Empowered Funds LLC Makes New Investment in Cameco Corporation $CCJ

Empowered Funds LLC bought a new stake in Cameco Corporation (NYSE:CCJ) (TSE:CCO) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 96,322 shares of the basic materials company’s stock, valued at approximately $9,811,000.

Other hedge funds have also recently made changes to their positions in the company. Bison Wealth LLC raised its holdings in Cameco by 16.1% in the 4th quarter. Bison Wealth LLC now owns 21,448 shares of the basic materials company’s stock valued at $1,102,000 after buying an additional 2,975 shares during the last quarter. AQR Capital Management LLC grew its holdings in Cameco by 16.6% during the 1st quarter. AQR Capital Management LLC now owns 9,547 shares of the basic materials company’s stock worth $393,000 after acquiring an additional 1,361 shares during the last quarter. Integrated Wealth Concepts LLC grew its holdings in Cameco by 48.7% during the 1st quarter. Integrated Wealth Concepts LLC now owns 8,485 shares of the basic materials company’s stock worth $349,000 after acquiring an additional 2,780 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Cameco by 11.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 604,841 shares of the basic materials company’s stock valued at $24,895,000 after acquiring an additional 64,512 shares during the period. Finally, NewGen Equity Long Short Fund acquired a new position in Cameco in the 2nd quarter valued at approximately $14,252,000. 70.21% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CCJ. Citigroup reiterated a “positive” rating on shares of Cameco in a report on Wednesday, July 15th. Scotiabank reaffirmed an “outperform” rating and set a $175.00 target price on shares of Cameco in a research report on Wednesday, May 6th. Truist Financial upped their target price on Cameco from $129.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Bank of America reduced their price objective on shares of Cameco from $143.00 to $140.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. Finally, Weiss Ratings cut shares of Cameco from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, August 12th. Thirteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $145.68.

Cameco Stock Performance

Shares of CCJ stock opened at $100.07 on Friday. The firm has a 50 day moving average of $96.00 and a 200-day moving average of $107.07. The company has a market cap of $43.58 billion, a price-to-earnings ratio of 169.61, a price-to-earnings-growth ratio of 1.71 and a beta of 1.05. The company has a quick ratio of 2.10, a current ratio of 3.06 and a debt-to-equity ratio of 0.14. Cameco Corporation has a 52 week low of $73.20 and a 52 week high of $135.24.

Cameco (NYSE:CCJ) (TSE:CCO) last released its earnings results on Friday, July 31st. The basic materials company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.13). The company had revenue of $573.06 million for the quarter, compared to analyst estimates of $579.60 million. Cameco had a net margin of 10.20% and a return on equity of 7.59%. The firm’s revenue was down 6.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.71 EPS. On average, equities analysts forecast that Cameco Corporation will post 1.27 earnings per share for the current year.

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.