The Manufacturers Life Insurance Company Acquires 3,438,790 Shares of Denison Mines Corp. (NYSEAMERICAN:DNN)

The Manufacturers Life Insurance Company lifted its holdings in Denison Mines Corp. (NYSEAMERICAN:DNN) (TSE:DML) by 499.0% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 4,127,950 shares of the basic materials company’s stock after acquiring an additional 3,438,790 shares during the quarter. The Manufacturers Life Insurance Company owned 0.46% of Denison Mines worth $7,514,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in DNN. Hood River Capital Management LLC increased its position in Denison Mines by 9.2% during the 2nd quarter. Hood River Capital Management LLC now owns 25,263,766 shares of the basic materials company’s stock valued at $50,275,000 after purchasing an additional 2,138,603 shares during the period. Van ECK Associates Corp grew its position in shares of Denison Mines by 96.8% in the 3rd quarter. Van ECK Associates Corp now owns 14,574,159 shares of the basic materials company’s stock worth $26,671,000 after buying an additional 7,168,934 shares during the period. Point72 Asset Management L.P. grew its position in shares of Denison Mines by 0.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 10,135,800 shares of the basic materials company’s stock worth $20,170,000 after buying an additional 46,000 shares during the period. Lloyd Harbor Capital Management LLC grew its position in shares of Denison Mines by 168.5% in the 2nd quarter. Lloyd Harbor Capital Management LLC now owns 6,175,016 shares of the basic materials company’s stock worth $12,288,000 after buying an additional 3,875,016 shares during the period. Finally, Goehring & Rozencwajg Associates LLC grew its position in shares of Denison Mines by 15.5% in the 2nd quarter. Goehring & Rozencwajg Associates LLC now owns 3,579,830 shares of the basic materials company’s stock worth $7,124,000 after buying an additional 479,600 shares during the period. 36.74% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

DNN has been the topic of a number of analyst reports. Roth Mkm reiterated a “buy” rating and issued a $2.75 price target (up previously from $2.60) on shares of Denison Mines in a research note on Wednesday, October 23rd. CIBC initiated coverage on shares of Denison Mines in a research note on Thursday, September 26th. They issued a “sector outperform” rating and a $3.25 price target on the stock. National Bank Financial upgraded shares of Denison Mines to a “strong-buy” rating in a research note on Tuesday, September 3rd. BMO Capital Markets upgraded shares of Denison Mines from a “market perform” rating to an “outperform” rating in a research note on Wednesday, September 25th. Finally, Cibc World Mkts upgraded shares of Denison Mines to a “strong-buy” rating in a research note on Thursday, September 26th. One research analyst has rated the stock with a sell rating, three have issued a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, Denison Mines currently has a consensus rating of “Buy” and an average target price of $3.00.

Denison Mines Stock Performance

Shares of DNN opened at $2.26 on Thursday. Denison Mines Corp. has a 52-week low of $1.40 and a 52-week high of $2.47. The company has a market capitalization of $2.01 billion, a P/E ratio of -225.50 and a beta of 1.71. The stock has a fifty day moving average of $2.01.

Denison Mines Company Profile

Denison Mines Corp. engages in the acquisition, exploration, and development of uranium bearing properties in Canada. Its flagship project is the Wheeler River uranium project covering an area of approximately 300,000 hectares located in the Athabasca Basin region in northern Saskatchewan. The company was formerly known as International Uranium Corporation and changed its name to Denison Mines Corp.