Cameco (NYSE:CCJ) Cut to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Cameco (NYSE:CCJGet Rating) (TSE:CCO) from a buy rating to a hold rating in a report published on Wednesday morning, Zacks.com reports.

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 research firms have also recently weighed in on CCJ. Canaccord Genuity Group lowered their price target on Cameco from C$44.00 to C$43.00 in a report on Friday, May 6th. Raymond James raised their target price on Cameco from C$40.00 to C$47.00 in a report on Wednesday, April 20th. StockNews.com assumed coverage on Cameco in a report on Thursday, March 31st. They issued a sell rating on the stock. Scotiabank raised their target price on Cameco from C$40.00 to C$47.00 in a report on Wednesday, April 13th. Finally, Royal Bank of Canada decreased their target price on Cameco from C$50.00 to C$45.00 in a report on Friday, May 6th. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Buy and an average price target of $40.70.

NYSE CCJ opened at $22.01 on Wednesday. The business’s fifty day moving average price is $27.31 and its 200-day moving average price is $24.48. The company has a debt-to-equity ratio of 0.20, a current ratio of 5.05 and a quick ratio of 4.12. Cameco has a 1-year low of $15.34 and a 1-year high of $32.49.

Cameco (NYSE:CCJGet Rating) (TSE:CCO) last released its quarterly earnings results on Wednesday, February 9th. The basic materials company reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.07. The firm had revenue of $368.91 million for the quarter. Cameco had a negative return on equity of 1.08% and a negative net margin of 3.72%. During the same period in the previous year, the company earned $0.09 earnings per share. Research analysts anticipate that Cameco will post 0.1 EPS for the current fiscal year.

A number of hedge funds have recently modified their holdings of the business. Northern Trust Corp increased its stake in Cameco by 1.5% in the 1st quarter. Northern Trust Corp now owns 198,191 shares of the basic materials company’s stock worth $5,767,000 after buying an additional 2,885 shares in the last quarter. Verition Fund Management LLC grew its position in shares of Cameco by 32.5% during the first quarter. Verition Fund Management LLC now owns 35,212 shares of the basic materials company’s stock valued at $1,025,000 after purchasing an additional 8,642 shares in the last quarter. Permian Investment Partners LP purchased a new position in shares of Cameco during the first quarter valued at about $10,320,000. Cibc World Markets Corp purchased a new position in shares of Cameco during the first quarter valued at about $655,000. Finally, Enlightenment Research LLC purchased a new position in shares of Cameco during the first quarter valued at about $361,000. Institutional investors and hedge funds own 57.95% of the company’s stock.

Cameco Company Profile (Get Rating)

Cameco Corporation produces and sells uranium. It operates through two segments, Uranium and Fuel Services. The Uranium segment is involved in the exploration for, mining, and milling, as well as 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.

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