Formidable Asset Management LLC Decreases Stock Holdings in Cameco Corporation $CCJ

Formidable Asset Management LLC lessened its stake in Cameco Corporation (NYSE:CCJ) (TSE:CCO) by 61.9% in the 3rd quarter, Holdings Channel.com reports. The fund owned 4,859 shares of the basic materials company’s stock after selling 7,896 shares during the quarter. Formidable Asset Management LLC’s holdings in Cameco were worth $407,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CCJ. Vanguard Group Inc. raised its position in shares of Cameco by 2.8% during the 2nd quarter. Vanguard Group Inc. now owns 17,565,529 shares of the basic materials company’s stock worth $1,304,504,000 after purchasing an additional 481,171 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in shares of Cameco by 41.4% during the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 7,076,815 shares of the basic materials company’s stock valued at $524,988,000 after acquiring an additional 2,071,373 shares during the last quarter. Norges Bank purchased a new position in shares of Cameco in the second quarter valued at approximately $341,736,000. William Blair Investment Management LLC boosted its stake in shares of Cameco by 15.1% in the second quarter. William Blair Investment Management LLC now owns 3,869,291 shares of the basic materials company’s stock worth $287,217,000 after acquiring an additional 506,667 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Cameco by 20.7% during the second quarter. Geode Capital Management LLC now owns 3,372,878 shares of the basic materials company’s stock worth $250,797,000 after purchasing an additional 578,393 shares in the last quarter. 70.21% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. UBS Group began coverage on Cameco in a report on Monday, November 10th. They issued a “neutral” rating and a $140.00 price objective on the stock. Zacks Research upgraded shares of Cameco from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 14th. Sanford C. Bernstein upped their price objective on shares of Cameco from $100.00 to $101.00 and gave the company an “outperform” rating in a research note on Wednesday, January 7th. Scotiabank reissued an “outperform” rating on shares of Cameco in a research note on Wednesday, October 29th. Finally, Wall Street Zen cut Cameco from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $121.68.

Cameco Stock Performance

Shares of Cameco stock opened at $116.50 on Tuesday. The stock has a market capitalization of $50.73 billion, a price-to-earnings ratio of 135.47 and a beta of 1.01. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.99 and a quick ratio of 1.85. The business has a 50-day moving average of $93.74 and a 200 day moving average of $86.10. Cameco Corporation has a 12 month low of $35.00 and a 12 month high of $118.54.

Cameco (NYSE:CCJ) (TSE:CCO) last issued its quarterly earnings results on Wednesday, November 5th. The basic materials company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.17). The business had revenue of $313.74 million for the quarter, compared to analyst estimates of $531.72 million. Cameco had a return on equity of 8.58% and a net margin of 15.24%.The firm’s revenue for the quarter was down 14.7% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.01) EPS. As a group, sell-side analysts forecast that Cameco Corporation will post 1.27 earnings per share for the current year.

Cameco Increases Dividend

The firm also recently declared an annual dividend, which was paid on Tuesday, December 16th. Shareholders of record on Monday, December 1st were paid a $0.24 dividend. This represents a dividend yield of 27.0%. This is a positive change from Cameco’s previous annual dividend of $0.12. The ex-dividend date was Monday, December 1st. Cameco’s payout ratio is presently 19.77%.

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.