Carrhae Capital LLP Buys Shares of 1,864,650 CEMEX, S.A.B. de C.V. (NYSE:CX)

Carrhae Capital LLP purchased a new stake in shares of CEMEX, S.A.B. de C.V. (NYSE:CX) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 1,864,650 shares of the construction company’s stock, valued at approximately $11,374,000. CEMEX makes up approximately 1.3% of Carrhae Capital LLP’s portfolio, making the stock its 21st largest position.

A number of other hedge funds have also modified their holdings of the stock. CWM LLC lifted its stake in CEMEX by 75.0% in the first quarter. CWM LLC now owns 3,514 shares of the construction company’s stock valued at $32,000 after acquiring an additional 1,506 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in shares of CEMEX during the 2nd quarter valued at about $33,000. Vontobel Holding Ltd. bought a new position in shares of CEMEX in the 3rd quarter valued at approximately $77,000. Thoroughbred Financial Services LLC acquired a new stake in CEMEX in the 2nd quarter worth approximately $81,000. Finally, Fisher Asset Management LLC boosted its position in CEMEX by 3,180.2% during the fourth quarter. Fisher Asset Management LLC now owns 10,923 shares of the construction company’s stock worth $85,000 after purchasing an additional 10,590 shares during the period. 82.97% of the stock is owned by institutional investors and hedge funds.

CEMEX Trading Up 0.5 %

Shares of CEMEX stock opened at $5.97 on Monday. CEMEX, S.A.B. de C.V. has a 52-week low of $5.50 and a 52-week high of $9.27. The firm has a market capitalization of $8.65 billion, a PE ratio of 42.64 and a beta of 1.47. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.90 and a quick ratio of 0.65. The company’s fifty day moving average price is $6.14 and its two-hundred day moving average price is $6.81.

CEMEX (NYSE:CX) last posted its earnings results on Thursday, July 25th. The construction company reported $0.17 earnings per share for the quarter. The business had revenue of $4.49 billion for the quarter. CEMEX had a net margin of 1.05% and a return on equity of 1.66%. On average, analysts expect that CEMEX, S.A.B. de C.V. will post 0.79 EPS for the current year.

CEMEX Cuts Dividend

The business also recently announced a Variable dividend, which was paid on Tuesday, September 24th. Stockholders of record on Friday, September 13th were issued a $0.021 dividend. The ex-dividend date was Friday, September 13th. This represents a dividend yield of 0.7%. CEMEX’s payout ratio is presently 28.57%.

Analysts Set New Price Targets

A number of research firms have weighed in on CX. The Goldman Sachs Group assumed coverage on shares of CEMEX in a research report on Wednesday, July 10th. They set a “buy” rating and a $9.00 target price for the company. JPMorgan Chase & Co. cut their price objective on CEMEX from $8.00 to $7.00 and set an “overweight” rating for the company in a research report on Wednesday, October 9th. Barclays raised CEMEX from an “equal weight” rating to an “overweight” rating and set a $9.00 target price on the stock in a report on Wednesday, July 31st. Royal Bank of Canada upgraded CEMEX from an “underperform” rating to a “sector perform” rating and cut their price target for the stock from $9.00 to $6.50 in a report on Tuesday, October 8th. Finally, StockNews.com downgraded shares of CEMEX from a “strong-buy” rating to a “buy” rating in a research note on Friday, October 11th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $8.12.

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.