Cemex (NYSE:CX) Stock Price Expected to Rise, Bank of America Analyst Says

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 - Free Report) had its price objective boosted by Bank of America from $8.60 to $10.00 in a research note issued to investors on Wednesday,Benzinga reports. Bank of America currently has a neutral rating on the construction company's stock.

A number of other equities research analysts also recently weighed in on CX. JPMorgan Chase & Co. upgraded Cemex from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $8.10 to $10.50 in a research report on Tuesday, August 26th. Wall Street Zen upgraded Cemex from a "hold" rating to a "buy" rating in a research report on Saturday, August 30th. Scotiabank restated an "outperform" rating on shares of Cemex in a research report on Tuesday, September 2nd. Itau BBA Securities downgraded Cemex from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 3rd. Finally, Barclays boosted their target price on Cemex from $9.00 to $10.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Four analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $9.02.

Cemex Price Performance

CX traded up $0.10 during trading on Wednesday, hitting $9.50. The company's stock had a trading volume of 12,085,025 shares, compared to its average volume of 12,872,314. The firm's 50 day moving average price is $8.24 and its two-hundred day moving average price is $6.94. The company has a quick ratio of 0.61, a current ratio of 0.86 and a debt-to-equity ratio of 0.37. Cemex has a 12 month low of $4.89 and a 12 month high of $9.54. The stock has a market capitalization of $13.76 billion, a price-to-earnings ratio of 9.31, a price-to-earnings-growth ratio of 1.52 and a beta of 1.43.

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

Cemex Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 26th. Shareholders of record on Tuesday, June 17th were issued a $0.0224 dividend. This represents a $0.09 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Tuesday, June 17th. Cemex's dividend payout ratio is 7.84%.

Institutional Investors Weigh In On Cemex

Several large investors have recently modified their holdings of the business. WealthCollab LLC increased its holdings in shares of Cemex by 73.7% in the second quarter. WealthCollab LLC now owns 3,724 shares of the construction company's stock worth $26,000 after acquiring an additional 1,580 shares in the last quarter. Yousif Capital Management LLC grew its holdings in shares of Cemex by 7.3% during the second quarter. Yousif Capital Management LLC now owns 25,159 shares of the construction company's stock worth $174,000 after buying an additional 1,710 shares in the last quarter. Legacy Wealth Asset Management LLC grew its holdings in shares of Cemex by 2.4% during the second quarter. Legacy Wealth Asset Management LLC now owns 79,800 shares of the construction company's stock worth $553,000 after buying an additional 1,843 shares in the last quarter. Allworth Financial LP grew its holdings in shares of Cemex by 7.4% during the first quarter. Allworth Financial LP now owns 27,651 shares of the construction company's stock worth $157,000 after buying an additional 1,906 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in shares of Cemex by 63.7% during the second quarter. Farther Finance Advisors LLC now owns 5,210 shares of the construction company's stock worth $36,000 after buying an additional 2,027 shares in the last quarter. 82.97% of the stock is currently 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.