Cameco (NYSE:CCJ) Stock Price Down 2.9% – What’s Next?

Cameco Co. (NYSE:CCJ) (TSE:CCO) was down 2.9% on Friday . The stock traded as low as $55.47 and last traded at $55.24. Approximately 2,023,659 shares traded hands during mid-day trading, a decline of 49% from the average daily volume of 3,940,333 shares. The stock had previously closed at $56.86.

Analysts Set New Price Targets

Separately, Janney Montgomery Scott raised Cameco to a “strong-buy” rating in a research note on Friday, October 4th. One research analyst has rated the stock with a sell rating, five have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Cameco presently has an average rating of “Buy” and an average price target of $66.56.

Cameco Price Performance

The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.26 and a current ratio of 2.88. The stock’s 50 day simple moving average is $54.70 and its two-hundred day simple moving average is $49.42. The firm has a market capitalization of $24.42 billion, a PE ratio of 295.24 and a beta of 0.95.

Cameco (NYSE:CCJ) (TSE:CCO) last released its quarterly earnings data on Thursday, November 7th. The basic materials company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.40). The company had revenue of $721.00 million for the quarter, compared to analyst estimates of $646.83 million. Cameco had a return on equity of 3.33% and a net margin of 4.15%. The business’s quarterly revenue was up 25.4% on a year-over-year basis. During the same period last year, the firm posted $0.24 EPS. On average, sell-side analysts forecast that Cameco Co. will post 0.47 EPS for the current year.

Cameco Increases Dividend

The company also recently disclosed an annual dividend, which was paid on Friday, December 13th. Investors of record on Wednesday, November 27th were given a dividend of $0.118 per share. This is a boost from Cameco’s previous annual dividend of $0.09. This represents a yield of 0.22%. The ex-dividend date was Wednesday, November 27th. Cameco’s dividend payout ratio (DPR) is presently 63.16%.

Hedge Funds Weigh In On Cameco

Institutional investors and hedge funds have recently bought and sold shares of the company. Driehaus Capital Management LLC increased its holdings in shares of Cameco by 4.7% during the 2nd quarter. Driehaus Capital Management LLC now owns 3,915,086 shares of the basic materials company’s stock worth $192,622,000 after buying an additional 176,183 shares during the last quarter. CIBC Asset Management Inc increased its stake in Cameco by 58.0% during the third quarter. CIBC Asset Management Inc now owns 3,777,866 shares of the basic materials company’s stock worth $181,382,000 after acquiring an additional 1,386,639 shares during the last quarter. Bridgewater Associates LP raised its position in Cameco by 19.9% in the third quarter. Bridgewater Associates LP now owns 2,478,488 shares of the basic materials company’s stock valued at $118,386,000 after purchasing an additional 410,711 shares during the period. Progeny 3 Inc. lifted its stake in shares of Cameco by 7.5% in the 3rd quarter. Progeny 3 Inc. now owns 2,268,132 shares of the basic materials company’s stock valued at $108,326,000 after purchasing an additional 159,200 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Cameco by 9.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 2,175,038 shares of the basic materials company’s stock worth $103,968,000 after purchasing an additional 187,512 shares during the period. 70.21% of the stock is currently owned by institutional investors and hedge funds.

About Cameco

Cameco Corporation provides uranium for the generation of electricity. It operates through Uranium, Fuel Services, Westinghouse segments. The Uranium segment is involved in the exploration for, mining, and milling, purchase, and sale of uranium concentrate. The Fuel Services segment engages in the refining, conversion, and fabrication of uranium concentrate, as well as the purchase and sale of conversion services.