Cameco (NYSE:CCJ) Shares Up 2.8% – Here’s What Happened

Shares of Cameco Co. (NYSE:CCJ) (TSE:CCO) rose 2.8% during mid-day trading on Tuesday . The company traded as high as $53.62 and last traded at $53.09. Approximately 1,540,800 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 3,554,337 shares. The stock had previously closed at $51.63.

Analyst Ratings Changes

Separately, Janney Montgomery Scott raised shares of Cameco to a “strong-buy” rating in a report on Friday, October 4th. One analyst has rated the stock with a sell rating, five have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Cameco has an average rating of “Buy” and a consensus price target of $66.56.

Cameco Stock Up 0.9 %

The firm has a market cap of $24.74 billion, a price-to-earnings ratio of 299.13 and a beta of 0.95. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.88 and a quick ratio of 1.26. The firm’s fifty day moving average is $54.57 and its two-hundred day moving average is $49.32.

Cameco (NYSE:CCJ) (TSE:CCO) last issued its quarterly earnings results on Thursday, November 7th. The basic materials company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.40). The firm had revenue of $721.00 million for the quarter, compared to analyst estimates of $646.83 million. Cameco had a net margin of 4.15% and a return on equity of 3.33%. The firm’s revenue for the quarter was up 25.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.24 earnings per share. On average, sell-side analysts expect that Cameco Co. will post 0.47 EPS for the current fiscal year.

Cameco Increases Dividend

The firm also recently declared an annual dividend, which was paid on Friday, December 13th. Shareholders of record on Wednesday, November 27th were issued a $0.118 dividend. This represents a yield of 0.22%. This is an increase from Cameco’s previous annual dividend of $0.09. The ex-dividend date was Wednesday, November 27th. Cameco’s dividend payout ratio is presently 63.16%.

Hedge Funds Weigh In On Cameco

Several hedge funds have recently made changes to their positions in the business. Driehaus Capital Management LLC grew its position in Cameco by 4.7% in the second quarter. Driehaus Capital Management LLC now owns 3,915,086 shares of the basic materials company’s stock worth $192,622,000 after buying an additional 176,183 shares during the last quarter. CIBC Asset Management Inc boosted its holdings in shares of Cameco by 58.0% in the third quarter. CIBC Asset Management Inc now owns 3,777,866 shares of the basic materials company’s stock worth $181,382,000 after buying an additional 1,386,639 shares during the period. Bridgewater Associates LP increased its position in shares of Cameco by 19.9% in the third quarter. Bridgewater Associates LP now owns 2,478,488 shares of the basic materials company’s stock worth $118,386,000 after acquiring an additional 410,711 shares in the last quarter. Progeny 3 Inc. lifted its position in shares of Cameco by 7.5% in the 3rd quarter. Progeny 3 Inc. now owns 2,268,132 shares of the basic materials company’s stock valued at $108,326,000 after acquiring an additional 159,200 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Cameco by 9.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 2,175,038 shares of the basic materials company’s stock worth $103,968,000 after purchasing an additional 187,512 shares during the period. Institutional investors and hedge funds own 70.21% of the company’s stock.

About Cameco

Cameco Corporation provides uranium for the generation of electricity. It operates through Uranium, Fuel Services, Westinghouse segments. The Uranium segment is involved in the exploration for, mining, and milling, 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.