Fred Alger Management LLC Invests $21.35 Million in Cameco Co. (NYSE:CCJ)

Fred Alger Management LLC bought a new position in Cameco Co. (NYSE:CCJ – Get Rating) (TSE:CCO) in the 3rd quarter, Holdings Channel.com reports. The institutional investor bought 805,206 shares of the basic materials company’s stock, valued at approximately $21,346,000.

Other institutional investors have also recently made changes to their positions in the company. Mitsubishi UFJ Trust & Banking Corp increased its position in Cameco by 26.6% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,901 shares of the basic materials company’s stock valued at $66,000 after buying an additional 400 shares in the last quarter. NewEdge Wealth LLC increased its position in Cameco by 2.9% during the 2nd quarter. NewEdge Wealth LLC now owns 15,228 shares of the basic materials company’s stock valued at $320,000 after buying an additional 425 shares in the last quarter. Crossmark Global Holdings Inc. increased its position in Cameco by 2.6% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 21,789 shares of the basic materials company’s stock valued at $578,000 after buying an additional 542 shares in the last quarter. Muhlenkamp & Co. Inc. boosted its stake in Cameco by 0.3% during the 3rd quarter. Muhlenkamp & Co. Inc. now owns 162,123 shares of the basic materials company’s stock valued at $4,298,000 after purchasing an additional 558 shares during the last quarter. Finally, US Bancorp DE boosted its stake in Cameco by 5.9% during the 3rd quarter. US Bancorp DE now owns 10,062 shares of the basic materials company’s stock valued at $267,000 after purchasing an additional 563 shares during the last quarter. Institutional investors own 53.82% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on CCJ. Raymond James increased their target price on Cameco from C$45.00 to C$48.00 in a research note on Friday, February 10th. TD Securities upgraded Cameco to a “buy” rating in a research note on Friday, February 10th. Finally, Scotiabank increased their target price on Cameco from C$43.00 to C$50.00 in a research note on Friday, February 10th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $45.14.

Cameco Stock Performance

CCJ stock opened at $25.49 on Wednesday. The company has a market cap of $11.04 billion, a P/E ratio of 149.95 and a beta of 0.95. Cameco Co. has a 1 year low of $20.01 and a 1 year high of $32.49. The company has a debt-to-equity ratio of 0.17, a current ratio of 5.92 and a quick ratio of 4.74. The stock’s fifty day moving average price is $26.89 and its 200-day moving average price is $25.54.

About Cameco

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Cameco Corp. engages in the provision of uranium. It operates through the Uranium and Fuel Services segments. The Uranium segment is involved in the exploration for, mining, milling, purchase, and sale of uranium concentrate. The Fuel Services segment deals with the refining, conversion, and fabrication of uranium concentrate and the purchase and sale of conversion services.