AQR Capital Management LLC Decreases Stake in Cemex S.A.B. de C.V. $CX

Key Points

• AQR Capital Management LLC reduced its stake in Cemex S.A.B. de C.V. by 43.2% in Q1, selling over 1.5 million shares and now holds approximately 1.97 million shares valued at $11 million.
• Cemex reported earnings of $0.23 EPS in its last quarter, surpassing expectations, while revenues were $4.13 billion, slightly below analyst projections.
• The company plans to pay a quarterly dividend of $0.0224 per share on September 25, representing an annualized yield of 1.0%, with a payout ratio of 7.84%.

AQR Capital Management LLC trimmed its stake in Cemex S.A.B. de C.V. (NYSE:CX - Free Report) by 43.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,971,524 shares of the construction company's stock after selling 1,502,034 shares during the period. AQR Capital Management LLC owned approximately 0.14% of Cemex worth $11,060,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of CX. Allworth Financial LP boosted its stake in shares of Cemex by 7.4% in the 1st quarter. Allworth Financial LP now owns 27,651 shares of the construction company's stock valued at $157,000 after purchasing an additional 1,906 shares in the last quarter. Natixis Advisors LLC lifted its stake in Cemex by 0.6% in the first quarter. Natixis Advisors LLC now owns 360,898 shares of the construction company's stock worth $2,025,000 after purchasing an additional 2,122 shares during the last quarter. Cetera Investment Advisers increased its stake in shares of Cemex by 8.4% in the fourth quarter. Cetera Investment Advisers now owns 31,652 shares of the construction company's stock worth $179,000 after buying an additional 2,452 shares during the period. Oppenheimer & Co. Inc. raised its position in Cemex by 21.0% during the 1st quarter. Oppenheimer & Co. Inc. now owns 14,431 shares of the construction company's stock valued at $81,000 after purchasing an additional 2,505 shares during the last quarter. Finally, Legacy Wealth Asset Management LLC boosted its holdings in Cemex by 3.4% in the first quarter. Legacy Wealth Asset Management LLC now owns 77,957 shares of the construction company's stock valued at $437,000 after acquiring an additional 2,570 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on CX shares. JPMorgan Chase & Co. raised shares of Cemex from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $8.10 to $10.50 in a research note on Tuesday, August 26th. Wall Street Zen raised Cemex from a "hold" rating to a "buy" rating in a research report on Saturday, August 30th. Bank of America increased their target price on Cemex from $8.60 to $10.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 3rd. Barclays lifted their price target on Cemex from $9.00 to $10.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Finally, Scotiabank reissued an "outperform" rating on shares of Cemex in a research report on Tuesday, September 2nd. Four research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $9.02.

Cemex Stock Up 0.2%

NYSE:CX traded up $0.02 during trading hours on Tuesday, reaching $9.56. 7,277,773 shares of the company traded hands, compared to its average volume of 11,145,802. The company has a current ratio of 0.86, a quick ratio of 0.61 and a debt-to-equity ratio of 0.37. The business's 50-day moving average price is $8.57 and its two-hundred day moving average price is $7.09. Cemex S.A.B. de C.V. has a 1 year low of $4.89 and a 1 year high of $9.58. The stock has a market capitalization of $13.85 billion, a P/E ratio of 9.37, a P/E/G ratio of 1.54 and a beta of 1.43.

Cemex (NYSE:CX - Get Free Report) last issued its quarterly 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 during 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%. 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 company also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Wednesday, September 17th will be issued a dividend of $0.0224 per share. The ex-dividend date is Wednesday, September 17th. This represents a $0.09 dividend on an annualized basis and a dividend yield of 0.9%. Cemex's dividend payout ratio is presently 8.82%.

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.