Short Interest in Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) Drops By 9.8%

Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) saw a large decline in short interest during the month of October. As of October 15th, there was short interest totalling 2,580,000 shares, a decline of 9.8% from the September 30th total of 2,860,000 shares. Based on an average daily volume of 653,400 shares, the days-to-cover ratio is presently 3.9 days. Currently, 1.2% of the company’s stock are sold short.

Institutional Trading of Fomento Económico Mexicano

A number of institutional investors have recently modified their holdings of FMX. Claro Advisors LLC increased its position in Fomento Económico Mexicano by 17.4% during the first quarter. Claro Advisors LLC now owns 2,149 shares of the company’s stock worth $280,000 after buying an additional 318 shares during the last quarter. Park Place Capital Corp lifted its stake in shares of Fomento Económico Mexicano by 78.2% in the 1st quarter. Park Place Capital Corp now owns 221 shares of the company’s stock valued at $29,000 after acquiring an additional 97 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Fomento Económico Mexicano by 30.6% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,350 shares of the company’s stock valued at $306,000 after acquiring an additional 550 shares during the last quarter. Norden Group LLC acquired a new stake in Fomento Económico Mexicano in the first quarter valued at $404,000. Finally, Diversify Advisory Services LLC acquired a new stake in Fomento Económico Mexicano in the first quarter valued at $809,000.

Analysts Set New Price Targets

Several brokerages have recently commented on FMX. JPMorgan Chase & Co. lowered Fomento Económico Mexicano from an “overweight” rating to a “neutral” rating and lifted their target price for the stock from $104.00 to $109.00 in a research report on Monday, September 23rd. Barclays dropped their price objective on Fomento Económico Mexicano from $125.00 to $118.00 and set an “overweight” rating on the stock in a research note on Wednesday. Finally, StockNews.com downgraded Fomento Económico Mexicano from a “buy” rating to a “hold” rating in a research note on Tuesday. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $128.00.

Fomento Económico Mexicano Trading Up 0.2 %

FMX traded up $0.24 during mid-day trading on Friday, reaching $97.13. The stock had a trading volume of 293,819 shares, compared to its average volume of 684,405. The stock has a market capitalization of $34.75 billion, a P/E ratio of 24.84, a P/E/G ratio of 5.43 and a beta of 0.94. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.44 and a current ratio of 1.72. The firm’s fifty day simple moving average is $100.32 and its two-hundred day simple moving average is $108.89. Fomento Económico Mexicano has a 52 week low of $94.86 and a 52 week high of $143.43.

Fomento Económico Mexicano Cuts Dividend

The company also recently declared an annual dividend, which was paid on Monday, October 28th. Stockholders of record on Wednesday, October 16th were issued a $0.864 dividend. The ex-dividend date was Wednesday, October 16th. This represents a dividend yield of 0.87%. Fomento Económico Mexicano’s dividend payout ratio (DPR) is 12.82%.

About Fomento Económico Mexicano

Fomento Económico Mexicano, SAB. de C.V., through its subsidiaries, operates as a bottler of Coca-Cola trademark beverages. The company produces, markets, and distributes Coca-Cola trademark beverages in Mexico, Guatemala, Nicaragua, Costa Rica, Panama, Colombia, Venezuela, Brazil, Argentina, and Uruguay.