Cemex (NYSE:CX) Stock Rating Upgraded by Bank of America

Key Points

• Cemex's stock rating was upgraded from "neutral" to "buy" by Bank of America, with a new price target of $10.80, indicating a potential upside of 13.15% from the current price.
• Other analysts have mixed views on Cemex, with Citigroup lowering its rating to "neutral," while others like Barclays and JPMorgan raised their price targets, reflecting a consensus rating of "Hold" with an average target price of $9.24.
• Last quarter, Cemex reported an EPS of $0.23, beating estimates, while revenues were slightly below expectations at $4.13 billion.

Cemex (NYSE:CX - Get Free Report) was upgraded by stock analysts at Bank of America from a "neutral" rating to a "buy" rating in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a $10.80 price objective on the construction company's stock, up from their prior price objective of $10.00. Bank of America's price target suggests a potential upside of 13.15% from the stock's current price.

Several other equities research analysts have also issued reports on the company. Citigroup lowered Cemex from a "buy" rating to a "neutral" rating and raised their target price for the company from $9.00 to $10.00 in a research report on Monday. Scotiabank restated an "outperform" rating on shares of Cemex in a report on Tuesday, September 2nd. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Cemex in a research report on Wednesday, October 8th. Barclays upped their price target on Cemex from $9.00 to $10.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Finally, JPMorgan Chase & Co. raised Cemex from a "neutral" rating to an "overweight" rating and lifted their price objective for the stock from $8.10 to $10.50 in a report on Tuesday, August 26th. Five research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Cemex currently has a consensus rating of "Hold" and an average target price of $9.24.

Cemex Price Performance

Cemex stock opened at $9.55 on Wednesday. Cemex has a 52 week low of $4.89 and a 52 week high of $9.61. The company's 50 day moving average price is $9.04 and its two-hundred day moving average price is $7.52. The stock has a market cap of $13.83 billion, a P/E ratio of 9.36, a P/E/G ratio of 1.50 and a beta of 1.51. 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 (NYSE:CX - Get Free Report) last issued 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 the consensus estimate of $4.20 billion. Cemex had a return on equity of 6.89% and a net margin of 9.61%. On average, equities analysts predict that Cemex will post 0.69 earnings per share for the current year.

Institutional Trading of Cemex

Hedge funds and other institutional investors have recently modified their holdings of the business. Farther Finance Advisors LLC grew its holdings in Cemex by 231.6% in the third quarter. Farther Finance Advisors LLC now owns 17,274 shares of the construction company's stock worth $155,000 after purchasing an additional 12,064 shares during the period. Intergy Private Wealth LLC boosted its position in shares of Cemex by 31.2% in the 3rd quarter. Intergy Private Wealth LLC now owns 14,303 shares of the construction company's stock worth $129,000 after purchasing an additional 3,403 shares in the last quarter. Perpetual Ltd grew its stake in shares of Cemex by 0.7% in the 3rd quarter. Perpetual Ltd now owns 9,201,553 shares of the construction company's stock worth $82,722,000 after buying an additional 61,633 shares during the last quarter. Orion Porfolio Solutions LLC increased its position in Cemex by 25.4% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 28,371 shares of the construction company's stock valued at $197,000 after buying an additional 5,753 shares in the last quarter. Finally, Squarepoint Ops LLC purchased a new position in Cemex during the second quarter valued at $1,322,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

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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