Norges Bank Makes New Investment in Cameco Corporation $CCJ

Norges Bank acquired a new position in Cameco Corporation (NYSE:CCJ) (TSE:CCO) in the 4th quarter, Holdings Channel.com reports. The firm acquired 4,841,376 shares of the basic materials company’s stock, valued at approximately $443,265,000.

Several other large investors have also recently bought and sold shares of CCJ. Bison Wealth LLC raised its position in Cameco by 16.1% in the fourth quarter. Bison Wealth LLC now owns 21,448 shares of the basic materials company’s stock worth $1,102,000 after acquiring an additional 2,975 shares in the last quarter. AQR Capital Management LLC raised its position in Cameco by 16.6% in the first quarter. AQR Capital Management LLC now owns 9,547 shares of the basic materials company’s stock worth $393,000 after acquiring an additional 1,361 shares in the last quarter. Integrated Wealth Concepts LLC raised its position in Cameco by 48.7% in the first quarter. Integrated Wealth Concepts LLC now owns 8,485 shares of the basic materials company’s stock worth $349,000 after acquiring an additional 2,780 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Cameco by 11.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 604,841 shares of the basic materials company’s stock worth $24,895,000 after acquiring an additional 64,512 shares in the last quarter. Finally, NewGen Equity Long Short Fund purchased a new position in Cameco in the second quarter worth $14,252,000. Hedge funds and other institutional investors own 70.21% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. TD Securities cut Cameco from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 26th. William Blair assumed coverage on Cameco in a research report on Monday, April 20th. They issued an “outperform” rating for the company. Barclays started coverage on Cameco in a research report on Thursday, May 21st. They issued an “equal weight” rating and a $108.00 price objective for the company. Scotiabank restated an “outperform” rating and issued a $175.00 price target on shares of Cameco in a research report on Wednesday, May 6th. Finally, Weiss Ratings cut Cameco from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, May 6th. Eleven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $148.62.

Cameco Trading Up 0.0%

Cameco stock opened at $112.71 on Tuesday. The stock has a market cap of $49.09 billion, a PE ratio of 104.37, a P/E/G ratio of 1.90 and a beta of 0.99. The stock has a 50-day moving average price of $113.12 and a 200 day moving average price of $107.90. Cameco Corporation has a 52 week low of $58.18 and a 52 week high of $135.24. The company has a current ratio of 3.08, a quick ratio of 2.09 and a debt-to-equity ratio of 0.14.

Cameco (NYSE:CCJ) (TSE:CCO) last posted its quarterly earnings data on Tuesday, May 5th. The basic materials company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.05. The firm had revenue of $607.49 million during the quarter, compared to analysts’ expectations of $598.63 million. Cameco had a return on equity of 11.05% and a net margin of 18.38%.The firm’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.16 EPS. Equities research analysts predict that Cameco Corporation will post 1.32 earnings per share for the current fiscal year.

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.