CEMEX (NYSE:CX) Lifted to Sector Perform at Royal Bank of Canada

Royal Bank of Canada upgraded shares of CEMEX (NYSE:CX) from an underperform rating to a sector perform rating in a research report report published on Tuesday, Marketbeat Ratings reports. The brokerage currently has $6.50 price target on the construction company’s stock, down from their prior price target of $9.00.

A number of other brokerages have also issued reports on CX. Barclays upgraded CEMEX from an equal weight rating to an overweight rating and set a $9.00 price target for the company in a research report on Wednesday, July 31st. JPMorgan Chase & Co. reiterated an overweight rating and set a $8.00 price target on shares of CEMEX in a report on Wednesday, August 21st. The Goldman Sachs Group initiated coverage on shares of CEMEX in a research report on Wednesday, July 10th. They set a buy rating and a $9.00 price objective on the stock. Finally, StockNews.com raised shares of CEMEX from a buy rating to a strong-buy rating in a research report on Thursday, July 18th. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $8.12.

CEMEX Stock Performance

Shares of CX stock opened at $6.15 on Tuesday. The company has a market cap of $8.91 billion, a P/E ratio of 43.93 and a beta of 1.47. The business has a 50 day moving average of $6.17 and a two-hundred day moving average of $6.96. CEMEX has a 52 week low of $5.50 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 (NYSE:CX) last released its quarterly earnings data on Thursday, July 25th. The construction company reported $0.17 earnings per share (EPS) for the quarter. CEMEX had a return on equity of 1.66% and a net margin of 1.05%. The business had revenue of $4.49 billion during the quarter. As a group, analysts anticipate that CEMEX will post 0.82 EPS for the current year.

CEMEX Cuts Dividend

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

Institutional Investors Weigh In On CEMEX

Hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. boosted its stake in CEMEX by 0.6% during the second quarter. Principal Financial Group Inc. now owns 19,983,888 shares of the construction company’s stock worth $127,697,000 after buying an additional 112,479 shares in the last quarter. AQR Capital Management LLC boosted its stake in CEMEX by 28.4% in the 2nd quarter. AQR Capital Management LLC now owns 19,057,965 shares of the construction company’s stock valued at $121,113,000 after buying an additional 4,217,562 shares in the last quarter. RWC Asset Advisors US LLC grew its position in CEMEX by 32.3% in the second quarter. RWC Asset Advisors US LLC now owns 15,555,171 shares of the construction company’s stock valued at $99,398,000 after acquiring an additional 3,796,262 shares during the period. Perpetual Ltd raised its stake in CEMEX by 12.6% during the third quarter. Perpetual Ltd now owns 10,014,640 shares of the construction company’s stock worth $61,089,000 after acquiring an additional 1,117,379 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of CEMEX by 1.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 7,577,635 shares of the construction company’s stock valued at $68,274,000 after acquiring an additional 94,790 shares during the period. Institutional investors 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.