CEMEX (NYSE:CX) Downgraded by Royal Bank of Canada to “Underperform”

CEMEX (NYSE:CX) was downgraded by stock analysts at Royal Bank of Canada from a “sector perform” rating to an “underperform” rating in a research report issued to clients and investors on Wednesday, Marketbeat reports. They currently have a $5.00 price target on the construction company’s stock, down from their prior price target of $6.00. Royal Bank of Canada’s price target would indicate a potential downside of 10.39% from the company’s previous close.

Several other equities research analysts have also commented on CX. JPMorgan Chase & Co. lowered CEMEX from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $7.00 to $6.00 in a research note on Tuesday, October 29th. StockNews.com downgraded CEMEX from a “strong-buy” rating to a “buy” rating in a research report on Friday, October 11th. Scotiabank decreased their target price on CEMEX from $10.00 to $8.90 and set a “sector outperform” rating for the company in a research report on Tuesday, October 29th. Finally, Barclays decreased their target price on CEMEX from $9.00 to $8.00 and set an “overweight” rating for the company in a research report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, CEMEX currently has an average rating of “Hold” and an average target price of $7.65.

CEMEX Stock Performance

Shares of NYSE:CX opened at $5.58 on Wednesday. The firm has a market capitalization of $8.09 billion, a PE ratio of 18.60 and a beta of 1.50. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.98 and a quick ratio of 0.73. The business has a 50-day moving average of $5.68 and a two-hundred day moving average of $6.14. CEMEX has a 12 month low of $5.00 and a 12 month high of $9.27.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Ashton Thomas Private Wealth LLC acquired a new position in CEMEX in the second quarter valued at approximately $33,000. Barclays PLC boosted its stake in CEMEX by 41.8% in the third quarter. Barclays PLC now owns 6,249 shares of the construction company’s stock valued at $38,000 after acquiring an additional 1,843 shares during the period. Allworth Financial LP raised its holdings in shares of CEMEX by 36.0% during the third quarter. Allworth Financial LP now owns 6,606 shares of the construction company’s stock valued at $40,000 after buying an additional 1,747 shares during the last quarter. Aureus Asset Management LLC acquired a new position in shares of CEMEX during the third quarter worth approximately $70,000. Finally, Vontobel Holding Ltd. acquired a new stake in CEMEX in the 3rd quarter valued at approximately $77,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

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.