CEMEX SAB de CV (NYSE:CX), a leading global building materials company with a market capitalization of $8.49 billion, announced today that it will be paying the third installment of its 2024 cash dividend to shareholders. According to InvestingPro analysis, the company appears undervalued at its current price of $5.84. This follows the resolutions from its Ordinary General Shareholders' Meeting on March 22, 2024.
The payment, amounting to $30 million in total, will be distributed as $0.013886 Mexican pesos per share, which is approximately $0.000689 USD per share, based on the exchange rate determined by Banco de México on Monday. With a current dividend yield of 1.42% and strong financial health metrics, CEMEX continues to maintain its shareholder returns. The dividend will be issued against coupon 153 attached to the share certificates.
Holders of the company's Ordinary Participation Certificates (CPOs) will receive $0.041658 Mexican pesos per CPO, or about $0.002067 USD per CPO. American Depositary Shares (ADS) holders will be paid $0.020670 USD per ADS.
The payment to shareholders holding bearer shares and CPOs is scheduled for Wednesday, December 11, 2024, in Mexican Pesos. Those holding ADS can expect to receive their dividends on or around December 18, 2024.
The dividend originates from CEMEX's Net Tax Profit Account as of December 31, 2013. Consequently, the distribution will not be subject to tax withholding. Discover more valuable insights about CEMEX's financial performance and 8 additional ProTips with InvestingPro, including detailed analysis of its growth prospects and market position.
In other recent news, Cemex S.A.B. de C.V. has seen significant developments. The company announced a trustee change for its CPO Trust with Banco Citi México assuming the role, assuring that this will not impact operations. Furthermore, Cemex completed the sale of its operations in the Philippines, a transaction amounting to approximately $800 million.
The company also paid the third installment of its declared cash dividend for 2024, amounting to USD $30 million. In their Third Quarter 2024 Conference Call, Cemex reported robust growth and resilience amid divestitures and weather challenges, boosting net income by over 200% year-over-year.
Analysts from Thompson Davis and Goldman Sachs have expressed interest in Cemex's strategies, highlighting the company's strategic focus and resilience. These recent developments underline the dynamic nature of the company's operations.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.