Granite Bay Wealth Management LLC Purchases Shares of 5,400 Cameco Co. (NYSE:CCJ)

Granite Bay Wealth Management LLC acquired a new position in shares of Cameco Co. (NYSE:CCJ) (TSE:CCO) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 5,400 shares of the basic materials company’s stock, valued at approximately $273,000.

Several other large investors have also modified their holdings of the stock. Massachusetts Financial Services Co. MA purchased a new stake in Cameco in the second quarter valued at $73,125,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of Cameco in the 1st quarter valued at about $31,131,000. King Luther Capital Management Corp acquired a new stake in shares of Cameco in the 2nd quarter valued at about $32,740,000. The Manufacturers Life Insurance Company grew 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 worth $97,653,000 after buying an additional 437,921 shares during the last quarter. Finally, Fred Alger Management LLC increased its position in Cameco by 106.2% during the second quarter. Fred Alger Management LLC now owns 841,182 shares of the basic materials company’s stock worth $41,386,000 after buying an additional 433,234 shares during the period. Institutional investors and hedge funds own 70.21% of the company’s stock.

Cameco Stock Performance

NYSE CCJ opened at $48.65 on Wednesday. The stock has a market capitalization of $21.17 billion, a price-to-earnings ratio of 124.74 and a beta of 0.90. The business’s 50 day moving average is $41.63 and its two-hundred day moving average is $46.86. Cameco Co. has a 12-month low of $35.18 and a 12-month high of $56.24. The company has a current ratio of 3.22, a quick ratio of 1.48 and a debt-to-equity ratio of 0.23.

Cameco (NYSE:CCJ) (TSE:CCO) last announced 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). Cameco had a return on equity of 5.63% and a net margin of 9.72%. The business had revenue of $598.00 million for the quarter, compared to analyst estimates of $756.00 million. During the same period in the prior year, the company earned ($0.01) EPS. The company’s revenue was up 24.1% on a year-over-year basis. Research analysts expect that Cameco Co. will post 0.91 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CCJ. The Goldman Sachs Group raised their target price on shares of Cameco from $56.00 to $62.00 and gave the stock a “buy” rating in a research report on Friday, June 7th. Scotiabank reduced their target price on shares of Cameco from $81.00 to $80.00 and set an “outperform” rating for the company in a report on Monday, August 19th. Glj Research reissued a “buy” rating and set a $63.73 price target on shares of Cameco in a report on Wednesday, August 14th. National Bank Financial raised Cameco to a “strong-buy” rating in a research note on Tuesday, September 3rd. Finally, Bank of America increased their price objective on Cameco from $59.00 to $60.50 and gave the stock a “buy” rating in a research report on Wednesday, June 26th. One equities research analyst has rated the stock with a sell rating, five have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $67.25.

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.