Scotiabank Issues Positive Forecast for Cemex (NYSE:CX) Stock Price

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 target boosted by Scotiabank from $8.10 to $10.90 in a report issued on Tuesday, MarketBeat Ratings reports. They currently have a sector outperform rating on the construction company's stock.

CX has been the subject of several other reports. JPMorgan Chase & Co. upgraded shares of Cemex from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $8.10 to $10.50 in a research report on Tuesday, August 26th. Wall Street Zen upgraded shares of Cemex from a "hold" rating to a "buy" rating in a research report on Saturday, August 30th. Barclays boosted 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. Finally, Itau BBA Securities downgraded shares of Cemex from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 3rd. Four investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $9.02.

Cemex Price Performance

Shares of NYSE CX traded up $0.19 during midday trading on Tuesday, reaching $9.42. The company's stock had a trading volume of 11,446,755 shares, compared to its average volume of 10,868,224. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.61 and a current ratio of 0.86. Cemex has a fifty-two week low of $4.89 and a fifty-two week high of $9.44. The business's 50 day moving average price is $8.24 and its two-hundred day moving average price is $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 1.52 and a beta of 1.43.

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

Cemex Announces Dividend

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

Institutional Trading of Cemex

Several institutional investors have recently modified their holdings of CX. Dodge & Cox grew its stake in shares of Cemex by 35.1% in the second quarter. Dodge & Cox now owns 95,023,835 shares of the construction company's stock worth $658,515,000 after purchasing an additional 24,703,035 shares during the last quarter. Orbis Allan Gray Ltd raised its holdings in shares of Cemex by 90.2% during the second quarter. Orbis Allan Gray Ltd now owns 26,300,519 shares of the construction company's stock valued at $182,263,000 after purchasing an additional 12,469,417 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Cemex by 30.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 40,745,819 shares of the construction company's stock valued at $229,806,000 after purchasing an additional 9,541,622 shares during the period. Strs Ohio acquired a new position in shares of Cemex during the first quarter valued at about $27,123,000. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Cemex by 58.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 7,187,143 shares of the construction company's stock worth $40,320,000 after acquiring an additional 2,661,030 shares during the last quarter. Institutional investors own 82.97% of the company's stock.

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.