Cemex (NYSE:CX) Reaches New 12-Month High on Analyst Upgrade

Key Points

• Cemex reached a new 12-month high of $9.20 following an upgrade from Scotiabank, which raised its price target from $8.10 to $10.90.
• JPMorgan Chase upgraded its rating from "neutral" to "overweight" with a target price increase to $10.50, while Wall Street Zen upgraded Cemex from "hold" to "buy."
• The company's recent quarterly earnings exceeded expectations, reporting $0.23 EPS against a consensus estimate of $0.18, alongside a revenue of $4.13 billion.

Cemex S.A.B. de C.V. (NYSE:CX - Get Free Report) hit a new 52-week high on Tuesday after Scotiabank raised their price target on the stock from $8.10 to $10.90. Scotiabank currently has a sector outperform rating on the stock. Cemex traded as high as $9.20 and last traded at $9.18, with a volume of 6417330 shares traded. The stock had previously closed at $9.09.

Several other equities analysts also recently commented on the company. JPMorgan Chase & Co. raised Cemex from a "neutral" rating to an "overweight" rating and upped their target price for the company from $8.10 to $10.50 in a research report on Tuesday, August 26th. Wall Street Zen raised Cemex from a "hold" rating to a "buy" rating in a research report on Saturday. Itau BBA Securities downgraded Cemex from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 3rd. Finally, Barclays upped their target price on Cemex from $9.00 to $10.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Four equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $8.86.

Institutional Inflows and Outflows

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

Cemex Stock Up 0.9%

The company has a market capitalization of $13.30 billion, a P/E ratio of 9.00, a PEG ratio of 0.95 and a beta of 1.43. The company has a current ratio of 0.86, a quick ratio of 0.61 and a debt-to-equity ratio of 0.37. The stock has a 50 day moving average price of $8.05 and a 200 day moving average price of $6.87.

Cemex (NYSE:CX - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The construction company reported $0.23 EPS for the quarter, beating analysts' consensus estimates of $0.18 by $0.05. The company had revenue of $4.13 billion during the quarter, compared to analysts' expectations of $4.20 billion. Cemex had a return on equity of 6.89% and a net margin of 9.61%. On average, research analysts anticipate that Cemex S.A.B. de C.V. will post 0.69 earnings per share for the current fiscal year.

Cemex Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Investors of record on Tuesday, June 17th were issued a $0.0224 dividend. This represents a $0.09 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Tuesday, June 17th. Cemex's dividend payout ratio is presently 7.84%.

About Cemex

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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