In recent financial news, Raymond James Financial Services Advisors Inc. has reported a significant increase in its holdings of Cameco Co. The institutional investor increased its stake in the basic materials company by 3.9% during the fourth quarter of the previous year, according to the most recent Form 13F filing with the Securities & Exchange Commission.
Raymond James Financial Services Advisors Inc.’s new holdings of Cameco Co., which trade on both the NYSE (CCJ) and TSE (CCO), now stand at 178,006 shares. This indicates that they have acquired an additional 6,650 shares since their last filing.
As of May 21, 2023, these new holdings are valued at $4,035,000; a sizeable amount that highlights Raymond James’ confidence in Cameco’s stock and its overall strength as a company.
Cameco Co. is primarily involved in uranium production and is considered one of the largest global providers of this critical element for nuclear power generation. With numerous facilities located across North America and abroad, including Canada and Kazakhstan, Cameco is well-positioned to cater to growing demand for nuclear fuel around the world.
The pandemic has had a significant impact on global uranium production and demand; however, widespread vaccination campaigns have led to gradual recoveries in various industries around the world. As such, many experts predict that demand for uranium will continue to grow over time as nuclear energy remains a crucial source of clean energy due to its low carbon emissions.
All things considered, Raymond James Financial Services Advisors Inc.’s latest filings suggest that Cameco Co.’s stock could be worth further examination from other institutional investors looking for exposure to high-growth sectors with strong long-term potential.
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Major Players in Hedge Fund Industry Take Positions in Cameco Corporation
As of May 21, 2023, major players in the hedge fund industry have been on the move with respect to Cameco Corporation. Federated Hermes Inc., a leading investment firm, has established a new position in Cameco during the third quarter. The stake positions value at $6,846,000. Sequoia Financial Advisors LLC and Cigna Investments Inc. New both acquired shares as well in separate occasions throughout Q4 of 2022 valued at $531,000 and $210,000 respectively. Verition Fund Management LLC followed suit by acquiring an additional 15,244 shares boosting their stake by 42.5% during Q3 of last year. Finally, Toronto Dominion Bank rounded up the list by further increasing their stake around the same time period by an additional 180,065 shares – thereby bringing their overall stake’s value to $59,427,000.
Cameco Corporation operates within two primary segments – Uranium & Fuel Services Segment with a particular focus on uranium mining/milling as well as purchase/sale of uranium concentrate and conversion services within the fuel services segment. The beta for CCJ stock is currently set at 0.95 with a PE ratio of 92.83 thereby establishing itself as an alternative high-risk investment option in the basic materials sector.
The company boasts a fifty-day moving average price of $26.09 per share while its two hundred-day moving average price hovers just above that mark at $25.41/share – providing investors with a fair representation of where Cameco stands within its industry peers.
With regards to stock performance on Friday May 19th this year at the NYSE stock exchange market open trading session; CCJ opened up priced at $26.92/share giving it a market cap valuation worth over $11 billion.
Institutional investors and hedge funds make up more than half (53.82%) of all stakeholders involved in the company’s operation, marking a sizable interest from Wall Street.
In conclusion, what is yet to be seen is whether or not these recent moves by hedge funds and other institutional investors represent bullish signals for Cameco Corporation shareholders. Time will tell as trading activities continue throughout the rest of this year and into the future. Potential investors would need to take a careful approach when considering investing in high-risk stocks like CCJ since these stocks are highly volatile even in good economic times. However, with careful analysis and monitoring, astute investors can do well even in such conditions.
