Is Cameco Corporation (USA) (CCJ) a Good Stock To Buy?

Seeing as Cameco Corporation (USA) (NYSE:CCJ) has sustained falling interest from the smart money, we can see that there were a few hedge funds who were dropping their positions entirely by the end of the third quarter. Interestingly, Robert Vollero and Gentry T. Beach’s Vollero Beach Capital Partners cashed in the biggest investment of the 700 funds watched by Insider Monkey, valued at close to $1.7 million in stock, and David Costen Haley’s HBK Investments was right behind this move, as the fund dropped about $1.3 million worth of shares.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Cameco Corporation (USA) (NYSE:CCJ) but similarly valued. These stocks are Transocean LTD (NYSE:RIG), AmeriGas Partners, L.P. (NYSE:APU), Banco Macro SA (ADR) (NYSE:BMA), and MSC Industrial Direct Co Inc (NYSE:MSM). This group of stocks’ market caps are similar to CCJ’s market cap.

As you can see these stocks had an average of 21 funds with bullish positions and the average amount invested in these stocks was $292 million. That figure was $200 million in CCJ’s case. Transocean LTD (NYSE:RIG) is the most popular stock in this table. On the other hand AmeriGas Partners, L.P. (NYSE:APU) is the least popular one with only eight investors having reported long positions. Cameco Corporation (USA) (NYSE:CCJ) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard Transocean LTD (NYSE:RIG) might be a better candidate to consider taking a long position in.