Cemex (NYSE:CX) Sets New 1-Year High – Here’s Why

Cemex S.A.B. de C.V. (NYSE:CX) hit a new 52-week high during trading on Monday . The company traded as high as $11.81 and last traded at $11.7150, with a volume of 864863 shares trading hands. The stock had previously closed at $11.51.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on CX shares. Bank of America upgraded Cemex from a “neutral” rating to a “buy” rating and lifted their price target for the company from $10.00 to $10.80 in a report on Wednesday, October 15th. Royal Bank Of Canada raised their target price on Cemex from $7.00 to $8.25 and gave the company an “underperform” rating in a report on Wednesday, October 29th. Citigroup downgraded Cemex from a “buy” rating to a “neutral” rating and raised their price objective for the company from $9.00 to $10.00 in a research note on Monday, October 13th. Wall Street Zen raised Cemex from a “hold” rating to a “buy” rating in a research report on Tuesday, November 4th. Finally, Scotiabank downgraded shares of Cemex from a “sector outperform” rating to a “sector perform” rating and set a $11.10 price objective for the company. in a report on Tuesday, October 21st. Four equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Cemex currently has a consensus rating of “Hold” and an average target price of $10.14.

Cemex Price Performance

The company has a market cap of $16.69 billion, a price-to-earnings ratio of 12.38, a price-to-earnings-growth ratio of 1.25 and a beta of 1.61. The company has a current ratio of 0.91, a quick ratio of 0.67 and a debt-to-equity ratio of 0.37. The company has a fifty day moving average price of $10.21 and a two-hundred day moving average price of $8.89.

Cemex (NYSE:CX) last issued its earnings results on Tuesday, October 28th. The construction company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.15. Cemex had a return on equity of 6.85% and a net margin of 8.62%.The business had revenue of $4.25 billion during the quarter, compared to analyst estimates of $226.73 million. As a group, equities research analysts anticipate that Cemex S.A.B. de C.V. will post 0.69 EPS for the current fiscal year.

Cemex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 23rd. Investors of record on Monday, December 15th will be paid a $0.0224 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.09 dividend on an annualized basis and a yield of 0.8%. Cemex’s payout ratio is presently 9.68%.

Hedge Funds Weigh In On Cemex

A number of hedge funds have recently modified their holdings of CX. Dodge & Cox boosted its stake in Cemex by 1.8% in the 3rd quarter. Dodge & Cox now owns 96,734,370 shares of the construction company’s stock valued at $869,642,000 after buying an additional 1,710,535 shares in the last quarter. Brandes Investment Partners LP lifted its holdings in shares of Cemex by 7.7% during the second quarter. Brandes Investment Partners LP now owns 32,648,163 shares of the construction company’s stock valued at $226,252,000 after acquiring an additional 2,337,817 shares during the period. Orbis Allan Gray Ltd lifted its holdings in shares of Cemex by 90.2% during the second quarter. Orbis Allan Gray Ltd now owns 26,300,519 shares of the construction company’s stock valued at $182,263,000 after acquiring an additional 12,469,417 shares during the period. Wellington Management Group LLP boosted its stake in shares of Cemex by 451.7% in the 3rd quarter. Wellington Management Group LLP now owns 16,897,356 shares of the construction company’s stock valued at $151,907,000 after purchasing an additional 13,834,438 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Cemex by 4.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 12,183,183 shares of the construction company’s stock worth $109,530,000 after purchasing an additional 499,504 shares during the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

About Cemex

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.