Cameco (NYSE:CCJ) Shares Down 2.9% – Here’s What Happened

Cameco Corporation (NYSE:CCJ) (TSE:CCO)’s share price fell 2.9% on Tuesday . The stock traded as low as $92.92 and last traded at $94.7190. Approximately 3,413,317 shares traded hands during mid-day trading, a decline of 7% from the average daily volume of 3,685,953 shares. The stock had previously closed at $97.50.

Wall Street Analysts Forecast Growth

CCJ has been the topic of several research reports. Sanford C. Bernstein restated an “outperform” rating and set a $135.00 price objective on shares of Cameco in a research note on Monday, June 15th. Weiss Ratings lowered Cameco from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, June 4th. Scotiabank restated an “outperform” rating and set a $175.00 price objective on shares of Cameco in a research note on Wednesday, May 6th. Canadian Imperial Bank of Commerce lifted their price objective on shares of Cameco to $202.00 in a report on Monday, March 9th. Finally, TD Securities lowered shares of Cameco from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 26th. Eleven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Cameco has a consensus rating of “Moderate Buy” and an average target price of $148.92.

Cameco Price Performance

The firm has a market capitalization of $41.25 billion, a price-to-earnings ratio of 87.70, a PEG ratio of 1.76 and a beta of 1.02. The company has a current ratio of 3.08, a quick ratio of 2.09 and a debt-to-equity ratio of 0.14. The business has a 50-day moving average price of $108.73 and a two-hundred day moving average price of $110.75.

Cameco (NYSE:CCJ) (TSE:CCO) last released its quarterly earnings data on Tuesday, May 5th. The basic materials company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.05. The business had revenue of $607.49 million during the quarter, compared to analyst estimates of $598.63 million. Cameco had a return on equity of 11.05% and a net margin of 18.38%.The business’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.16 EPS. As a group, research analysts forecast that Cameco Corporation will post 1.21 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Legal & General Group Plc increased its stake in Cameco by 4.6% during the 3rd quarter. Legal & General Group Plc now owns 2,483,216 shares of the basic materials company’s stock valued at $208,450,000 after buying an additional 108,841 shares during the period. SHEPHERD WEALTH MANAGEMENT Ltd LIABILITY Co acquired a new stake in shares of Cameco in the 4th quarter worth approximately $1,974,000. Vanguard Group Inc. boosted its holdings in shares of Cameco by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 18,059,335 shares of the basic materials company’s stock valued at $1,653,639,000 after acquiring an additional 258,193 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Cameco by 0.7% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,973,799 shares of the basic materials company’s stock valued at $1,089,080,000 after acquiring an additional 85,762 shares during the period. Finally, Nikulski Financial Inc. acquired a new position in shares of Cameco during the fourth quarter valued at approximately $930,000. 70.21% of the stock is owned by institutional investors and hedge funds.

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.