Bank of Nova Scotia Sells 41,051 Shares of Cameco Corporation $CCJ

Bank of Nova Scotia cut its holdings in shares of Cameco Corporation (NYSE:CCJ) (TSE:CCO) by 2.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,510,603 shares of the basic materials company’s stock after selling 41,051 shares during the period. Bank of Nova Scotia owned approximately 0.35% of Cameco worth $112,152,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Norges Bank purchased a new stake in shares of Cameco during the 2nd quarter valued at about $341,736,000. Alliancebernstein L.P. lifted its position in Cameco by 39.3% during the first quarter. Alliancebernstein L.P. now owns 14,048,244 shares of the basic materials company’s stock valued at $578,226,000 after purchasing an additional 3,959,837 shares during the period. Canada Pension Plan Investment Board lifted its position in Cameco by 215.7% during the first quarter. Canada Pension Plan Investment Board now owns 2,031,332 shares of the basic materials company’s stock valued at $83,636,000 after purchasing an additional 1,387,797 shares during the period. Temasek Holdings Private Ltd purchased a new stake in Cameco in the first quarter worth approximately $55,513,000. Finally, Acadian Asset Management LLC grew its position in Cameco by 1,428.6% in the 2nd quarter. Acadian Asset Management LLC now owns 978,300 shares of the basic materials company’s stock worth $72,505,000 after purchasing an additional 914,300 shares during the period. Hedge funds and other institutional investors own 70.21% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CCJ. Glj Research reissued a “buy” rating and set a $99.74 price target on shares of Cameco in a report on Wednesday. CLSA assumed coverage on Cameco in a research report on Tuesday, September 9th. They set an “outperform” rating and a $102.00 price objective for the company. Royal Bank Of Canada lowered their target price on Cameco from $160.00 to $150.00 and set an “outperform” rating on the stock in a report on Thursday, November 13th. Wall Street Zen downgraded Cameco from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, BMO Capital Markets reaffirmed an “outperform” rating on shares of Cameco in a research report on Friday, August 29th. One investment analyst has 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 data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $117.25.

Cameco Stock Performance

Shares of NYSE CCJ opened at $91.27 on Monday. The firm has a fifty day moving average price of $89.39 and a 200-day moving average price of $79.10. 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 stock has a market cap of $39.74 billion, a PE ratio of 106.13 and a beta of 1.07. Cameco Corporation has a 1 year low of $35.00 and a 1 year high of $110.15.

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

Cameco Increases Dividend

The firm also recently disclosed an annual dividend, which will be paid on Tuesday, December 16th. Stockholders of record on Monday, December 1st will be 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 of this dividend is Monday, December 1st. Cameco’s dividend payout ratio is currently 19.77%.

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.