Royal Bank Of Canada Issues Positive Forecast for Cemex (NYSE:CX) Stock Price

Key Points

• Royal Bank of Canada raised its price target on Cemex from $12.75 to $13.50 while keeping a sector perform rating, implying about 10.5% upside from the prior close.
• Other analysts have also been generally positive, with recent target increases and upgrades from firms including JPMorgan, Barclays, Santander, and Scotiabank. Overall, Cemex carries a Moderate Buy consensus and a $13.07 average price target.
• Cemex reported better-than-expected Q2 earnings, posting $0.24 EPS versus estimates of $0.23 and $4.59 billion in revenue versus expectations of $4.48 billion. The stock closed around $12.21 on Friday, near its recent trading range.

Cemex (NYSE:CX - Get Free Report) had its price target hoisted by equities researchers at Royal Bank Of Canada from $12.75 to $13.50 in a report released on Friday,Benzinga reports. The firm presently has a "sector perform" rating on the construction company's stock. Royal Bank Of Canada's price target suggests a potential upside of 10.52% from the company's previous close.

Several other research analysts have also recently weighed in on the company. Weiss Ratings restated a "hold (c-)" rating on shares of Cemex in a report on Tuesday, May 26th. JPMorgan Chase & Co. boosted their price objective on Cemex from $14.50 to $15.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 8th. Barclays restated an "overweight" rating and issued a $16.00 target price (up from $15.00) on shares of Cemex in a report on Friday. Santander upgraded shares of Cemex to an "outperform" rating in a report on Thursday, June 11th. Finally, Scotiabank raised their price objective on Cemex from $14.10 to $14.50 and gave the stock an "outperform" rating in a research report on Tuesday, July 14th. Seven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $13.07.

Cemex Price Performance

Shares of NYSE:CX traded down $0.04 during midday trading on Friday, hitting $12.21. The company's stock had a trading volume of 633,375 shares, compared to its average volume of 5,980,488. The company has a market cap of $17.70 billion, a P/E ratio of 38.42 and a beta of 1.52. Cemex has a 12-month low of $8.15 and a 12-month high of $13.67. The business's 50 day simple moving average is $12.58 and its 200 day simple moving average is $12.23. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.63 and a current ratio of 0.87.

Cemex (NYSE:CX - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The construction company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.01. The company had revenue of $4.59 billion during the quarter, compared to analysts' expectations of $4.48 billion. Cemex had a net margin of 2.74% and a return on equity of 3.64%. On average, analysts forecast that Cemex will post 0.89 EPS for the current year.

Insider Activity

In other news, insider Herrera Jesus Vicente Gonzalez sold 35,000 shares of Cemex stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $12.16, for a total value of $425,600.00. Following the completion of the transaction, the insider owned 846,010 shares in the company, valued at approximately $10,287,481.60. This trade represents a 3.97% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.00% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CX. Orbis Allan Gray Ltd increased its position in shares of Cemex by 3.5% in the 4th quarter. Orbis Allan Gray Ltd now owns 36,132,733 shares of the construction company's stock valued at $415,165,000 after purchasing an additional 1,225,219 shares during the last quarter. Schroder Investment Management Group lifted its position in shares of Cemex by 406.2% during the 4th quarter. Schroder Investment Management Group now owns 26,348,884 shares of the construction company's stock worth $302,749,000 after purchasing an additional 21,143,554 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Cemex by 11.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 21,191,754 shares of the construction company's stock worth $243,494,000 after purchasing an additional 2,182,666 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Cemex by 10.9% during the 4th quarter. Wellington Management Group LLP now owns 18,737,871 shares of the construction company's stock worth $215,298,000 after purchasing an additional 1,840,515 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its stake in shares of Cemex by 18.9% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 12,328,806 shares of the construction company's stock worth $141,658,000 after purchasing an additional 1,962,140 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Cemex Company Profile

Cemex NYSE: CX is a global building materials company headquartered in Monterrey, Mexico. The company produces, distributes and sells cement, ready-mix concrete and aggregates, as well as related building materials, to construction markets in more than 50 countries. Cemex's product portfolio also includes asphalt and mortar mixes, waste-derived fuels and other complementary construction solutions, supported by a network of production facilities, distribution centers and logistics operations.

Founded in 1906 as Cementos Hidalgo, the company adopted the Cemex name in 1976 following a series of domestic mergers and expansions.

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