CEMEX (NYSE:CX) Price Target Cut to $6.00 by Analysts at Royal Bank of Canada

CEMEX (NYSE:CX) had its price target reduced by Royal Bank of Canada from $6.50 to $6.00 in a research note published on Tuesday, Benzinga reports. They currently have a sector perform rating on the construction company’s stock.

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

CEMEX Stock Performance

NYSE CX opened at $5.25 on Tuesday. CEMEX has a 52-week low of $5.21 and a 52-week high of $9.27. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.65 and a current ratio of 0.90. The company has a market capitalization of $7.61 billion, a P/E ratio of 37.50 and a beta of 1.47. The company has a fifty day moving average of $6.06 and a 200-day moving average of $6.69.

CEMEX Cuts Dividend

The firm also recently declared a Variable dividend, which was paid on Tuesday, September 24th. Investors of record on Friday, September 13th were issued a dividend of $0.021 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a yield of 0.7%. CEMEX’s dividend payout ratio is presently 28.57%.

Institutional Investors Weigh In On CEMEX

Several institutional investors and hedge funds have recently bought and sold shares of CX. Ashton Thomas Private Wealth LLC bought a new position in shares of CEMEX during the second quarter valued at approximately $33,000. Allworth Financial LP increased its position in CEMEX by 36.0% during the 3rd quarter. Allworth Financial LP now owns 6,606 shares of the construction company’s stock valued at $40,000 after purchasing an additional 1,747 shares during the period. KCM Investment Advisors LLC bought a new position in CEMEX in the 1st quarter worth $91,000. Hennion & Walsh Asset Management Inc. purchased a new stake in shares of CEMEX in the 1st quarter worth about $102,000. Finally, Oppenheimer & Co. Inc. purchased a new stake in shares of CEMEX in the 1st quarter worth about $114,000. 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.