Elevation Point Wealth Partners LLC Acquires New Stake in Cameco Corporation $CCJ

Elevation Point Wealth Partners LLC bought a new position in shares of Cameco Corporation (NYSE:CCJ) (TSE:CCO) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 9,328 shares of the basic materials company’s stock, valued at approximately $950,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Daiichi Life Insurance Co. Ltd. acquired a new position in Cameco in the 2nd quarter valued at about $306,000. Commerce Bank acquired a new stake in shares of Cameco during the second quarter worth about $716,000. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Cameco during the second quarter worth about $673,000. W1M Asset Management Ltd purchased a new position in shares of Cameco in the second quarter valued at approximately $24,003,000. Finally, Varma Mutual Pension Insurance Co purchased a new position in shares of Cameco in the second quarter valued at approximately $11,096,000. 70.21% of the stock is currently owned by hedge funds and other institutional investors.

Cameco Stock Performance

NYSE:CCJ opened at $102.26 on Tuesday. Cameco Corporation has a 12 month low of $73.20 and a 12 month high of $135.24. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.06 and a quick ratio of 2.10. The firm has a market capitalization of $44.54 billion, a PE ratio of 173.32, a price-to-earnings-growth ratio of 1.75 and a beta of 1.05. The business’s fifty day moving average price is $96.12 and its 200 day moving average price is $107.24.

Cameco (NYSE:CCJ) (TSE:CCO) last released its quarterly earnings data on Friday, July 31st. The basic materials company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.13). Cameco had a return on equity of 7.59% and a net margin of 10.20%.The business had revenue of $573.06 million for the quarter, compared to analyst estimates of $579.60 million. During the same period in the prior year, the company posted $0.71 earnings per share. The company’s revenue was down 6.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Cameco Corporation will post 1.27 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CCJ. Bank of America cut their target price 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. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $135.00 price objective on shares of Cameco in a research report on Monday, June 15th. Barclays reduced their price objective on Cameco from $104.00 to $97.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 4th. Royal Bank Of Canada boosted their price objective on Cameco from $160.00 to $175.00 and gave the stock an “outperform” rating in a research report on Monday, June 29th. Finally, Scotiabank restated an “outperform” rating and set a $175.00 target price on shares of Cameco in a research note on Wednesday, May 6th. Fourteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $145.68.

Cameco Company Profile

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.