Cameco (NYSE:CCJ) Trading Down 1.9% - Here's Why

Cameco Co. (NYSE:CCJ - Get Free Report) TSE: CCO's stock price dropped 1.9% during mid-day trading on Wednesday . The stock traded as low as $55.48 and last traded at $55.62. Approximately 994,832 shares changed hands during trading, a decline of 77% from the average daily volume of 4,398,608 shares. The stock had previously closed at $56.68.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Glj Research reissued a "buy" rating and issued a $63.73 price target on shares of Cameco in a report on Wednesday, August 14th. Cantor Fitzgerald raised shares of Cameco from a "neutral" rating to an "overweight" rating in a research note on Wednesday, July 31st. Janney Montgomery Scott upgraded shares of Cameco to a "strong-buy" rating in a report on Friday, October 4th. National Bank Financial raised shares of Cameco to a "strong-buy" rating in a report on Tuesday, September 3rd. Finally, Bank of America lifted their target price on Cameco from $59.00 to $60.50 and gave the stock a "buy" rating in a report on Wednesday, June 26th. One investment 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 stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $66.56.

View Our Latest Research Report on CCJ

Cameco Trading Down 4.6 %

The company's 50 day moving average price is $45.43 and its two-hundred day moving average price is $47.81. The firm has a market cap of $23.53 billion, a PE ratio of 138.67 and a beta of 0.90. The company has a quick ratio of 1.48, a current ratio of 3.22 and a debt-to-equity ratio of 0.23.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last posted its quarterly earnings data on Wednesday, July 31st. The basic materials company reported $0.14 earnings per share for the quarter, missing analysts' consensus estimates of $0.28 by ($0.14). The firm had revenue of $598.00 million during the quarter, compared to analysts' expectations of $756.00 million. Cameco had a return on equity of 5.63% and a net margin of 9.72%. The business's revenue for the quarter was up 24.1% compared to the same quarter last year. During the same period last year, the company earned ($0.01) earnings per share. As a group, sell-side analysts forecast that Cameco Co. will post 0.83 EPS for the current year.

Hedge Funds Weigh In On Cameco

Several institutional investors have recently made changes to their positions in CCJ. Massachusetts Financial Services Co. MA bought a new position in Cameco in the second quarter worth approximately $73,125,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in Cameco in the first quarter valued at about $31,131,000. King Luther Capital Management Corp purchased a new stake in shares of Cameco during the second quarter worth about $32,740,000. The Manufacturers Life Insurance Company increased its stake in Cameco by 28.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,987,526 shares of the basic materials company's stock valued at $97,653,000 after purchasing an additional 437,921 shares in the last quarter. Finally, Fred Alger Management LLC raised its stake in Cameco by 106.2% in the 2nd quarter. Fred Alger Management LLC now owns 841,182 shares of the basic materials company's stock worth $41,386,000 after acquiring an additional 433,234 shares during the last quarter. Hedge funds and other institutional investors own 70.21% of the company's stock.

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.

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