Tribune Investment Group LP Raises Stake in Cameco Corporation $CCJ

Key Points

• Tribune Investment Group doubled its Cameco stake during the second quarter, purchasing 20,000 additional shares to own 40,000 valued at approximately $4.1 million. Institutional investors collectively own 70.21% of Cameco.
• Cameco reported disappointing quarterly results, with earnings per share of $0.13 versus the $0.26 consensus estimate and revenue down 6.8% year over year to $573.1 million.
• Analyst sentiment remains positive overall, with 14 Buy ratings and five Holds producing a “Moderate Buy” consensus and an average price target of $145.09, compared with the stock’s recent price of $100.56.

Tribune Investment Group LP boosted its stake in shares of Cameco Corporation (NYSE:CCJ - Free Report) TSE: CCO by 100.0% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 40,000 shares of the basic materials company's stock after buying an additional 20,000 shares during the quarter. Cameco makes up approximately 1.6% of Tribune Investment Group LP's portfolio, making the stock its 19th largest holding. Tribune Investment Group LP's holdings in Cameco were worth $4,074,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Temasek Holdings Private Ltd purchased a new position in shares of Cameco during the 1st quarter valued at $70,851,000. Sumitomo Mitsui Trust Group Inc. raised its stake in Cameco by 35.2% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 535,743 shares of the basic materials company's stock valued at $58,187,000 after acquiring an additional 139,592 shares during the period. Wellington Management Group LLP purchased a new stake in Cameco during the second quarter valued at about $212,908,000. WCM Investment Management LLC purchased a new stake in Cameco during the first quarter valued at about $35,342,000. Finally, Amova Asset Management Americas Inc. boosted its position in Cameco by 37.7% during the first quarter. Amova Asset Management Americas Inc. now owns 522,864 shares of the basic materials company's stock worth $56,788,000 after purchasing an additional 143,113 shares during the period. Institutional investors own 70.21% of the company's stock.

Cameco Stock Performance

Cameco stock opened at $100.56 on Friday. Cameco Corporation has a 1-year low of $74.63 and a 1-year high of $135.24. The company has a current ratio of 3.06, a quick ratio of 2.10 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $43.80 billion, a PE ratio of 170.44, a price-to-earnings-growth ratio of 1.65 and a beta of 1.06. The firm's 50 day simple moving average is $95.33 and its 200 day simple moving average is $106.45.

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

Analysts Set New Price Targets

Several research firms have recently issued reports on CCJ. Weiss Ratings lowered shares of Cameco from a "hold (c)" rating to a "hold (c-)" rating in a research report on Wednesday, August 12th. Royal Bank Of Canada raised 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 reduced their price objective on shares of Cameco from $104.00 to $97.00 and set an "equal weight" rating for the company in a research note on Tuesday, August 4th. Jefferies Financial Group started coverage on Cameco in a research report on Thursday. They set a "buy" rating and a $138.00 target price on the stock. Finally, Citigroup reaffirmed a "positive" rating on shares of Cameco in a report on Wednesday, July 15th. Fourteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $145.09.

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.

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