Fred Alger Management LLC Acquires 433,234 Shares of Cameco Co. (NYSE:CCJ)

Fred Alger Management LLC raised its stake in Cameco Co. (NYSE:CCJ) (TSE:CCO) by 106.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 841,182 shares of the basic materials company’s stock after purchasing an additional 433,234 shares during the quarter. Fred Alger Management LLC owned 0.19% of Cameco worth $41,386,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. LRI Investments LLC purchased a new stake in shares of Cameco during the first quarter worth about $26,000. Principal Securities Inc. purchased a new stake in Cameco in the 4th quarter worth approximately $29,000. Lindbrook Capital LLC grew its position in shares of Cameco by 26.0% in the 1st quarter. Lindbrook Capital LLC now owns 1,070 shares of the basic materials company’s stock worth $46,000 after buying an additional 221 shares during the last quarter. Larson Financial Group LLC raised its holdings in shares of Cameco by 99.3% during the first quarter. Larson Financial Group LLC now owns 1,204 shares of the basic materials company’s stock valued at $52,000 after acquiring an additional 600 shares in the last quarter. Finally, Crewe Advisors LLC purchased a new stake in Cameco in the first quarter worth $87,000. 70.21% of the stock is currently owned by institutional investors.

Cameco Stock Performance

Shares of Cameco stock opened at $46.77 on Wednesday. The stock has a market cap of $20.35 billion, a price-to-earnings ratio of 119.92 and a beta of 0.90. The company has a debt-to-equity ratio of 0.23, a current ratio of 3.22 and a quick ratio of 1.48. Cameco Co. has a 1 year low of $35.18 and a 1 year high of $56.24. The firm’s 50-day moving average is $41.54 and its 200 day moving average is $46.60.

Cameco (NYSE:CCJ) (TSE:CCO) last posted its quarterly earnings results on Wednesday, July 31st. The basic materials company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.14). Cameco had a net margin of 9.72% and a return on equity of 5.63%. The firm had revenue of $598.00 million for the quarter, compared to analysts’ expectations of $756.00 million. During the same quarter in the previous year, the company earned ($0.01) EPS. The company’s quarterly revenue was up 24.1% compared to the same quarter last year. Sell-side analysts anticipate that Cameco Co. will post 0.96 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CCJ has been the subject of several research reports. Glj Research restated a “buy” rating and issued a $63.73 price objective on shares of Cameco in a report on Wednesday, August 14th. Cantor Fitzgerald upgraded shares of Cameco from a “neutral” rating to an “overweight” rating in a report on Wednesday, July 31st. Bank of America upped 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. National Bank Financial upgraded Cameco to a “strong-buy” rating in a research note on Tuesday, September 3rd. Finally, Scotiabank decreased their price objective on Cameco from $81.00 to $80.00 and set an “outperform” rating for the company in a report on Monday, August 19th. One investment analyst has rated the stock with a sell rating, five have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Cameco has an average rating of “Buy” and an average price target of $67.25.

Cameco Company 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.