Cemex (NYSE:CX) Hits New 52-Week High Following Dividend Announcement

Shares of Cemex S.A.B. de C.V. (NYSE:CX) reached a new 52-week high on Monday following a dividend announcement from the company. The company traded as high as $11.17 and last traded at $10.9750, with a volume of 736551 shares changing hands. The stock had previously closed at $10.83.

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

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Bank of America raised Cemex from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $10.00 to $10.80 in a research note on Wednesday, October 15th. Royal Bank Of Canada lifted their price objective on Cemex from $7.00 to $8.25 and gave the company an “underperform” rating in a report on Wednesday, October 29th. Wall Street Zen upgraded Cemex from a “hold” rating to a “buy” rating in a research report on Tuesday, November 4th. The Goldman Sachs Group raised their target price on shares of Cemex from $10.00 to $11.00 and gave the stock a “buy” rating in a report on Friday, October 17th. Finally, JPMorgan Chase & Co. raised shares of Cemex from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $8.10 to $10.50 in a research note on Tuesday, August 26th. Four 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’s stock. According to MarketBeat, Cemex has an average rating of “Hold” and a consensus target price of $10.14.

Cemex Stock Performance

The firm has a market cap of $15.90 billion, a price-to-earnings ratio of 11.80, a price-to-earnings-growth ratio of 1.23 and a beta of 1.61. The stock has a 50-day moving average of $9.98 and a 200-day moving average of $8.74. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.67 and a current ratio of 0.91.

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

Institutional Investors Weigh In On Cemex

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CX. Dodge & Cox grew its holdings in shares of Cemex by 35.1% in the 2nd quarter. Dodge & Cox now owns 95,023,835 shares of the construction company’s stock valued at $658,515,000 after acquiring an additional 24,703,035 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Cemex by 451.7% in the third quarter. Wellington Management Group LLP now owns 16,897,356 shares of the construction company’s stock valued at $151,907,000 after buying an additional 13,834,438 shares in the last quarter. Orbis Allan Gray Ltd increased its holdings in Cemex by 90.2% during the second quarter. Orbis Allan Gray Ltd now owns 26,300,519 shares of the construction company’s stock worth $182,263,000 after buying an additional 12,469,417 shares during the last quarter. WCM Investment Management LLC bought a new stake in Cemex during the third quarter worth $48,699,000. Finally, Strs Ohio acquired a new stake in Cemex in the first quarter valued at $27,123,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

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.