CEMEX (NYSE:CX) Price Target Lowered to $8.90 at Scotiabank

CEMEX (NYSE:CX) had its target price reduced by equities research analysts at Scotiabank from $10.00 to $8.90 in a report released on Tuesday, Benzinga reports. The firm currently has a “sector outperform” rating on the construction company’s stock. Scotiabank’s price objective indicates a potential upside of 69.69% from the stock’s previous close.

CX has been the topic of several other research reports. 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 initiated coverage on CEMEX in a research note on Wednesday, July 10th. They set a “buy” rating and a $9.00 price objective on the stock. Royal Bank of Canada upgraded shares of CEMEX from an “underperform” rating to a “sector perform” rating and lowered their target price for the company from $9.00 to $6.50 in a research note on Tuesday, October 8th. Barclays reduced their price target on shares of CEMEX from $9.00 to $8.00 and set an “overweight” rating on the stock in a research report on Tuesday. Finally, JPMorgan Chase & Co. downgraded shares of CEMEX from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $7.00 to $6.00 in a research report on Tuesday. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $7.87.

CEMEX Price Performance

CX opened at $5.25 on Tuesday. The company has a market capitalization of $7.60 billion, a P/E ratio of 37.46 and a beta of 1.47. The company has a 50-day moving average of $6.03 and a 200-day moving average of $6.66. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.65 and a current ratio of 0.90. CEMEX has a 1-year low of $5.19 and a 1-year high of $9.27.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. grew its stake in shares of CEMEX by 0.6% in the second quarter. Principal Financial Group Inc. now owns 19,983,888 shares of the construction company’s stock worth $127,697,000 after purchasing an additional 112,479 shares in the last quarter. AQR Capital Management LLC grew its position in CEMEX by 28.4% in the 2nd quarter. AQR Capital Management LLC now owns 19,057,965 shares of the construction company’s stock valued at $121,113,000 after buying an additional 4,217,562 shares in the last quarter. RWC Asset Advisors US LLC increased its stake in CEMEX by 32.3% during the 2nd quarter. RWC Asset Advisors US LLC now owns 15,555,171 shares of the construction company’s stock valued at $99,398,000 after buying an additional 3,796,262 shares during the period. Perpetual Ltd raised its position in shares of CEMEX by 12.6% during the 3rd quarter. Perpetual Ltd now owns 10,014,640 shares of the construction company’s stock worth $61,089,000 after buying an additional 1,117,379 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its stake in shares of CEMEX by 8.9% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 9,889,608 shares of the construction company’s stock worth $60,327,000 after acquiring an additional 807,394 shares during the period. Institutional investors own 82.97% of the company’s stock.

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.