Confluence Investment Management LLC Buys New Stake in Cameco Co. (NYSE:CCJ)

Confluence Investment Management LLC purchased a new position in shares of Cameco Co. (NYSE:CCJ) (TSE:CCO) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 21,704 shares of the basic materials company’s stock, valued at approximately $940,000.

Several other hedge funds and other institutional investors have also modified their holdings of CCJ. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Cameco by 74.3% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 5,730,858 shares of the basic materials company’s stock worth $227,365,000 after acquiring an additional 2,442,190 shares during the period. Norges Bank acquired a new position in Cameco during the 4th quarter worth approximately $99,511,000. Rheos Capital Works Inc. purchased a new stake in shares of Cameco in the 4th quarter valued at approximately $61,245,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Cameco by 6.9% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,422,754 shares of the basic materials company’s stock valued at $581,558,000 after purchasing an additional 869,404 shares in the last quarter. Finally, National Bank of Canada FI grew its stake in shares of Cameco by 25.6% during the fourth quarter. National Bank of Canada FI now owns 4,180,221 shares of the basic materials company’s stock worth $175,714,000 after purchasing an additional 850,704 shares in the last quarter. 70.21% of the stock is currently owned by hedge funds and other institutional investors.

Cameco Stock Up 2.1 %

NYSE:CCJ traded up $1.07 during mid-day trading on Tuesday, hitting $52.36. The company had a trading volume of 1,205,718 shares, compared to its average volume of 4,604,187. The business has a fifty day simple moving average of $50.97 and a 200-day simple moving average of $46.67. The firm has a market capitalization of $22.76 billion, a price-to-earnings ratio of 131.51 and a beta of 0.93. The company has a current ratio of 1.42, a quick ratio of 0.69 and a debt-to-equity ratio of 0.17. Cameco Co. has a 1 year low of $29.17 and a 1 year high of $56.24.

Cameco (NYSE:CCJ) (TSE:CCO) last released its quarterly earnings data on Tuesday, April 30th. The basic materials company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.23). Cameco had a return on equity of 4.60% and a net margin of 9.28%. The business had revenue of $470.29 million during the quarter. Equities analysts forecast that Cameco Co. will post 1.38 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have issued reports on CCJ. StockNews.com downgraded Cameco from a “hold” rating to a “sell” rating in a report on Thursday, April 4th. The Goldman Sachs Group increased their target price on shares of Cameco from $56.00 to $62.00 and gave the stock a “buy” rating in a research note on Friday, June 7th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $64.50.

Cameco Profile

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.