Scotiabank Issues Positive Forecast for Cemex (NYSE:CX) Stock Price

Cemex (NYSE:CX) had its price objective boosted by Scotiabank from $8.10 to $10.90 in a report released on Tuesday,Benzinga reports. The firm currently has a sector outperform rating on the construction company’s stock.

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

Cemex Price Performance

Shares of NYSE CX opened at $9.17 on Tuesday. The firm has a market cap of $13.28 billion, a PE ratio of 8.99, a PEG ratio of 0.95 and a beta of 1.43. The company has a current ratio of 0.86, a quick ratio of 0.61 and a debt-to-equity ratio of 0.37. Cemex has a 1-year low of $4.89 and a 1-year high of $9.22. The company has a fifty day moving average price of $8.10 and a 200 day moving average price of $6.89.

Cemex (NYSE:CX) last announced its earnings results on Thursday, July 24th. The construction company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.05. The firm had revenue of $4.13 billion during the quarter, compared to analyst estimates of $4.20 billion. Cemex had a net margin of 9.61% and a return on equity of 6.89%. Research analysts predict that Cemex will post 0.69 earnings per share for the current fiscal year.

Cemex Dividend Announcement

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

Hedge Funds Weigh In On Cemex

A number of large investors have recently modified their holdings of CX. Barclays PLC lifted its stake in Cemex by 56.2% in the 4th quarter. Barclays PLC now owns 9,759 shares of the construction company’s stock valued at $55,000 after purchasing an additional 3,510 shares during the last quarter. First Trust Advisors LP acquired a new stake in Cemex in the 4th quarter valued at about $74,000. Stifel Financial Corp lifted its stake in Cemex by 39.2% in the 4th quarter. Stifel Financial Corp now owns 139,718 shares of the construction company’s stock valued at $788,000 after purchasing an additional 39,312 shares during the last quarter. Northern Trust Corp lifted its stake in Cemex by 100.9% in the 4th quarter. Northern Trust Corp now owns 1,707,762 shares of the construction company’s stock valued at $9,632,000 after purchasing an additional 857,802 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV lifted its stake in Cemex by 15.8% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 45,795 shares of the construction company’s stock valued at $258,000 after purchasing an additional 6,261 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

About Cemex

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.