Cameco (NYSE:CCJ) Trading 1% Higher – Should You Buy?

Cameco Co. (NYSE:CCJ) (TSE:CCO) shares traded up 1% during mid-day trading on Wednesday . The company traded as high as $52.60 and last traded at $51.76. 1,798,431 shares were traded during trading, a decline of 59% from the average session volume of 4,388,551 shares. The stock had previously closed at $51.26.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Janney Montgomery Scott raised Cameco to a “strong-buy” rating in a research report on Friday, October 4th. National Bank Financial raised Cameco to a “strong-buy” rating in a research report on Tuesday, September 3rd. Scotiabank decreased their price objective on Cameco from $81.00 to $80.00 and set an “outperform” rating for the company in a research note on Monday, August 19th. Cantor Fitzgerald upgraded Cameco from a “neutral” rating to an “overweight” rating in a research note on Wednesday, July 31st. Finally, Glj Research restated a “buy” rating and set a $63.73 price objective on shares of Cameco in a research note on Wednesday, August 14th. One equities research analyst has rated the stock with a sell rating, five have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $66.56.

Cameco Stock Performance

The business has a 50 day simple moving average of $47.77 and a 200 day simple moving average of $48.11. The company has a quick ratio of 1.48, a current ratio of 3.22 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $22.27 billion, a PE ratio of 118.99 and a beta of 0.89.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Cameco by 1.3% in the first quarter. Vanguard Group Inc. now owns 15,911,954 shares of the basic materials company’s stock valued at $689,306,000 after purchasing an additional 200,871 shares during the period. Capital World Investors grew its holdings in Cameco by 1.6% during the first quarter. Capital World Investors now owns 13,708,235 shares of the basic materials company’s stock worth $593,524,000 after acquiring an additional 215,741 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Cameco by 3.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,514,500 shares of the basic materials company’s stock worth $282,210,000 after acquiring an additional 202,157 shares during the period. William Blair Investment Management LLC grew its holdings in Cameco by 6.8% during the second quarter. William Blair Investment Management LLC now owns 4,160,009 shares of the basic materials company’s stock worth $204,672,000 after acquiring an additional 265,196 shares during the period. Finally, Driehaus Capital Management LLC grew its holdings in Cameco by 4.7% during 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 acquiring an additional 176,183 shares during the period. 70.21% of the stock is owned by institutional investors and hedge funds.

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.