CEMEX (NYSE:CX) Price Target Lowered to $8.90 at Scotiabank

CEMEX (NYSE:CX) had its target price trimmed by Scotiabank from $10.00 to $8.90 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a sector outperform rating on the construction company’s stock.

A number of other equities research analysts have also commented on the company. Royal Bank of Canada upgraded CEMEX from an “underperform” rating to a “sector perform” rating and dropped their target price for the company from $9.00 to $6.50 in a research report on Tuesday, October 8th. StockNews.com downgraded CEMEX from a “strong-buy” rating to a “buy” rating in a report on Friday, October 11th. JPMorgan Chase & Co. downgraded CEMEX from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $7.00 to $6.00 in a report on Tuesday. Barclays decreased their price target on CEMEX from $9.00 to $8.00 and set an “overweight” rating for the company in a report on Tuesday. Finally, The Goldman Sachs Group started coverage on CEMEX in a report on Wednesday, July 10th. They issued a “buy” rating and a $9.00 price target for the company. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, CEMEX currently has a consensus rating of “Moderate Buy” and an average price target of $7.87.

CEMEX Price Performance

Shares of NYSE CX opened at $5.25 on Tuesday. The business’s 50 day moving average price is $6.06 and its 200 day moving average price is $6.69. The firm has a market cap of $7.61 billion, a P/E ratio of 37.50 and a beta of 1.47. CEMEX has a 52 week low of $5.21 and a 52 week high of $9.27. The company has a quick ratio of 0.65, a current ratio of 0.90 and a debt-to-equity ratio of 0.53.

CEMEX Cuts Dividend

The firm also recently announced a Variable dividend, which was paid on Tuesday, September 24th. Stockholders of record on Friday, September 13th were paid a dividend of $0.021 per share. This represents a dividend yield of 0.7%. The ex-dividend date was Friday, September 13th. CEMEX’s payout ratio is 28.57%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Thompson Davis & CO. Inc. raised its stake in shares of CEMEX by 6.3% during the 1st quarter. Thompson Davis & CO. Inc. now owns 26,800 shares of the construction company’s stock worth $241,000 after buying an additional 1,600 shares during the period. Lesa Sroufe & Co raised its stake in shares of CEMEX by 0.4% during the 1st quarter. Lesa Sroufe & Co now owns 400,951 shares of the construction company’s stock worth $3,613,000 after buying an additional 1,731 shares during the period. Allworth Financial LP raised its stake in CEMEX by 36.0% in the 3rd quarter. Allworth Financial LP now owns 6,606 shares of the construction company’s stock valued at $40,000 after purchasing an additional 1,747 shares during the last quarter. Claro Advisors LLC raised its stake in CEMEX by 6.9% in the 1st quarter. Claro Advisors LLC now owns 30,842 shares of the construction company’s stock valued at $278,000 after purchasing an additional 1,998 shares during the last quarter. Finally, Atomi Financial Group Inc. raised its stake in CEMEX by 7.1% in the 1st quarter. Atomi Financial Group Inc. now owns 33,700 shares of the construction company’s stock valued at $304,000 after purchasing an additional 2,241 shares during the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

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.