Scotiabank Increases Cemex (NYSE:CX) Price Target to $14.10

Cemex (NYSE:CX) had its target price increased by equities researchers at Scotiabank from $13.90 to $14.10 in a report released on Friday,Benzinga reports. The firm currently has a “sector outperform” rating on the construction company’s stock. Scotiabank’s target price indicates a potential upside of 17.75% from the stock’s current price.

Other equities analysts also recently issued research reports about the stock. Zacks Research downgraded shares of Cemex from a “strong-buy” rating to a “hold” rating in a report on Monday, February 9th. HSBC downgraded shares of Cemex from a “buy” rating to a “hold” rating and set a $12.80 price objective for the company. in a report on Friday, February 6th. Morgan Stanley raised shares of Cemex from an “equal weight” rating to an “overweight” rating and set a $14.00 price objective for the company in a report on Monday, March 23rd. Barclays reaffirmed an “overweight” rating on shares of Cemex in a report on Thursday, March 12th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Cemex in a research note on Wednesday, January 21st. Six investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $11.40.

Cemex Stock Performance

Cemex stock traded up $0.07 during mid-day trading on Friday, reaching $11.98. The company’s stock had a trading volume of 1,293,770 shares, compared to its average volume of 6,962,612. The firm has a market cap of $17.35 billion, a price-to-earnings ratio of 18.14 and a beta of 1.60. The business has a 50 day moving average price of $11.67 and a 200-day moving average price of $11.06. The company has a current ratio of 0.83, a quick ratio of 0.62 and a debt-to-equity ratio of 0.39. Cemex has a twelve month low of $4.97 and a twelve month high of $13.35.

Cemex (NYSE:CX) last released its quarterly earnings data on Thursday, February 5th. The construction company reported ($0.19) EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.38). The business had revenue of $4.18 billion during the quarter, compared to analyst estimates of $4.01 billion. Cemex had a return on equity of 2.85% and a net margin of 5.93%. Sell-side analysts predict that Cemex will post 0.69 EPS for the current fiscal year.

Institutional Investors Weigh In On Cemex

A number of hedge funds have recently added to or reduced their stakes in the stock. Jones Financial Companies Lllp raised its stake in shares of Cemex by 334.7% during the first quarter. Jones Financial Companies Lllp now owns 9,189 shares of the construction company’s stock valued at $52,000 after purchasing an additional 7,075 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Cemex by 58.8% during the first quarter. Goldman Sachs Group Inc. now owns 7,187,143 shares of the construction company’s stock valued at $40,320,000 after purchasing an additional 2,661,030 shares in the last quarter. Cetera Investment Advisers raised its stake in shares of Cemex by 53.2% during the second quarter. Cetera Investment Advisers now owns 57,269 shares of the construction company’s stock valued at $397,000 after purchasing an additional 19,878 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of Cemex by 256.7% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,298 shares of the construction company’s stock valued at $30,000 after purchasing an additional 3,093 shares in the last quarter. Finally, Invesco Ltd. raised its stake in shares of Cemex by 57.1% during the second quarter. Invesco Ltd. now owns 50,480 shares of the construction company’s stock valued at $350,000 after purchasing an additional 18,348 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors.

Cemex Company Profile

Cemex (NYSE: CX) is a global building materials company headquartered in Monterrey, Mexico. The company produces, distributes and sells cement, ready-mix concrete and aggregates, as well as related building materials, to construction markets in more than 50 countries. Cemex’s product portfolio also includes asphalt and mortar mixes, waste-derived fuels and other complementary construction solutions, supported by a network of production facilities, distribution centers and logistics operations.

Founded in 1906 as Cementos Hidalgo, the company adopted the Cemex name in 1976 following a series of domestic mergers and expansions.