Bank of Nova Scotia Scoops Up Cameco Shares for Nearly $130 Million
Bank of Nova Scotia has acquired a new stake in shares of Cameco Corporation (NYSE:CCJ) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 1,274,385 shares valued at approximately $129,887,000.
The acquisition is part of a larger trend of institutional investors adding to their stakes in Cameco. In the fourth quarter, Norges Bank acquired a new stake worth $443,265,000, while BlackRock Inc. bought in during the second quarter for around $381,091,000.
Cameco has a market cap of $44.66 billion and a P/E ratio of 173.81. The company's stock opened at $102.55 on Friday, with a 50-day moving average of $96.21 and a 200-day moving average of $107.49.
Analysts have set new price targets for Cameco, with some predicting significant growth. Royal Bank Of Canada upped its target price to $175.00 and gave the company an 'outperform' rating in a research note on Monday, June 29th.