On May 14, 2023, Oppenheimer & Co. Inc. made an eye-catching announcement that they have increased their stake in shares of Cameco Co., the basic materials company listed on both New York Stock Exchange (NYSE) and Toronto Stock Exchange (TSE). According to the Form 13F filing with the Securities and Exchange Commission (SEC), the company boosted its shares by 25.5%, buying an additional 4,242 shares during the quarter, raising their total holdings in Cameco to 20,888 worth $474,000.
Oppenheimer & Co. Inc.’s move has caught many investors’ attention as it highlights a rising interest among hedge funds to invest in Cameco’s stock despite its PE ratio of a staggering 95.55, which is almost three times higher than the industry average of 33. The credit rating agency Moody’s has also recently downgraded the outlook for the uranium mining industry from stable to negative due to concerns about declining demand in nuclear […]
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