CEMEX (NYSE:CX) Cut to Neutral at JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of CEMEX (NYSE:CX) from an overweight rating to a neutral rating in a research report sent to investors on Tuesday morning, Marketbeat Ratings reports. The firm currently has $6.00 price target on the construction company’s stock, down from their prior price target of $7.00.

Several other analysts also recently commented on CX. StockNews.com downgraded CEMEX from a “strong-buy” rating to a “buy” rating in a research note on Friday, October 11th. Royal Bank of Canada upgraded CEMEX from an “underperform” rating to a “sector perform” rating and cut their price objective for the company from $9.00 to $6.50 in a report on Tuesday, October 8th. Barclays upgraded CEMEX from an “equal weight” rating to an “overweight” rating and set a $9.00 price objective for the company in a research report on Wednesday, July 31st. Finally, The Goldman Sachs Group initiated coverage on shares of CEMEX in a report on Wednesday, July 10th. They set a “buy” rating and a $9.00 target price on the stock. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $7.87.

CEMEX Trading Down 0.7 %

Shares of NYSE CX opened at $5.19 on Tuesday. CEMEX has a fifty-two week low of $5.17 and a fifty-two week high of $9.27. The firm has a market capitalization of $7.51 billion, a P/E ratio of 17.28 and a beta of 1.47. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.98 and a quick ratio of 0.65. The company’s 50 day simple moving average is $5.99 and its 200 day simple moving average is $6.64.

CEMEX Cuts Dividend

The company also recently announced a Variable dividend, which was paid on Tuesday, September 24th. Stockholders of record on Friday, September 13th were issued a $0.021 dividend. The ex-dividend date was Friday, September 13th. This represents a dividend yield of 0.7%. CEMEX’s payout ratio is 13.33%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CX. Ashton Thomas Private Wealth LLC acquired a new position in CEMEX in the 2nd quarter valued at about $33,000. Allworth Financial LP boosted its holdings in shares of CEMEX by 36.0% during the third quarter. Allworth Financial LP now owns 6,606 shares of the construction company’s stock worth $40,000 after acquiring an additional 1,747 shares during the period. Vontobel Holding Ltd. acquired a new position in shares of CEMEX in the third quarter valued at approximately $77,000. Thoroughbred Financial Services LLC bought a new position in shares of CEMEX during the second quarter worth approximately $81,000. Finally, KCM Investment Advisors LLC bought a new position in shares of CEMEX during the first quarter worth approximately $91,000. 82.97% of the stock is currently owned by 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.