Cameco (NYSE:CCJ) Shares Up 1.1% – Time to Buy?

Cameco Corporation (NYSE:CCJ) (TSE:CCO) shares shot up 1.1% during trading on Thursday . The stock traded as high as $96.75 and last traded at $95.7830. Approximately 2,054,302 shares changed hands during mid-day trading, a decline of 44% from the average session volume of 3,665,134 shares. The stock had previously closed at $94.73.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Barclays initiated coverage on Cameco in a research report on Thursday, May 21st. They set an “equal weight” rating and a $108.00 price target for the company. Weiss Ratings lowered Cameco from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 4th. William Blair began coverage on shares of Cameco in a research note on Monday, April 20th. They set an “outperform” rating on the stock. Scotiabank reaffirmed an “outperform” rating and issued a $175.00 price objective on shares of Cameco in a report on Wednesday, May 6th. Finally, Sanford C. Bernstein reiterated an “outperform” rating and issued a $135.00 target price on shares of Cameco in a research report on Monday, June 15th. Twelve analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $148.11.

Cameco Trading Up 1.1%

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 firm has a 50-day moving average price of $107.62 and a 200-day moving average price of $110.87. The company has a market capitalization of $41.72 billion, a price-to-earnings ratio of 88.69, a PEG ratio of 1.73 and a beta of 1.02.

Cameco (NYSE:CCJ) (TSE:CCO) last announced its earnings results on Tuesday, May 5th. The basic materials company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.05. Cameco had a return on equity of 11.05% and a net margin of 18.38%.The business had revenue of $607.49 million during the quarter, compared to analysts’ expectations of $598.63 million. During the same quarter last year, the business posted $0.16 earnings per share. The company’s quarterly revenue was up 7.1% on a year-over-year basis. As a group, sell-side analysts predict that Cameco Corporation will post 1.21 EPS for the current year.

Institutional Investors Weigh In On Cameco

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Cameco by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 18,059,335 shares of the basic materials company’s stock valued at $1,653,639,000 after purchasing an additional 258,193 shares during the period. Capital World Investors boosted its holdings in shares of Cameco by 0.3% during the fourth quarter. Capital World Investors now owns 13,545,354 shares of the basic materials company’s stock worth $1,240,047,000 after purchasing an additional 41,430 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in 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 purchasing an additional 85,762 shares in the last quarter. Van ECK Associates Corp increased its stake in Cameco by 15.6% in the 4th quarter. Van ECK Associates Corp now owns 6,292,995 shares of the basic materials company’s stock valued at $575,771,000 after buying an additional 849,188 shares during the period. Finally, Morgan Stanley increased its stake in Cameco by 7.0% in the 4th quarter. Morgan Stanley now owns 4,978,333 shares of the basic materials company’s stock valued at $455,468,000 after buying an additional 323,693 shares during the period. Institutional investors and hedge funds own 70.21% of the company’s stock.

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.