Cameco (NYSE:CCJ) Shares Down 4.6% – Time to Sell?

Cameco Corporation (NYSE:CCJ) (TSE:CCO) shares dropped 4.6% on Wednesday . The stock traded as low as $96.82 and last traded at $97.2050. 4,022,847 shares changed hands during trading, an increase of 9% from the average daily volume of 3,696,948 shares. The stock had previously closed at $101.86.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $135.00 price target on shares of Cameco in a research report on Monday, June 15th. Weiss Ratings cut shares of Cameco from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, June 4th. Scotiabank reaffirmed an “outperform” rating and issued a $175.00 target price on shares of Cameco in a report on Wednesday, May 6th. Royal Bank Of Canada raised their price target on Cameco from $160.00 to $175.00 and gave the company an “outperform” rating in a report on Monday. Finally, Canadian Imperial Bank of Commerce boosted their price objective on Cameco to $202.00 in a research report on Monday, March 9th. Eleven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Cameco currently has an average rating of “Moderate Buy” and a consensus price target of $148.92.

Cameco Price Performance

The firm’s fifty day moving average price is $110.79 and its 200 day moving average price is $110.59. The company has a quick ratio of 2.09, a current ratio of 3.08 and a debt-to-equity ratio of 0.14. The stock has a market cap of $42.34 billion, a PE ratio of 90.01, a P/E/G ratio of 1.89 and a beta of 0.99.

Cameco (NYSE:CCJ) (TSE:CCO) last posted its earnings results on Tuesday, May 5th. The basic materials company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.05. The company had revenue of $607.49 million during the quarter, compared to analysts’ expectations of $598.63 million. Cameco had a net margin of 18.38% and a return on equity of 11.05%. Cameco’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period last year, the company posted $0.16 earnings per share. As a group, equities analysts expect that Cameco Corporation will post 1.21 EPS for the current fiscal year.

Institutional Investors Weigh In On Cameco

A number of hedge funds have recently made changes to their positions in the company. Legal & General Group Plc increased its position in shares of Cameco by 4.6% during the 3rd quarter. Legal & General Group Plc now owns 2,483,216 shares of the basic materials company’s stock valued at $208,450,000 after purchasing an additional 108,841 shares during the last quarter. SHEPHERD WEALTH MANAGEMENT Ltd LIABILITY Co bought a new stake in Cameco in the fourth quarter worth $1,974,000. Vanguard Group Inc. boosted its stake in Cameco by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 18,059,335 shares of the basic materials company’s stock worth $1,653,639,000 after buying an additional 258,193 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Cameco by 0.7% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,973,799 shares of the basic materials company’s stock valued at $1,089,080,000 after acquiring an additional 85,762 shares during the last quarter. Finally, Nikulski Financial Inc. bought a new position in Cameco during the fourth quarter valued at $930,000. 70.21% of the stock is currently owned by hedge funds and other institutional investors.

About Cameco

Cameco Corporation (NYSE: CCJ) is a leading producer of uranium and a supplier to the global nuclear power industry. Headquartered in Saskatoon, Saskatchewan, Canada, the company is engaged in the exploration, mining, milling and sale of uranium concentrate, commonly known as yellowcake, which is used as fuel for nuclear reactors. Cameco also participates in services and activities that support the front end of the nuclear fuel cycle, including processing and marketing of uranium to utilities under long‑term and spot contracts.

The company’s operations have historically centered in Canada and the United States, where it operates and develops uranium mining and processing properties.