Cemex S.A.B. de C.V. $CX Shares Sold by Itau Unibanco Holding S.A.

Key Points

• Itau Unibanco Holding S.A. reduced its stake in Cemex by 63.1%, selling 856,335 shares during the first quarter, leaving them with 499,934 shares valued at approximately $2.8 million.
• Cemex reported $0.23 EPS for the latest quarter, surpassing analysts' expectations of $0.18, despite a revenue of $4.13 billion that fell short of forecasts.
• The company also announced a quarterly dividend of $0.0224 per share, with an annualized yield of 1.0% and a payout ratio of 7.84%.

Itau Unibanco Holding S.A. trimmed its position in Cemex S.A.B. de C.V. (NYSE:CX - Free Report) by 63.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 499,934 shares of the construction company's stock after selling 856,335 shares during the quarter. Itau Unibanco Holding S.A.'s holdings in Cemex were worth $2,799,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. raised its stake in shares of Cemex by 137.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 31,252 shares of the construction company's stock worth $175,000 after purchasing an additional 18,114 shares during the last quarter. Oppenheimer & Co. Inc. raised its stake in shares of Cemex by 21.0% in the first quarter. Oppenheimer & Co. Inc. now owns 14,431 shares of the construction company's stock worth $81,000 after purchasing an additional 2,505 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Cemex by 2.9% in the first quarter. American Century Companies Inc. now owns 3,645,959 shares of the construction company's stock worth $20,454,000 after purchasing an additional 104,172 shares during the last quarter. Oppenheimer Asset Management Inc. raised its stake in shares of Cemex by 11.1% in the first quarter. Oppenheimer Asset Management Inc. now owns 71,452 shares of the construction company's stock worth $401,000 after purchasing an additional 7,119 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Cemex by 1,188.4% in the first quarter. GAMMA Investing LLC now owns 21,155 shares of the construction company's stock worth $119,000 after purchasing an additional 19,513 shares during the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CX has been the subject of several research analyst reports. JPMorgan Chase & Co. upgraded Cemex from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $8.10 to $10.50 in a research note on Tuesday, August 26th. 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. Itau BBA Securities cut Cemex from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 3rd. Wall Street Zen upgraded Cemex from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, Scotiabank lifted their price target on Cemex from $8.10 to $10.90 and gave the company a "sector outperform" rating in a research report on Tuesday. Four investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $8.86.

Cemex Stock Up 0.2%

CX traded up $0.02 on Tuesday, hitting $9.11. 4,154,672 shares of the company were exchanged, compared to its average volume of 12,880,724. Cemex S.A.B. de C.V. has a twelve month low of $4.89 and a twelve month high of $9.19. The company has a market cap of $13.19 billion, a price-to-earnings ratio of 8.93, a price-to-earnings-growth ratio of 0.95 and a beta of 1.43. 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 firm has a 50-day moving average price of $8.05 and a two-hundred day moving average price of $6.87.

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

Cemex Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Shareholders of record on Tuesday, June 17th were paid a dividend of $0.0224 per share. The ex-dividend date of this dividend was Tuesday, June 17th. This represents a $0.09 annualized dividend and a yield of 1.0%. Cemex's dividend payout ratio is currently 7.84%.

Cemex 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.