Cemex SAB de CV (NYSE:CX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports. The brokerage presently has a $4.75 price target on the construction company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 20.25% from the stock’s previous close.
According to Zacks, “CEMEX is one of the largest cement companies in the world, with close to 78 million metric tons of production capacity. Through operating subsidiaries in four continents, they are engaged in the production, distribution, marketing and sale of cement, ready-mix concrete, aggregates and clinker. They are also the world’s leading producer of white cement and the world’s largest trader of cement and clinker. “
Separately, Loop Capital began coverage on shares of Cemex SAB de CV in a report on Thursday, December 19th. They set a “hold” rating for the company. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $5.14.
A number of hedge funds have recently made changes to their positions in CX. Cornerstone Advisors Inc. grew its position in shares of Cemex SAB de CV by 106.3% during the 4th quarter. Cornerstone Advisors Inc. now owns 7,162 shares of the construction company’s stock worth $27,000 after buying an additional 3,691 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Cemex SAB de CV by 57.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 8,503 shares of the construction company’s stock worth $31,000 after buying an additional 3,115 shares during the period. Madison Wealth Management acquired a new stake in shares of Cemex SAB de CV during the 4th quarter worth approximately $38,000. Howard Financial Services LTD. acquired a new stake in shares of Cemex SAB de CV during the 3rd quarter worth approximately $42,000. Finally, Traynor Capital Management Inc. acquired a new stake in shares of Cemex SAB de CV during the 3rd quarter worth approximately $43,000. 32.49% of the stock is owned by hedge funds and other institutional investors.
About Cemex SAB de CV
CEMEX, SAB. de C.V., together with its subsidiaries, produces, markets, distributes, and sells cement, ready-mix concrete, aggregates, clinker, and other construction materials. The company also offers various complementary construction products, including asphalt products; concrete blocks and roof tiles; architectural products; concrete pipes for storm and sanitary sewers applications; and other precast products comprising rail products, concrete floors, box culverts, bridges, drainage basins, barriers, and parking curbs.
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