Zacks Investment Research Upgrades Cameco Corporation (CCJ) to Hold
Cameco Corporation (NYSE:CCJ) (TSE:CCO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “Cameco Corporation is one of the world’s largest uranium producers, a significant supplier of conversion services and one of two CANDU fuel manufacturers in Canada. Their competitive position is based on their controlling ownership of the world’s largest high-grade reserves and low-cost operations. Their uranium products are used to generate clean electricity in nuclear power plants around the world. They also explore for uranium in the Americas, Australia and Asia. Their shares trade on the Toronto and New York stock exchanges. Their head office is in Saskatoon, Saskatchewan. “
Several other equities research analysts have also recently commented on CCJ. BidaskClub cut shares of Cameco Corporation from a “buy” rating to a “hold” rating in a research report on Monday, August 14th. Raymond James Financial, Inc. reissued an “outperform” rating on shares of Cameco Corporation in a research report on Tuesday, August 15th. TheStreet raised shares of Cameco Corporation from a “d+” rating to a “c” rating in a research report on Tuesday, August 1st. Credit Suisse Group cut shares of Cameco Corporation from a “neutral” rating to an “underperform” rating in a research report on Monday, July 17th. Finally, Royal Bank Of Canada began coverage on shares of Cameco Corporation in a research report on Thursday, June 29th. They set an “outperform” rating and a $16.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. Cameco Corporation currently has a consensus rating of “Hold” and a consensus target price of $13.07.
Shares of Cameco Corporation (NYSE CCJ) opened at 9.88 on Tuesday. Cameco Corporation has a 52-week low of $7.41 and a 52-week high of $13.36. The stock’s market cap is $3.91 billion. The firm’s 50-day moving average price is $9.92 and its 200-day moving average price is $10.25.
Cameco Corporation (NYSE:CCJ) (TSE:CCO) last issued its quarterly earnings results on Thursday, July 27th. The basic materials company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.03. Cameco Corporation had a negative net margin of 0.75% and a positive return on equity of 2.59%. The firm had revenue of $470 million for the quarter, compared to analysts’ expectations of $383.81 million. During the same period in the previous year, the firm posted ($0.14) EPS. The company’s revenue for the quarter was up .9% on a year-over-year basis. On average, equities research analysts forecast that Cameco Corporation will post $0.17 earnings per share for the current fiscal year.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Cameco Corporation by 4.1% in the second quarter. Vanguard Group Inc. now owns 9,352,660 shares of the basic materials company’s stock valued at $85,108,000 after buying an additional 371,126 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec purchased a new position in Cameco Corporation during the first quarter valued at $72,208,000. Wellington Management Group LLP raised its position in Cameco Corporation by 1,990.6% in the first quarter. Wellington Management Group LLP now owns 6,283,068 shares of the basic materials company’s stock valued at $69,366,000 after buying an additional 5,982,525 shares in the last quarter. Global X Management Co. LLC raised its position in Cameco Corporation by 111.9% in the first quarter. Global X Management Co. LLC now owns 5,969,764 shares of the basic materials company’s stock valued at $65,891,000 after buying an additional 3,152,321 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its position in Cameco Corporation by 22.3% in the second quarter. Russell Investments Group Ltd. now owns 5,850,916 shares of the basic materials company’s stock valued at $53,220,000 after buying an additional 1,068,516 shares in the last quarter. Institutional investors own 56.57% of the company’s stock.
About Cameco Corporation
Cameco Corporation (Cameco) is a uranium producer. The Company is primarily engaged in the exploration for and the development, mining, refining, conversion, fabrication and trading of uranium for sale as fuel for generating electricity in nuclear power reactors in Canada and other countries. The Company operates through three segments: uranium, fuel services and NUKEM.
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