10 Best Affordable Stocks Under $10 to Buy

8. CEMEX, S.A.B. de C.V. (NYSE:CX)

Number of Hedge Fund Holders: 22

Share Price as of October 18, 2024: $5.94

Forward P/E as of October 18, 2024: 7.97

CEMEX, S.A.B. de C.V. (NYSE:CX) ranks eighth on our list of the best affordable stocks to buy under $10. The multinational building materials company is headquartered in Mexico. The company aims to meet the sustainable construction needs of people from across the globe. Its major products include cement, ready-mix concrete, and urbanization solutions.

The company is expanding its footprint on a global scale. On October 15, CEMEX (NYSE:CX) supplied 100,000 cubic meters of concrete to Dubai, UAE, for the construction of the Hassyan Power Plant. The plant is high on efficiency. It significantly reduces fuel consumption and emissions and generates 2,400 megawatts of electricity, covering 25% of Dubai’s demand.

The company plans to become a net-zero CO2 company by 2050 and is actively engaged in achieving the target at the moment. By 2030, CEMEX (NYSE:CX) plans to celebrate a 58% reduction in CO2 emissions per ton of cementitious product, with 2020 as a base year. To achieve its 2030 sustainability goals, the company aims to invest $150 million annually. So far, the company has achieved a 33% reduction in net CO2 emissions per ton of cementitious product based on its levels in 1990.

The company is emerging as a global leader driving sustainability and positive social impact. Its large network along with its sustainable methods of production promise significant growth in the coming years. This explains why 22 hedge funds were bullish on the stock at the end of Q2 2024.