Cameco (NYSE:CCJ) Stock Price Down 3% - Here's What Happened

Cameco Co. (NYSE:CCJ - Get Free Report) TSE: CCO's share price dropped 3% during trading on Monday . The stock traded as low as $50.16 and last traded at $50.93. Approximately 1,731,752 shares were traded during trading, a decline of 61% from the average daily volume of 4,394,276 shares. The stock had previously closed at $52.50.

Analyst Ratings Changes

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

Cameco Price Performance

The company's 50 day simple moving average is $47.37 and its 200 day simple moving average is $48.07. The company has a current ratio of 3.22, a quick ratio of 1.48 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $22.26 billion, a PE ratio of 118.95 and a beta of 0.89.

Institutional Investors Weigh In On Cameco

Several hedge funds have recently modified their holdings of CCJ. Vanguard Group Inc. lifted its stake in shares of Cameco by 1.3% in the 1st 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 in the last quarter. Capital World Investors lifted its position 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 valued at $593,524,000 after buying an additional 215,741 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake 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 buying an additional 202,157 shares during the period. William Blair Investment Management LLC raised its stake in shares of Cameco by 6.8% in the 2nd quarter. William Blair Investment Management LLC now owns 4,160,009 shares of the basic materials company's stock valued at $204,672,000 after acquiring an additional 265,196 shares during the period. Finally, Driehaus Capital Management LLC raised its stake in shares of Cameco by 4.7% in the 2nd quarter. Driehaus Capital Management LLC now owns 3,915,086 shares of the basic materials company's stock valued at $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.

Cameco Company Profile

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.