Cameco (NYSE:CCJ) Trading 1.4% Higher – Here’s What Happened

Cameco Co. (NYSE:CCJ) (TSE:CCO)’s stock price shot up 1.4% on Friday . The company traded as high as $50.69 and last traded at $50.64. 1,192,518 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 4,348,074 shares. The stock had previously closed at $49.96.

Analysts Set New Price Targets

Several research firms have commented on CCJ. Bank of America upped their price objective on shares of Cameco from $59.00 to $60.50 and gave the company a “buy” rating in a report on Wednesday, June 26th. Cantor Fitzgerald raised shares of Cameco from a “neutral” rating to an “overweight” rating in a report on Wednesday, July 31st. Glj Research reaffirmed a “buy” rating and set a $63.73 price objective on shares of Cameco in a report on Wednesday, August 14th. The Goldman Sachs Group upped their price target on Cameco from $56.00 to $62.00 and gave the company a “buy” rating in a research report on Friday, June 7th. Finally, Scotiabank decreased their price target on Cameco from $81.00 to $80.00 and set an “outperform” rating on the stock in a research report on Monday, August 19th. One analyst has rated the stock with a sell rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.56.

Cameco Stock Performance

The company has a 50-day moving average price of $41.80 and a two-hundred day moving average price of $46.90. The stock has a market capitalization of $22.50 billion, a P/E ratio of 129.85 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) (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 the consensus estimate of $0.28 by ($0.14). The company had revenue of $598.00 million during the quarter, compared to the consensus estimate of $756.00 million. Cameco had a return on equity of 5.63% and a net margin of 9.72%. The firm’s revenue for the quarter was up 24.1% on a year-over-year basis. During the same quarter last year, the company posted ($0.01) earnings per share. Equities analysts expect that Cameco Co. will post 0.91 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CCJ. Massachusetts Financial Services Co. MA bought a new position in shares of Cameco in the second quarter worth approximately $73,125,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in shares of Cameco in the first quarter worth approximately $31,131,000. King Luther Capital Management Corp bought a new position in shares of Cameco in the second quarter worth approximately $32,740,000. The Manufacturers Life Insurance Company boosted its stake in Cameco by 28.3% in the second 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 in the last quarter. Finally, Fred Alger Management LLC boosted its stake in Cameco by 106.2% in 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 in the last quarter. 70.21% of the stock is currently owned by institutional investors.

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.