Paradigm Capital Initiates Coverage on Cameco (NYSE:CCJ)

Equities researchers at Paradigm Capital began coverage on shares of Cameco (NYSE:CCJ) (TSE:CCO) in a research note issued to investors on Monday, Zacks reports. The firm set a “moderate buy” rating on the basic materials company’s stock.

CCJ has been the topic of a number of other research reports. Truist Financial cut their price objective on shares of Cameco from $130.00 to $125.00 and set a “buy” rating on the stock in a report on Thursday, October 22nd. Barclays lowered their target price on shares of Cameco from $95.00 to $89.00 and set an “equal weight” rating for the company in a report on Monday, November 2nd. Jefferies Financial Group assumed coverage on Cameco in a report on Thursday, September 3rd. They set a “buy” rating and a $138.00 price objective on the stock. Citigroup reiterated a “positive” rating on shares of Cameco in a research report on Wednesday, July 15th. Finally, Wall Street Zen downgraded Cameco from a “hold” rating to a “sell” rating in a report on Saturday, September 19th. Twelve equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Cameco currently has a consensus rating of “Moderate Buy” and a consensus price target of $148.12.

Cameco Price Performance

CCJ stock opened at $72.87 on Monday. The business has a 50 day moving average price of $86.25 and a 200 day moving average price of $102.67. The stock has a market cap of $31.74 billion, a price-to-earnings ratio of 110.42, a PEG ratio of 1.83 and a beta of 1.18. Cameco has a fifty-two week low of $66.06 and a fifty-two week high of $135.24. The company has a quick ratio of 1.62, a current ratio of 2.55 and a debt-to-equity ratio of 0.14.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP acquired a new stake in shares of Cameco in the 2nd quarter worth $212,908,000. Amundi boosted its holdings in shares of Cameco by 13.7% in the second quarter. Amundi now owns 2,992,074 shares of the basic materials company’s stock valued at $304,773,000 after acquiring an additional 359,375 shares in the last quarter. Temasek Holdings Private Ltd acquired a new position in shares of Cameco during the first quarter worth about $70,851,000. Royal London Asset Management Ltd. increased its stake in shares of Cameco by 74.6% during the second quarter. Royal London Asset Management Ltd. now owns 275,141 shares of the basic materials company’s stock worth $28,026,000 after acquiring an additional 117,592 shares during the period. Finally, Bank of America Corp DE purchased a new position in Cameco during the second quarter worth about $735,498,000. 70.21% of the stock is currently owned by hedge funds and other institutional investors.

About Cameco

Cameco is a Canadian uranium company involved in the exploration, mining, milling, refining and conversion of uranium. Its operations include major uranium assets in Saskatchewan, and it has an interest in the Inkai uranium operation in Kazakhstan. The company supplies uranium and related products to nuclear energy producers around the world. Cameco also provides nuclear fuel services, including uranium conversion and the manufacture of fuel bundles for CANDU reactors. In addition, it owns a 49% interest in Westinghouse Electric Company, a supplier of nuclear power plant technologies, services and fuel.