-to-equity ratio of 0.15. The company's fifty day moving average price is $74.49 and its two-hundred day moving average price is $56.84. The company has a market capitalization of $32.58 billion, a price-to-earnings ratio of 86.01 and a beta of 1.06.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last announced its earnings results on Thursday, July 31st. The basic materials company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.22. Cameco had a return on equity of 8.21% and a net margin of 14.97%.The firm had revenue of $467.72 million during the quarter, compared to analyst estimates of $819.79 million. During the same quarter in the prior year, the company earned $0.14 EPS. The business's revenue was up 46.7% compared to the same quarter last year. Cameco has set its FY 2025 guidance at EPS. Equities research analysts predict that Cameco Corporation will post 1.27 earnings per share for the current fiscal year.

Cameco Profile

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.