The Manufacturers Life Insurance Company Acquires New Holdings in Cameco Corporation $CCJ

Key Points

• The Manufacturers Life Insurance Company acquired 2.65 million Cameco shares in the second quarter, valued at approximately $269.5 million and representing about 0.61% of the company.
• Institutional ownership remains substantial at 70.21%, with Vanguard, Capital World Investors, Van ECK, Morgan Stanley and Norges Bank among other major holders increasing or initiating positions.
• Cameco’s latest quarterly results missed estimates, with adjusted EPS of $0.13 versus $0.26 expected and revenue down 6.8% year over year. Despite the miss, analysts maintain a “Moderate Buy” consensus with an average price target of $145.68.

The Manufacturers Life Insurance Company bought a new stake in Cameco Corporation (NYSE:CCJ - Free Report) TSE: CCO in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,649,251 shares of the basic materials company's stock, valued at approximately $269,507,000. The Manufacturers Life Insurance Company owned about 0.61% of Cameco as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in CCJ. Vanguard Group Inc. boosted its holdings in 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 purchasing an additional 258,193 shares in the last quarter. Capital World Investors raised its holdings in Cameco by 0.3% during the fourth quarter. Capital World Investors now owns 13,545,354 shares of the basic materials company's stock valued at $1,240,047,000 after buying an additional 41,430 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of Cameco by 15.6% in the fourth quarter. Van ECK Associates Corp now owns 6,292,995 shares of the basic materials company's stock worth $575,771,000 after buying an additional 849,188 shares during the last quarter. Morgan Stanley boosted its stake in shares of Cameco by 7.0% during the 4th quarter. Morgan Stanley now owns 4,978,333 shares of the basic materials company's stock worth $455,468,000 after acquiring an additional 323,693 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Cameco during the 4th quarter worth about $443,265,000. 70.21% of the stock is owned by institutional investors.

Cameco Stock Performance

CCJ opened at $102.26 on Tuesday. The company has a quick ratio of 2.10, a current ratio of 3.06 and a debt-to-equity ratio of 0.14. The stock's 50 day moving average price is $96.12 and its two-hundred day moving average price is $107.24. The firm has a market capitalization of $44.54 billion, a P/E ratio of 173.32, a price-to-earnings-growth ratio of 1.75 and a beta of 1.05. Cameco Corporation has a 12-month low of $73.20 and a 12-month high of $135.24.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last issued its quarterly earnings results on Friday, July 31st. The basic materials company reported $0.13 EPS for the quarter, missing analysts' consensus estimates of $0.26 by ($0.13). Cameco had a return on equity of 7.59% and a net margin of 10.20%.The business had revenue of $573.06 million for the quarter, compared to analyst estimates of $579.60 million. During the same quarter last year, the firm earned $0.71 earnings per share. The firm's quarterly revenue was down 6.8% compared to the same quarter last year. On average, equities analysts forecast that Cameco Corporation will post 1.27 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CCJ. Truist Financial boosted their target price on Cameco from $129.00 to $130.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. Scotiabank restated an "outperform" rating and issued a $175.00 price objective on shares of Cameco in a research note on Wednesday, May 6th. Royal Bank Of Canada upped their price objective on shares of Cameco from $160.00 to $175.00 and gave the stock an "outperform" rating in a report on Monday, June 29th. Barclays lowered their target price on shares of Cameco from $104.00 to $97.00 and set an "equal weight" rating on the stock in a research note on Tuesday, August 4th. Finally, Citigroup reiterated a "positive" rating on shares of Cameco in a report on Wednesday, July 15th. Fourteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $145.68.

About Cameco

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.

Want to see what other hedge funds are holding CCJ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cameco Corporation (NYSE:CCJ - Free Report) TSE: CCO.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source