Cemex (NYSE:CX) Given New $10.90 Price Target at Scotiabank

Key Points

• Scotiabank has raised its target price for Cemex (NYSE:CX) from $8.10 to $10.90, indicating a potential upside of 21.04% from the stock's previous close.
• While analysts show mixed sentiments, four have rated Cemex as a "Buy," three as "Hold," and one as "Sell," leading to an average rating of "Hold" with a consensus target price of $8.86.
• Cemex's stock recently dropped by 0.9% to $9.01, despite reporting a quarterly EPS of $0.23, surpassing estimates.

Cemex (NYSE:CX - Free Report) had its price objective hoisted by Scotiabank from $8.10 to $10.90 in a research report sent to investors on Tuesday, MarketBeat Ratings reports. The brokerage currently has a sector outperform rating on the construction company's stock.

CX has been the topic of a number of other reports. Barclays upped their target price 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 cut Cemex from an "outperform" rating to a "market perform" rating in a research note on Tuesday, June 3rd. JPMorgan Chase & Co. raised shares of Cemex from a "neutral" rating to an "overweight" rating and raised their price target for the stock from $8.10 to $10.50 in a research note on Tuesday, August 26th. Finally, Wall Street Zen raised shares of Cemex from a "hold" rating to a "buy" rating in a research note on Saturday, August 30th. Four equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $9.02.

Cemex Price Performance

NYSE CX traded up $0.19 on Tuesday, hitting $9.42. 11,446,755 shares of the company were exchanged, compared to its average volume of 10,868,224. The firm has a 50 day moving average of $8.24 and a two-hundred day moving average of $6.94. The company has a market cap of $13.64 billion, a P/E ratio of 9.23, a P/E/G ratio of 1.49 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 has a 1-year low of $4.89 and a 1-year high of $9.44.

Cemex (NYSE:CX - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The construction company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.05. The business had revenue of $4.13 billion for the quarter, compared to the consensus estimate of $4.20 billion. Cemex had a net margin of 9.61% and a return on equity of 6.89%. On average, equities analysts predict that Cemex will post 0.69 EPS for the current year.

Cemex Announces Dividend

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CX. WealthCollab LLC grew its position in Cemex by 73.7% in 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 during the last quarter. Wayfinding Financial LLC bought a new position in Cemex in the first quarter valued at about $29,000. Northwestern Mutual Wealth Management Co. grew its position in Cemex by 256.7% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,298 shares of the construction company's stock valued at $30,000 after acquiring an additional 3,093 shares during the last quarter. Farther Finance Advisors LLC grew its position in Cemex by 63.7% in the second 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. Finally, Militia Capital Partners LP bought a new position in Cemex in the second quarter valued at about $46,000. Institutional investors own 82.97% of the company's stock.

Cemex Company Profile

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.