Cemex S.A.B. de C.V. (NYSE:CX) Shares Sold by Letko Brosseau & Associates Inc.

Key Points

• Letko Brosseau & Associates Inc. reduced its holdings in Cemex S.A.B. de C.V. by 1.7%, bringing its ownership to approximately 3.71 million shares valued at around $20.84 million.
• Cemex's recent quarterly earnings showed a profit of $0.23 per share, exceeding analyst expectations, although revenue fell short of estimates at $4.13 billion.
• Equities analysts have varied opinions on Cemex, with a consensus rating of "Hold" and a target price of approximately $7.91, while recent reports from firms such as Royal Bank Of Canada have set price targets between $5.25 and $10.00.

Letko Brosseau & Associates Inc. decreased its stake in Cemex S.A.B. de C.V. (NYSE:CX - Free Report) by 1.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,714,400 shares of the construction company's stock after selling 66,096 shares during the period. Letko Brosseau & Associates Inc. owned approximately 0.26% of Cemex worth $20,838,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CX. Dodge & Cox grew its holdings in shares of Cemex by 7,200.6% during the fourth quarter. Dodge & Cox now owns 49,622,009 shares of the construction company's stock worth $279,868,000 after buying an additional 48,942,309 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Cemex by 30.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 40,745,819 shares of the construction company's stock worth $229,806,000 after buying an additional 9,541,622 shares in the last quarter. Marshall Wace LLP grew its holdings in shares of Cemex by 1,505.0% during the fourth quarter. Marshall Wace LLP now owns 2,539,938 shares of the construction company's stock worth $14,325,000 after buying an additional 2,381,687 shares in the last quarter. Discovery Capital Management LLC CT purchased a new stake in shares of Cemex during the fourth quarter worth about $9,611,000. Finally, Lazard Asset Management LLC grew its holdings in shares of Cemex by 3.2% during the fourth quarter. Lazard Asset Management LLC now owns 36,836,513 shares of the construction company's stock worth $207,757,000 after buying an additional 1,127,293 shares in the last quarter. Institutional investors and hedge funds own 82.97% of the company's stock.

Cemex Trading Down 3.7%

CX stock traded down $0.32 during midday trading on Friday, reaching $8.38. 19,212,194 shares of the company's stock traded hands, compared to its average volume of 12,108,242. The company has a market capitalization of $12.14 billion, a P/E ratio of 8.22, a PEG ratio of 0.93 and a beta of 1.40. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.86 and a quick ratio of 0.61. Cemex S.A.B. de C.V. has a fifty-two week low of $4.89 and a fifty-two week high of $8.79. The business has a 50-day moving average price of $7.29 and a two-hundred day moving average price of $6.48.

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

Cemex Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Tuesday, June 17th were given a dividend of $0.0224 per share. This represents a $0.09 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Tuesday, June 17th. Cemex's payout ratio is presently 7.84%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Barclays lifted their price target on shares of Cemex from $9.00 to $10.00 and gave the stock an "overweight" rating in a report on Tuesday. JPMorgan Chase & Co. boosted their target price on shares of Cemex from $6.00 to $6.80 and gave the company a "neutral" rating in a report on Tuesday, April 29th. Bradesco Corretora set a $7.50 target price on shares of Cemex and gave the company a "neutral" rating in a report on Tuesday, April 15th. Royal Bank Of Canada boosted their target price on shares of Cemex from $5.00 to $5.25 and gave the company an "underperform" rating in a report on Tuesday, April 29th. Finally, Wall Street Zen downgraded shares of Cemex from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $7.91.

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.