ABS Direct Equity Fund LLC Lowers Stock Position in Cemex S.A.B. de C.V. $CX

Key Points

• ABS Direct Equity Fund LLC has reduced its stake in Cemex S.A.B. de C.V. by 47.8%, lowering their holdings to 289,900 shares valued at $2,009,000.
• Several large investors, including Dodge & Cox and Goldman Sachs, have increased their positions in Cemex, indicating continued institutional interest.
• Cemex recently reported earnings of $0.23 per share, exceeding analysts' expectations, while also announcing a quarterly dividend of $0.0224 per share.

ABS Direct Equity Fund LLC reduced its stake in shares of Cemex S.A.B. de C.V. (NYSE:CX - Free Report) by 47.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 289,900 shares of the construction company's stock after selling 265,400 shares during the period. Cemex accounts for 3.2% of ABS Direct Equity Fund LLC's portfolio, making the stock its 12th biggest holding. ABS Direct Equity Fund LLC's holdings in Cemex were worth $2,009,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Dodge & Cox lifted its position in shares of Cemex by 41.7% during the 1st quarter. Dodge & Cox now owns 70,320,800 shares of the construction company's stock valued at $394,500,000 after buying an additional 20,698,791 shares in the last quarter. Orbis Allan Gray Ltd raised its stake in Cemex by 115.6% during the 1st quarter. Orbis Allan Gray Ltd now owns 13,831,102 shares of the construction company's stock valued at $77,592,000 after purchasing an additional 7,416,743 shares during the period. Goldman Sachs Group Inc. raised its stake in Cemex by 58.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 7,187,143 shares of the construction company's stock valued at $40,320,000 after purchasing an additional 2,661,030 shares during the period. Robeco Institutional Asset Management B.V. raised its stake in Cemex by 2.2% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 6,394,205 shares of the construction company's stock valued at $35,871,000 after purchasing an additional 136,923 shares during the period. Finally, Strs Ohio bought a new stake in Cemex during the 1st quarter valued at approximately $27,123,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CX has been the topic of several recent analyst reports. Barclays lifted their target price on Cemex from $9.00 to $10.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Itau BBA Securities downgraded Cemex from an "outperform" rating to a "market perform" rating in a research note on Tuesday, June 3rd. Scotiabank reaffirmed an "outperform" rating on shares of Cemex in a report on Tuesday, September 2nd. Bank of America upped their price objective on Cemex from $8.60 to $10.00 and gave the stock a "neutral" rating in a report on Wednesday, September 3rd. Finally, JPMorgan Chase & Co. raised Cemex from a "neutral" rating to an "overweight" rating and upped their price objective for the stock from $8.10 to $10.50 in a report on Tuesday, August 26th. Four investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Cemex presently has an average rating of "Hold" and an average price target of $9.02.

Cemex Stock Performance

NYSE CX opened at $9.02 on Friday. The company has a market cap of $13.06 billion, a P/E ratio of 8.84, a P/E/G ratio of 1.45 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.61 and a current ratio of 0.86. The business's 50 day moving average price is $8.84 and its 200-day moving average price is $7.25. Cemex S.A.B. de C.V. has a fifty-two week low of $4.89 and a fifty-two week high of $9.61.

Cemex (NYSE:CX - Get Free Report) last released its earnings results on Thursday, July 24th. The construction company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.05. The firm had revenue of $4.13 billion for the quarter, compared to the consensus estimate of $4.20 billion. Cemex had a return on equity of 6.89% and a net margin of 9.61%. Sell-side analysts predict that Cemex S.A.B. de C.V. will post 0.69 earnings per share for the current year.

Cemex Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 25th. Stockholders of record on Wednesday, September 17th were given a dividend of $0.0224 per share. The ex-dividend date of this dividend was Wednesday, September 17th. This represents a $0.09 annualized dividend and a dividend yield of 1.0%. Cemex's payout ratio is currently 8.82%.

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.

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