Barometer Capital Management Inc. Cuts Stake in Cameco Corporation $CCJ

Barometer Capital Management Inc. decreased its stake in Cameco Corporation (NYSE:CCJ) (TSE:CCO) by 96.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,800 shares of the basic materials company’s stock after selling 392,100 shares during the period. Barometer Capital Management Inc.’s holdings in Cameco were worth $1,390,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of CCJ. Temasek Holdings Private Ltd purchased a new position in Cameco in the 1st quarter worth approximately $70,851,000. PNC Financial Services Group Inc. raised its stake in shares of Cameco by 50.3% during the first quarter. PNC Financial Services Group Inc. now owns 243,021 shares of the basic materials company’s stock valued at $26,394,000 after purchasing an additional 81,327 shares during the period. Oslo Pensjonsforsikring AS purchased a new stake in shares of Cameco during the first quarter valued at approximately $228,000. Baader Bank Aktiengesellschaft lifted its position in shares of Cameco by 12.6% during the first quarter. Baader Bank Aktiengesellschaft now owns 43,186 shares of the basic materials company’s stock worth $4,655,000 after purchasing an additional 4,831 shares in the last quarter. Finally, DJE Kapital AG acquired a new position in shares of Cameco during the first quarter worth $20,968,000. 70.21% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CCJ has been the subject of a number of recent analyst reports. TD Securities lowered shares of Cameco from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 26th. Truist Financial started coverage on shares of Cameco in a report on Monday, July 13th. They issued a “buy” rating and a $129.00 price objective on the stock. Scotiabank reissued an “outperform” rating and issued a $175.00 price objective on shares of Cameco in a research report on Wednesday, May 6th. Royal Bank Of Canada raised their target price on Cameco from $160.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, June 29th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and set a $135.00 target price on shares of Cameco in a research report on Monday, June 15th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $146.18.

Cameco Stock Up 4.5%

Shares of Cameco stock opened at $88.68 on Wednesday. The business has a 50-day moving average price of $102.56 and a 200 day moving average price of $110.73. Cameco Corporation has a fifty-two week low of $68.96 and a fifty-two week high of $135.24. The firm has a market cap of $38.62 billion, a P/E ratio of 82.11, a P/E/G ratio of 1.39 and a beta of 1.02. The company has a quick ratio of 2.09, a current ratio of 3.08 and a debt-to-equity ratio of 0.14.

Cameco (NYSE:CCJ) (TSE:CCO) last released its earnings results on Tuesday, May 5th. The basic materials company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.05. The company had revenue of $607.49 million for the quarter, compared to the consensus estimate of $598.63 million. Cameco had a return on equity of 11.05% and a net margin of 18.38%.Cameco’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.16 EPS. On average, sell-side analysts forecast that Cameco Corporation will post 1.29 earnings per share for the current fiscal 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.