Connor Clark & Lunn Investment Management Ltd. Boosts Stock Position in CEMEX, S.A.B. de C.V. (NYSE:CX)

Connor Clark & Lunn Investment Management Ltd. grew its holdings in CEMEX, S.A.B. de C.V. (NYSE:CX) by 17.7% in the third quarter, Holdings Channel reports. The institutional investor owned 568,233 shares of the construction company’s stock after acquiring an additional 85,485 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in CEMEX were worth $3,466,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in CX. Ashton Thomas Private Wealth LLC acquired a new position in CEMEX during the second quarter worth $33,000. Allworth Financial LP increased its holdings in CEMEX by 36.0% during the 3rd quarter. Allworth Financial LP now owns 6,606 shares of the construction company’s stock worth $40,000 after purchasing an additional 1,747 shares during the period. Vontobel Holding Ltd. purchased a new stake in CEMEX during the 3rd quarter worth about $77,000. Thoroughbred Financial Services LLC purchased a new stake in CEMEX during the 2nd quarter worth about $81,000. Finally, Sumitomo Mitsui Trust Group Inc. purchased a new stake in CEMEX during the 3rd quarter worth about $87,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CX. Barclays cut their price target on CEMEX from $9.00 to $8.00 and set an “overweight” rating on the stock in a report on Tuesday, October 29th. StockNews.com downgraded CEMEX from a “strong-buy” rating to a “buy” rating in a report on Friday, October 11th. Royal Bank of Canada cut their price target on CEMEX from $6.50 to $6.00 and set a “sector perform” rating on the stock in a report on Tuesday, October 29th. Scotiabank lowered their price objective on CEMEX from $10.00 to $8.90 and set a “sector outperform” rating for the company in a research report on Tuesday, October 29th. Finally, JPMorgan Chase & Co. cut CEMEX from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $7.00 to $6.00 in a research report on Tuesday, October 29th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $7.82.

CEMEX Trading Up 0.9 %

NYSE:CX opened at $5.50 on Monday. The stock has a market cap of $7.97 billion, a P/E ratio of 18.33 and a beta of 1.49. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.73 and a current ratio of 0.98. CEMEX, S.A.B. de C.V. has a 1 year low of $5.00 and a 1 year high of $9.27. The stock has a 50-day simple moving average of $5.83 and a 200-day simple moving average of $6.33.

CEMEX Cuts Dividend

The company also recently declared a Variable dividend, which was paid on Tuesday, September 24th. Investors of record on Friday, September 13th were paid a dividend of $0.021 per share. The ex-dividend date was Friday, September 13th. This represents a yield of 0.7%. CEMEX’s dividend payout ratio is presently 13.33%.

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.