SummitTX Capital L.P. Raises Stock Position in Cameco Corporation $CCJ

SummitTX Capital L.P. raised its stake in shares of Cameco Corporation (NYSE:CCJ) (TSE:CCO) by 117.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 85,464 shares of the basic materials company’s stock after buying an additional 46,211 shares during the period. SummitTX Capital L.P.’s holdings in Cameco were worth $9,282,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Norges Bank purchased a new position in shares of Cameco in the 4th quarter worth $443,265,000. Marshall Wace LLP increased its position in Cameco by 7,481.3% during the fourth quarter. Marshall Wace LLP now owns 1,752,571 shares of the basic materials company’s stock valued at $160,343,000 after acquiring an additional 1,729,454 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in Cameco by 14,338.8% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,112,080 shares of the basic materials company’s stock valued at $101,744,000 after acquiring an additional 1,104,378 shares during the period. Man Group plc lifted its holdings in Cameco by 126.3% in the third quarter. Man Group plc now owns 1,698,728 shares of the basic materials company’s stock valued at $142,455,000 after acquiring an additional 948,068 shares during the period. Finally, Corient Private Wealth LLC boosted its position in Cameco by 1,339.8% in the fourth quarter. Corient Private Wealth LLC now owns 964,552 shares of the basic materials company’s stock worth $88,247,000 after purchasing an additional 897,558 shares during the last quarter. 70.21% of the stock is currently owned by hedge funds and other institutional investors.

Cameco Price Performance

NYSE CCJ opened at $87.86 on Monday. Cameco Corporation has a 52 week low of $68.96 and a 52 week high of $135.24. The company has a quick ratio of 2.09, a current ratio of 3.08 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $38.27 billion, a P/E ratio of 81.35, a price-to-earnings-growth ratio of 1.39 and a beta of 1.02. The stock’s 50-day moving average price is $101.20 and its 200-day moving average price is $110.57.

Cameco (NYSE:CCJ) (TSE:CCO) last announced 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 company had revenue of $607.49 million during the quarter, compared to the consensus estimate of $598.63 million. Cameco had a return on equity of 11.05% and a net margin of 18.38%.The firm’s revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.16 EPS. On average, equities research analysts predict that Cameco Corporation will post 1.34 earnings per share for the current year.

Analyst Ratings Changes

CCJ has been the subject of several research reports. Truist Financial began coverage on shares of Cameco in a research report on Monday, July 13th. They set a “buy” rating and a $129.00 price target for the company. Bank of America dropped their price objective on shares of Cameco from $143.00 to $140.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. Barclays cut their target price on shares of Cameco from $108.00 to $104.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 15th. William Blair began coverage on shares of Cameco in a research report on Monday, April 20th. They issued an “outperform” rating on the stock. Finally, Weiss Ratings cut shares of Cameco from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $146.18.

Cameco 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.