Scotiabank Issues Pessimistic Forecast for CEMEX (NYSE:CX) Stock Price

CEMEX (NYSE:CX) had its target price lowered by Scotiabank from $10.00 to $8.90 in a research report sent to investors on Tuesday morning, Benzinga reports. The brokerage currently has a sector outperform rating on the construction company’s stock.

Other equities research analysts also recently issued reports about the stock. Royal Bank of Canada upgraded shares of CEMEX from an “underperform” rating to a “sector perform” rating and cut their target price for the stock from $9.00 to $6.50 in a research report on Tuesday, October 8th. The Goldman Sachs Group started coverage on shares of CEMEX in a report on Wednesday, July 10th. They set a “buy” rating and a $9.00 price target for the company. Barclays reduced their price objective on shares of CEMEX from $9.00 to $8.00 and set an “overweight” rating on the stock in a research note on Tuesday. JPMorgan Chase & Co. lowered shares of CEMEX from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $7.00 to $6.00 in a report on Tuesday. Finally, StockNews.com lowered CEMEX from a “strong-buy” rating to a “buy” rating in a research report on Friday, October 11th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, CEMEX currently has an average rating of “Moderate Buy” and an average target price of $7.87.

CEMEX Price Performance

Shares of NYSE:CX opened at $5.23 on Tuesday. The firm has a 50 day simple moving average of $6.01 and a 200 day simple moving average of $6.65. The company has a market cap of $7.58 billion, a price-to-earnings ratio of 17.43 and a beta of 1.47. CEMEX has a one year low of $5.18 and a one year high of $9.27. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.98 and a quick ratio of 0.65.

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 of this dividend was Friday, September 13th. This represents a dividend yield of 0.7%. CEMEX’s dividend payout ratio is currently 13.33%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CX. PNC Financial Services Group Inc. lifted its holdings in CEMEX by 54.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 13,124 shares of the construction company’s stock worth $102,000 after acquiring an additional 4,623 shares during the period. Hennion & Walsh Asset Management Inc. purchased a new position in shares of CEMEX in the 1st quarter worth about $102,000. Claro Advisors LLC increased its holdings in CEMEX by 6.9% during the first quarter. Claro Advisors LLC now owns 30,842 shares of the construction company’s stock worth $278,000 after buying an additional 1,998 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in CEMEX by 1.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 7,577,635 shares of the construction company’s stock worth $68,274,000 after purchasing an additional 94,790 shares in the last quarter. Finally, Norden Group LLC bought a new position in CEMEX in the 1st quarter valued at $654,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

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.