CEMEX (NYSE:CX) Price Target Cut to $6.00

CEMEX (NYSE:CX) had its price objective lowered by Royal Bank of Canada from $6.50 to $6.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has a “sector perform” rating on the construction company’s stock. Royal Bank of Canada’s target price points to a potential upside of 12.78% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. JPMorgan Chase & Co. cut CEMEX from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $7.00 to $6.00 in a research note on Tuesday. Barclays decreased their price target on CEMEX from $9.00 to $8.00 and set an “overweight” rating for the company in a research note on Tuesday. StockNews.com cut CEMEX from a “strong-buy” rating to a “buy” rating in a research note on Friday, October 11th. The Goldman Sachs Group started coverage on CEMEX in a research note on Wednesday, July 10th. They set a “buy” rating and a $9.00 target price for the company. Finally, Scotiabank decreased their target price on CEMEX from $10.00 to $8.90 and set a “sector outperform” rating for the company in a research note on Tuesday. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $7.87.

CEMEX Stock Performance

NYSE CX traded down $0.14 during trading hours on Tuesday, hitting $5.32. The company had a trading volume of 2,540,632 shares, compared to its average volume of 8,491,162. CEMEX has a fifty-two week low of $5.32 and a fifty-two week high of $9.27. The company has a quick ratio of 0.65, a current ratio of 0.90 and a debt-to-equity ratio of 0.53. The business has a fifty day simple moving average of $6.06 and a 200-day simple moving average of $6.69. The firm has a market cap of $7.71 billion, a P/E ratio of 38.14 and a beta of 1.47.

Hedge Funds Weigh In On CEMEX

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in CEMEX by 4.1% during the 1st quarter. Vanguard Group Inc. now owns 3,757,831 shares of the construction company’s stock valued at $33,858,000 after acquiring an additional 146,327 shares in the last quarter. BNP Paribas Financial Markets grew its stake in CEMEX by 25.9% during the 1st quarter. BNP Paribas Financial Markets now owns 1,296,403 shares of the construction company’s stock valued at $11,681,000 after acquiring an additional 267,074 shares in the last quarter. Pacer Advisors Inc. bought a new stake in shares of CEMEX in the 2nd quarter valued at approximately $776,000. Quadrature Capital Ltd bought a new stake in shares of CEMEX in the 1st quarter valued at approximately $1,090,000. Finally, Seven Eight Capital LP grew its stake in shares of CEMEX by 227.7% in the 1st quarter. Seven Eight Capital LP now owns 126,909 shares of the construction company’s stock valued at $1,143,000 after buying an additional 88,184 shares in the last quarter. Hedge funds and other 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.