Cameco (NYSE:CCJ) Trading Up 6.2% – Time to Buy?
by Scott Moore · The Cerbat GemShares of Cameco Corporation (NYSE:CCJ – Get Free Report) (TSE:CCO) rose 6.2% on Monday . The company traded as high as $120.84 and last traded at $120.69. Approximately 3,549,059 shares were traded during trading, a decline of 29% from the average daily volume of 5,000,365 shares. The stock had previously closed at $113.63.
Wall Street Analysts Forecast Growth
CCJ has been the subject of a number of recent analyst reports. The Goldman Sachs Group reaffirmed a “buy” rating and set a $131.00 price target on shares of Cameco in a research note on Wednesday, February 4th. Royal Bank Of Canada dropped their target price on Cameco from $160.00 to $150.00 and set an “outperform” rating for the company in a research report on Thursday, November 13th. UBS Group initiated coverage on Cameco in a research note on Monday, November 10th. They set a “neutral” rating and a $140.00 target price on the stock. Weiss Ratings reissued a “hold (c-)” rating on shares of Cameco in a research note on Monday, December 29th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of Cameco in a research report on Wednesday, October 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $131.39.
Read Our Latest Analysis on CCJ
Cameco Stock Performance
The firm has a 50 day moving average of $104.36 and a 200-day moving average of $90.98. The company has a market cap of $52.56 billion, a P/E ratio of 140.34 and a beta of 0.99. The company has a quick ratio of 1.85, a current ratio of 2.99 and a debt-to-equity ratio of 0.15.
Institutional Trading of Cameco
Hedge funds have recently added to or reduced their stakes in the business. TD Asset Management Inc grew its stake in Cameco by 3.7% in the second quarter. TD Asset Management Inc now owns 2,133,725 shares of the basic materials company’s stock valued at $158,141,000 after purchasing an additional 77,081 shares during the last quarter. Abbington Investment Group bought a new stake in shares of Cameco in the 3rd quarter valued at about $6,506,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Cameco by 79.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 249,992 shares of the basic materials company’s stock valued at $20,964,000 after buying an additional 110,629 shares in the last quarter. Nwam LLC grew its position in shares of Cameco by 11.7% in the 2nd quarter. Nwam LLC now owns 81,129 shares of the basic materials company’s stock worth $6,304,000 after buying an additional 8,519 shares during the last quarter. Finally, Total Clarity Wealth Management Inc. bought a new position in shares of Cameco during the 2nd quarter worth approximately $281,000. 70.21% of the stock is owned by hedge funds and other institutional investors.
Cameco Company 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.