Cemex (NYSE:CX) Reaches New 52-Week High Following Analyst Upgrade

Key Points

• Cemex (NYSE:CX) reached a new 52-week high at $9.19 after being upgraded by JPMorgan Chase & Co. to an overweight rating, with a revised price target of $10.50.
• Despite positive analyst upgrades, several firms, including Itau BBA Securities and Royal Bank of Canada, have given lower ratings or price targets on Cemex shares, with an overall consensus of a "Hold" rating and a target price of $8.53.
• Cemex recently reported Q2 earnings of $0.23 EPS, exceeding estimates, and declared a quarterly dividend with a yield of 1.0%, indicating a stable financial position.

Cemex S.A.B. de C.V. (NYSE:CX - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. JPMorgan Chase & Co. now has a $10.50 price target on the stock, up from their previous price target of $8.10. Cemex traded as high as $9.19 and last traded at $8.97, with a volume of 12413099 shares trading hands. The stock had previously closed at $8.87.

Several other equities research analysts also recently weighed in on CX. Itau BBA Securities downgraded Cemex from an "outperform" rating to a "market perform" rating in a report on Tuesday, June 3rd. Royal Bank Of Canada boosted their price target on shares of Cemex from $5.00 to $5.25 and gave the stock an "underperform" rating in a research note on Tuesday, April 29th. Wall Street Zen lowered Cemex from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. 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 equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $8.53.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. WealthCollab LLC raised its position in Cemex by 73.7% during the second 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 in the last quarter. Yousif Capital Management LLC increased its stake in shares of Cemex by 7.3% during the 2nd quarter. Yousif Capital Management LLC now owns 25,159 shares of the construction company's stock worth $174,000 after purchasing an additional 1,710 shares during the last quarter. Legacy Wealth Asset Management LLC raised its holdings in shares of Cemex by 2.4% during the 2nd quarter. Legacy Wealth Asset Management LLC now owns 79,800 shares of the construction company's stock valued at $553,000 after purchasing an additional 1,843 shares in 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 purchasing an additional 1,906 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its holdings in Cemex by 63.7% in the second 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 in the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Cemex Trading Up 1.1%

The company has a fifty day simple moving average of $7.87 and a two-hundred day simple moving average of $6.81. The company has a market capitalization of $13.00 billion, a P/E ratio of 8.79, a price-to-earnings-growth ratio of 0.95 and a beta of 1.40. 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 earnings results on Thursday, July 24th. The construction company reported $0.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.18 by $0.05. The firm 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, analysts forecast that Cemex S.A.B. de C.V. will post 0.69 earnings per share for the current fiscal year.

Cemex Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Tuesday, June 17th were given a $0.0224 dividend. 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 is currently 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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