Cemex S.A.B. de C.V. $CX Shares Acquired by Bank of America Corp DE

Key Points

• Bank of America increased its Cemex stake by 31.8% in the first quarter, acquiring 462,848 additional shares for a total holding of 1.92 million shares valued at approximately $21.9 million.
• Institutional investors and hedge funds own 82.97% of Cemex, with several major investors—including Amundi, Lazard and Healthcare of Ontario Pension Plan—also increasing their positions.
• Cemex reported quarterly EPS of $0.24 on $4.59 billion in revenue and raised its quarterly dividend to $0.0312 per share. Analysts give the stock a “Moderate Buy” consensus rating with an average price target of $13.07, compared with its reported opening price of $10.66.

Bank of America Corp DE increased its position in Cemex S.A.B. de C.V. (NYSE:CX - Free Report) by 31.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,916,167 shares of the construction company's stock after acquiring an additional 462,848 shares during the period. Bank of America Corp DE owned approximately 0.13% of Cemex worth $21,921,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in CX. Amundi lifted its stake in shares of Cemex by 9.3% in the 1st quarter. Amundi now owns 3,115,879 shares of the construction company's stock worth $35,646,000 after acquiring an additional 264,248 shares during the period. Quantinno Capital Management LP raised its position in Cemex by 5.1% in the first quarter. Quantinno Capital Management LP now owns 143,677 shares of the construction company's stock worth $1,644,000 after acquiring an additional 6,911 shares in the last quarter. Lazard Asset Management LLC lifted its holdings in Cemex by 14.4% in the 1st quarter. Lazard Asset Management LLC now owns 4,046,527 shares of the construction company's stock valued at $46,292,000 after acquiring an additional 508,016 shares during the last quarter. ABS Direct Equity Fund LLC boosted its position in shares of Cemex by 40.3% during the 1st quarter. ABS Direct Equity Fund LLC now owns 691,420 shares of the construction company's stock valued at $7,910,000 after purchasing an additional 198,720 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of Cemex by 1,747.0% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,646,000 shares of the construction company's stock valued at $41,710,000 after buying an additional 3,448,600 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Cemex Stock Performance

Shares of CX opened at $10.66 on Wednesday. The firm has a market cap of $15.45 billion, a price-to-earnings ratio of 31.37 and a beta of 1.53. The company's fifty day moving average is $12.14 and its 200-day moving average is $12.10. The company has a quick ratio of 0.68, a current ratio of 0.92 and a debt-to-equity ratio of 0.44. Cemex S.A.B. de C.V. has a 12 month low of $8.57 and a 12 month high of $13.67.

Cemex (NYSE:CX - Get Free Report) last released its quarterly earnings results on Tuesday, June 30th. The construction company reported $0.24 earnings per share (EPS) for the quarter. The company had revenue of $4.59 billion during the quarter. Cemex had a return on equity of 3.82% and a net margin of 2.83%. Equities analysts expect that Cemex S.A.B. de C.V. will post 0.91 EPS for the current fiscal year.

Cemex Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 29th. Investors of record on Wednesday, June 17th were paid a $0.0312 dividend. The ex-dividend date was Wednesday, June 17th. This is a boost from Cemex's previous quarterly dividend of $0.02. This represents a $0.12 annualized dividend and a dividend yield of 1.2%. Cemex's dividend payout ratio is 35.29%.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Royal Bank Of Canada boosted their price objective on Cemex from $12.75 to $13.50 and gave the stock a "sector perform" rating in a report on Friday, July 24th. Barclays lifted their price objective on shares of Cemex from $15.00 to $16.00 and gave the stock an "overweight" rating in a research report on Friday, July 24th. Wall Street Zen downgraded shares of Cemex from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Weiss Ratings restated a "hold (c-)" rating on shares of Cemex in a research report on Tuesday, May 26th. Finally, Scotiabank increased their price target on shares of Cemex from $14.10 to $14.50 and gave the stock an "outperform" rating in a research report on Tuesday, July 14th. Seven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $13.07.

About Cemex

Cemex NYSE: CX is a global building materials company headquartered in Monterrey, Mexico. The company produces, distributes and sells cement, ready-mix concrete and aggregates, as well as related building materials, to construction markets in more than 50 countries. Cemex's product portfolio also includes asphalt and mortar mixes, waste-derived fuels and other complementary construction solutions, supported by a network of production facilities, distribution centers and logistics operations.

Founded in 1906 as Cementos Hidalgo, the company adopted the Cemex name in 1976 following a series of domestic mergers and expansions.

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