Cemex (NYSE:CX) Sets New 12-Month High on Analyst Upgrade

Cemex S.A.B. de C.V. (NYSE:CX)’s share price reached a new 52-week high during mid-day trading on Tuesday after Scotiabank raised their price target on the stock from $8.10 to $10.90. Scotiabank currently has a sector outperform rating on the stock. Cemex traded as high as $9.20 and last traded at $9.18, with a volume of 6417330 shares changing hands. The stock had previously closed at $9.09.

Several other research firms also recently issued reports on CX. Wall Street Zen upgraded shares of Cemex from a “hold” rating to a “buy” rating in a research note on Saturday. Itau BBA Securities cut shares of Cemex from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 3rd. JPMorgan Chase & Co. raised shares of Cemex from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $8.10 to $10.50 in a report on Tuesday, August 26th. Finally, Barclays increased their target price on shares of Cemex from $9.00 to $10.00 and gave the stock an “overweight” rating in a report on Tuesday, July 29th. Four investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Cemex currently has a consensus rating of “Hold” and an average target price of $8.86.

Hedge Funds Weigh In On Cemex

Institutional investors and hedge funds have recently modified their holdings of the business. WealthCollab LLC lifted its stake in Cemex by 73.7% in the 2nd quarter. WealthCollab LLC now owns 3,724 shares of the construction company’s stock valued at $26,000 after acquiring an additional 1,580 shares in the last quarter. Wayfinding Financial LLC acquired a new position in shares of Cemex during the 1st quarter worth approximately $29,000. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Cemex by 256.7% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,298 shares of the construction company’s stock worth $30,000 after acquiring an additional 3,093 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in Cemex by 63.7% in the 2nd quarter. Farther Finance Advisors LLC now owns 5,210 shares of the construction company’s stock valued at $36,000 after buying an additional 2,027 shares in the last quarter. Finally, Militia Capital Partners LP acquired a new position in Cemex in the 2nd quarter valued at $46,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Cemex Trading Up 0.8%

The stock has a market capitalization of $13.28 billion, a price-to-earnings ratio of 8.99, a price-to-earnings-growth ratio of 0.95 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.61 and a current ratio of 0.86. The business has a fifty day simple moving average of $8.10 and a 200 day simple moving average of $6.89.

Cemex (NYSE:CX) last released its earnings results on Thursday, July 24th. The construction company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.05. The company had revenue of $4.13 billion for the quarter, compared to analyst estimates of $4.20 billion. Cemex had a return on equity of 6.89% and a net margin of 9.61%. As a group, research analysts expect that Cemex S.A.B. de C.V. will post 0.69 EPS for the current year.

Cemex Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Investors of record on Tuesday, June 17th were given a dividend of $0.0224 per share. This represents a $0.09 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Tuesday, June 17th. Cemex’s dividend payout ratio is currently 7.84%.

Cemex Company Profile

CEMEX, SAB. de C.V., together with its subsidiaries, produces, markets, distributes, and sells cement, ready-mix concrete, aggregates, urbanization solutions, and other construction materials and services worldwide. The company offers gray ordinary portland, white portland, oil-well, and blended cement products; mortar; and standard ready-mix, architectural and decorative, rapid-setting, fiber-reinforced, fluid-fill, roller-compacted, self-consolidating, pervious, and antibacterial, and other concrete products.