Merewether Investment Management LP Invests $26.02 Million in Cameco Co. (NYSE:CCJ)

Merewether Investment Management LP acquired a new stake in shares of Cameco Co. (NYSE:CCJ) (TSE:CCO) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 544,700 shares of the basic materials company’s stock, valued at approximately $26,015,000. Cameco comprises approximately 1.2% of Merewether Investment Management LP’s portfolio, making the stock its 27th largest holding. Merewether Investment Management LP owned 0.13% of Cameco as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CCJ. Glenmede Trust Co. NA grew its stake in shares of Cameco by 2.1% during the 3rd quarter. Glenmede Trust Co. NA now owns 9,149 shares of the basic materials company’s stock valued at $437,000 after buying an additional 191 shares during the period. S.A. Mason LLC boosted its position in Cameco by 6.0% in the 3rd quarter. S.A. Mason LLC now owns 3,655 shares of the basic materials company’s stock valued at $175,000 after buying an additional 206 shares during the last quarter. Silvia Mccoll Wealth Management LLC grew its stake in shares of Cameco by 3.9% during the third quarter. Silvia Mccoll Wealth Management LLC now owns 5,610 shares of the basic materials company’s stock valued at $268,000 after acquiring an additional 210 shares in the last quarter. EdgeRock Capital LLC increased its position in shares of Cameco by 1.7% during the third quarter. EdgeRock Capital LLC now owns 13,689 shares of the basic materials company’s stock worth $654,000 after acquiring an additional 224 shares during the last quarter. Finally, LRI Investments LLC lifted its stake in shares of Cameco by 39.0% in the second quarter. LRI Investments LLC now owns 834 shares of the basic materials company’s stock worth $41,000 after acquiring an additional 234 shares in the last quarter. Hedge funds and other institutional investors own 70.21% of the company’s stock.

Cameco Stock Up 1.0 %

Cameco stock opened at $59.39 on Wednesday. The company has a market capitalization of $25.85 billion, a P/E ratio of 312.60 and a beta of 0.91. Cameco Co. has a 1-year low of $35.43 and a 1-year high of $61.05. The firm’s fifty day simple moving average is $53.87 and its 200-day simple moving average is $49.04. The company has a current ratio of 2.88, a quick ratio of 1.26 and a debt-to-equity ratio of 0.20.

Cameco (NYSE:CCJ) (TSE:CCO) last released 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 company had revenue of $721.00 million for the quarter, compared to the consensus estimate of $646.83 million. Cameco had a return on equity of 3.33% and a net margin of 4.15%. The business’s revenue was up 25.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.24 EPS. Sell-side analysts forecast that Cameco Co. will post 0.51 earnings per share for the current fiscal year.

Cameco Increases Dividend

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

Analysts Set New Price Targets

A number of brokerages have weighed in on CCJ. National Bank Financial upgraded Cameco to a “strong-buy” rating in a research note on Tuesday, September 3rd. Janney Montgomery Scott upgraded Cameco to a “strong-buy” rating in a research report on Friday, October 4th. Scotiabank cut their price objective on Cameco from $81.00 to $80.00 and set an “outperform” rating for the company in a report on Monday, August 19th. Finally, Glj Research reaffirmed a “buy” rating and set a $63.73 target price 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 assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $66.56.

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.