Pinnacle Associates Ltd. Decreases Position in Cameco Corporation $CCJ

Pinnacle Associates Ltd. lowered its stake in Cameco Corporation (NYSE:CCJ) (TSE:CCO) by 5.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 352,583 shares of the basic materials company’s stock after selling 18,864 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Cameco were worth $29,568,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of CCJ. Financial Consulate Inc. acquired a new position in Cameco during the 3rd quarter worth approximately $25,000. Armstrong Advisory Group Inc. grew its position in Cameco by 110.3% in the third quarter. Armstrong Advisory Group Inc. now owns 347 shares of the basic materials company’s stock valued at $29,000 after acquiring an additional 182 shares in the last quarter. Cullen Frost Bankers Inc. purchased a new stake in shares of Cameco during the third quarter valued at approximately $37,000. Tobam raised its stake in shares of Cameco by 389.1% during the third quarter. Tobam now owns 450 shares of the basic materials company’s stock valued at $38,000 after purchasing an additional 358 shares during the period. Finally, VSM Wealth Advisory LLC acquired a new position in shares of Cameco during the second quarter worth $35,000. 70.21% of the stock is currently owned by hedge funds and other institutional investors.

Cameco Stock Down 3.9%

Shares of NYSE:CCJ opened at $109.77 on Monday. The company has a current ratio of 2.47, a quick ratio of 1.68 and a debt-to-equity ratio of 0.14. The company has a fifty day simple moving average of $114.36 and a 200 day simple moving average of $96.52. The firm has a market cap of $47.81 billion, a PE ratio of 113.16 and a beta of 0.98. Cameco Corporation has a 12-month low of $35.00 and a 12-month high of $135.24.

Cameco (NYSE:CCJ) (TSE:CCO) last posted its quarterly earnings results on Friday, February 13th. The basic materials company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.07. Cameco had a net margin of 17.00% and a return on equity of 9.35%. The firm had revenue of $874.57 million for the quarter, compared to analysts’ expectations of $782.13 million. During the same period in the prior year, the company posted $0.36 earnings per share. The firm’s quarterly revenue was up 1.5% on a year-over-year basis. On average, equities research analysts anticipate that Cameco Corporation will post 1.27 EPS for the current fiscal year.

Analysts Set New Price Targets

CCJ has been the subject of several analyst reports. Weiss Ratings upgraded shares of Cameco from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, February 23rd. UBS Group initiated coverage on shares of Cameco in a report on Monday, November 10th. They issued a “neutral” rating and a $140.00 price objective on the stock. Raymond James Financial reissued an “outperform” rating on shares of Cameco in a research report on Wednesday, January 14th. Royal Bank Of Canada raised their target price on Cameco from $150.00 to $160.00 and gave the company an “outperform” rating in a research note on Tuesday, February 17th. Finally, Zacks Research lowered Cameco from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 18th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $143.03.

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.