2023-05-06
In the ever-changing world of investments, hedge funds have become one of the most popular avenues for investors seeking higher returns on their capital. Hedge funds are known for closely analyzing stocks, bonds, and other securities to identify profitable opportunities. One such company that has recently attracted the attention of hedge funds is Cameco Co. (NYSE:CCJ) (TSE:CCO).
Metis Global Partners LLC has raised its position in shares of Cameco Co. by 57.6% in the fourth quarter of the year 2023, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 20,169 shares of the basic materials company’s stock after buying an additional 7,374 shares during the period. Metis Global Partners LLC’s holdings in Cameco were worth $457,000 at the end of the most recent reporting period.
Cameco is a Canadian company that specializes in uranium production and nuclear fuel services. It is one of the world’s largest providers of uranium – an essential component for generating nuclear power – and operates mines and mills across North America.
Cameco last issued its quarterly earnings results on Thursday, February 9th, reporting $0.07 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.02). The business had revenue of $385.99 million during that time frame.
Despite financial analysts’ concerns, Sell-side analysts expect that Cameco Co. will post a solid EPS (earnings per share) for this year.
Many hedge funds are interested in Cameco because it is a reliable player in an industry segment poised for growth due to rising demand for clean energy alternatives such as nuclear power.
For investors who want to keep track of trades by hedge funds or access more detailed insights into investment information from Hedge Funds Holding CCJ like Metis Global Partners LLC? They can visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cameco Co. (NYSE:CCJ) (TSE:CCO).
Investments in hedge funds should always be approached with caution and after doing extensive research to assess risk tolerance, investment goals, and sometimes even tax implications associated with the various ownership structures used by these firms.
Hedge Funds and Institutional Investors Show Renewed Interest in Cameco Co. (NYSE:CCJ)
Cameco Co. (NYSE:CCJ) has been experiencing major activity from several hedge funds and institutional investors in recent months, adding to or reducing their stakes in the company. 1832 Asset Management L.P. made a significant move by boosting its position in Cameco by 61.9% during the first quarter of this year; it now owns 1,700 shares of the basic materials company’s stock, valued at $49,000 after buying an additional 650 shares during the period.
Bogart Wealth LLC also saw an opportunity by purchasing a new stake in Cameco during the third quarter, only to be followed by Larson Financial Group LLC who boosted its position in Cameco by 46% during the fourth quarter. James Investment Research Inc., and Sentry Investment Management LLC were not left behind as they also purchased new stakes in Cameco during the third quarter valued at $53,000 and $56,000 consecutively.
Hedge funds and institutional investors currently own about 53.8% of the company’s stock.
Following this activity on May 5, 2023, shares of Cameco stock opened at $26.61 with a market capitalization of $11.52 billion. The firm has a P/E ratio of 92.03, a PEG ratio of 0.48 and a beta of 0.95 while operating through two segments – Uranium and Fuel Services.
The Uranium segment involves exploration for mining milling purchase and sale uranium concentrate while Fuel Services deal with refining conversion and fabrication uranium concentrate as well as purchase and sale conversion services.
Several research firms including Raymond James have raised their target price on CCJ stock to C$50.00 recently with StockNews.com classifying CCJ as “sell” in April last year while Scotiabank had already raised their target price from C$43 to C$50 earlier that year.
In conclusion, Cameco Co. has provided uranium and fuel services for a while now, and with increased hedge fund activity, it seems like the company is gearing up for more growth in the sector. Investors will need to keep an eye on any new developments in the coming months regarding the stock’s performance. Those interested can visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cameco Co. (NYSE:CCJ) (TSE:CCO).