Letko Brosseau & Associates Inc. Sells 66,096 Shares of Cemex S.A.B. de C.V. (NYSE:CX)

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

Several other hedge funds also recently added to or reduced their stakes in CX. Dodge & Cox lifted its position in shares of Cemex by 7,200.6% in the fourth quarter. Dodge & Cox now owns 49,622,009 shares of the construction company's stock valued at $279,868,000 after acquiring an additional 48,942,309 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Cemex by 30.6% during the 4th 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 during the last quarter. Lazard Asset Management LLC lifted its holdings in shares of Cemex by 3.2% in the 4th quarter. Lazard Asset Management LLC now owns 36,836,513 shares of the construction company's stock valued at $207,757,000 after purchasing an additional 1,127,293 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Cemex by 2.2% in 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 last quarter. Finally, BNP Paribas Financial Markets increased its position in Cemex by 3.5% in the 4th quarter. BNP Paribas Financial Markets now owns 4,218,579 shares of the construction company's stock valued at $23,793,000 after acquiring an additional 141,003 shares during the period. 82.97% of the stock is owned by institutional investors and hedge funds.

Cemex Trading Down 3.7%

NYSE CX traded down $0.32 on Friday, hitting $8.38. 19,212,194 shares of the stock were exchanged, compared to its average volume of 12,108,242. Cemex S.A.B. de C.V. has a 52-week low of $4.89 and a 52-week high of $8.79. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.86 and a quick ratio of 0.61. The company has a market capitalization of $12.14 billion, a price-to-earnings ratio of 8.22, a P/E/G ratio of 0.90 and a beta of 1.40. The company's 50-day moving average price is $7.29 and its two-hundred day moving average price is $6.48.

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

Cemex Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts have issued reports on CX shares. Wall Street Zen cut Cemex from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. Bradesco Corretora set a $7.50 price target on Cemex and gave the stock a "neutral" rating in a research note on Tuesday, April 15th. Royal Bank Of Canada increased their target price on Cemex from $5.00 to $5.25 and gave the stock an "underperform" rating in a research report on Tuesday, April 29th. Itau BBA Securities downgraded Cemex from an "outperform" rating to a "market perform" rating in a report on Tuesday, June 3rd. Finally, JPMorgan Chase & Co. raised their target price on Cemex from $6.00 to $6.80 and gave the company a "neutral" rating in a research note on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus 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.