CEMEX (NYSE:CX) Downgraded by JPMorgan Chase & Co. to “Neutral”

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

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

CEMEX Trading Down 0.2 %

CEMEX stock opened at $5.23 on Tuesday. 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 stock has a 50-day simple moving average of $6.01 and a 200 day simple moving average of $6.65. The stock has a market capitalization of $7.58 billion, a P/E ratio of 37.36 and a beta of 1.47. CEMEX has a 52 week low of $5.18 and a 52 week high of $9.27.

CEMEX Cuts Dividend

The business also recently disclosed a Variable dividend, which was paid on Tuesday, September 24th. Shareholders 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 yield of 0.7%. CEMEX’s dividend payout ratio is presently 28.57%.

Institutional Trading of CEMEX

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in CEMEX by 4.1% during the first quarter. Vanguard Group Inc. now owns 3,757,831 shares of the construction company’s stock worth $33,858,000 after acquiring an additional 146,327 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in CEMEX by 25.9% in the 1st quarter. BNP Paribas Financial Markets now owns 1,296,403 shares of the construction company’s stock worth $11,681,000 after purchasing an additional 267,074 shares in the last quarter. Pacer Advisors Inc. bought a new position in CEMEX in the second quarter valued at about $776,000. Quadrature Capital Ltd acquired a new stake in shares of CEMEX during the first quarter valued at about $1,090,000. Finally, Seven Eight Capital LP grew its holdings in shares of CEMEX by 227.7% during the first quarter. Seven Eight Capital LP now owns 126,909 shares of the construction company’s stock worth $1,143,000 after purchasing an additional 88,184 shares during the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

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.