Cemex (NYSE:CX) Price Target Raised to $10.00

Key Points

• Bank of America raised its price target for Cemex from $8.60 to $10.00, indicating a potential upside of 9.11% from the company's previous close.
• Several analysts have recently upgraded their ratings on Cemex, with Barclays also setting a target price of $10.00 and JPMorgan Chase raising their target to $10.50.
• Cemex reported earnings per share of $0.23 for the last quarter, surpassing estimates, but its revenue of $4.13 billion fell short of analyst projections.

Cemex (NYSE:CX - Get Free Report) had its target price raised by Bank of America from $8.60 to $10.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a "neutral" rating on the construction company's stock. Bank of America's price target points to a potential upside of 9.11% from the company's previous close.

Several other equities research analysts also recently commented on CX. Barclays boosted their price objective on Cemex from $9.00 to $10.00 and gave the company an "overweight" rating in a report on Tuesday, July 29th. Scotiabank restated an "outperform" rating on shares of Cemex in a report on Tuesday. Wall Street Zen upgraded Cemex from a "hold" rating to a "buy" rating in a report on Saturday. JPMorgan Chase & Co. raised shares of Cemex from a "neutral" rating to an "overweight" rating and raised their price target for the company from $8.10 to $10.50 in a research report on Tuesday, August 26th. Finally, Itau BBA Securities cut shares of Cemex from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 3rd. Four research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $9.02.

Cemex Stock Up 0.1%

Shares of CX traded up $0.01 during trading hours on Wednesday, hitting $9.17. The stock had a trading volume of 3,595,483 shares, compared to its average volume of 12,876,115. Cemex has a 1-year low of $4.89 and a 1-year high of $9.25. The firm has a market capitalization of $13.28 billion, a P/E ratio of 8.99, a price-to-earnings-growth ratio of 0.95 and a beta of 1.43. The firm has a 50 day simple moving average of $8.10 and a 200-day simple moving average of $6.89. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.86 and a quick ratio of 0.61.

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

Hedge Funds Weigh In On Cemex

A number of institutional investors have recently bought and sold shares of CX. Barclays PLC raised its stake in Cemex by 56.2% in the fourth quarter. Barclays PLC now owns 9,759 shares of the construction company's stock worth $55,000 after buying an additional 3,510 shares in the last quarter. First Trust Advisors LP bought a new position in shares of Cemex during the fourth quarter valued at approximately $74,000. Stifel Financial Corp increased its stake in shares of Cemex by 39.2% during the fourth 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 in the last quarter. Northern Trust Corp increased its stake in shares of Cemex by 100.9% during the fourth 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 in the last quarter. Finally, Mercer Global Advisors Inc. ADV increased its stake in shares of Cemex by 15.8% during the fourth 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 in the last quarter. 82.97% of the stock is owned by institutional investors.

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.

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