Legal & General Group Plc Invests $260.94 Million in Cameco Corporation $CCJ

Legal & General Group Plc bought a new stake in shares of Cameco Corporation (NYSE:CCJ) (TSE:CCO) during the second quarter, Holdings Channel.com reports. The fund bought 2,560,902 shares of the basic materials company’s stock, valued at approximately $260,935,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Temasek Holdings Private Ltd acquired a new stake in Cameco in the first quarter valued at approximately $70,851,000. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Cameco by 35.2% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 535,743 shares of the basic materials company’s stock worth $58,187,000 after buying an additional 139,592 shares during the period. WCM Investment Management LLC purchased a new position in shares of Cameco during the 1st quarter valued at approximately $35,342,000. Amova Asset Management Americas Inc. lifted its position in shares of Cameco by 37.7% during the 1st quarter. Amova Asset Management Americas Inc. now owns 522,864 shares of the basic materials company’s stock valued at $56,788,000 after buying an additional 143,113 shares in the last quarter. Finally, Janus Henderson Group PLC grew its stake in Cameco by 102.3% in the 1st quarter. Janus Henderson Group PLC now owns 155,427 shares of the basic materials company’s stock valued at $16,883,000 after acquiring an additional 78,609 shares during the period. Hedge funds and other institutional investors own 70.21% of the company’s stock.

Wall Street Analyst Weigh In

CCJ has been the subject of several recent analyst reports. Citigroup reissued a “positive” rating on shares of Cameco in a report on Wednesday, July 15th. Scotiabank reiterated an “outperform” rating and issued a $175.00 target price on shares of Cameco in a research report on Wednesday, May 6th. Barclays cut their target price on shares of Cameco from $104.00 to $97.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 4th. Weiss Ratings downgraded shares of Cameco from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, August 12th. Finally, Bank of America decreased their price target 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. Fourteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Cameco has an average rating of “Moderate Buy” and a consensus price target of $145.68.

Cameco Trading Up 0.5%

Shares of CCJ opened at $107.51 on Thursday. Cameco Corporation has a 52-week low of $73.20 and a 52-week high of $135.24. The company has a quick ratio of 2.10, a current ratio of 3.06 and a debt-to-equity ratio of 0.14. The firm’s fifty day moving average is $96.14 and its two-hundred day moving average is $107.17. The stock has a market cap of $46.82 billion, a PE ratio of 182.22, a price-to-earnings-growth ratio of 1.83 and a beta of 1.05.

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 business had revenue of $573.06 million for the quarter, compared to analysts’ expectations of $579.60 million. Cameco had a return on equity of 7.59% and a net margin of 10.20%.Cameco’s quarterly revenue was down 6.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.71 EPS. Research analysts forecast that Cameco Corporation will post 1.27 earnings per share for the current fiscal year.

Cameco 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.