Cemex (NYSE:CX) Sets New 12-Month High After 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) shares reached a new 52-week high during mid-day trading on Tuesday after Bank of America raised their price target on the stock from $8.60 to $10.00. Bank of America currently has a neutral rating on the stock. Cemex traded as high as $9.20 and last traded at $9.18, with a volume of 6417330 shares. The stock had previously closed at $9.09.

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

Institutional Investors Weigh In On Cemex

Several hedge funds have recently bought and sold shares of the stock. WealthCollab LLC lifted its holdings in 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 purchasing an additional 1,580 shares in the last quarter. Wayfinding Financial LLC purchased a new position in shares of Cemex during the 1st quarter worth $29,000. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Cemex by 256.7% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,298 shares of the construction company's stock worth $30,000 after purchasing an additional 3,093 shares during the period. Farther Finance Advisors LLC grew its holdings in shares of Cemex by 63.7% during the 2nd quarter. Farther Finance Advisors LLC now owns 5,210 shares of the construction company's stock worth $36,000 after purchasing an additional 2,027 shares during the period. Finally, Militia Capital Partners LP purchased a new position in Cemex during the 2nd quarter valued at about $46,000. Hedge funds and other institutional investors own 82.97% of the company's stock.

Cemex Stock Up 2.0%

The business has a fifty day moving average of $8.24 and a 200 day moving average of $6.94. The company has a market capitalization of $13.64 billion, a PE ratio of 9.23, a PEG ratio of 1.52 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.

Cemex (NYSE:CX - Get Free Report) last announced 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. The business 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%. Equities research analysts anticipate that Cemex S.A.B. de C.V. will post 0.69 EPS for the current year.

Cemex Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Tuesday, June 17th were given a dividend of $0.0224 per share. This represents a $0.09 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Tuesday, June 17th. Cemex's dividend payout ratio (DPR) is 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.