Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) Sees Significant Drop in Short Interest

Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) was the target of a large decrease in short interest in the month of November. As of November 15th, there was short interest totalling 2,140,000 shares, a decrease of 5.3% from the October 31st total of 2,260,000 shares. Approximately 1.0% of the company’s stock are short sold. Based on an average daily trading volume, of 674,600 shares, the days-to-cover ratio is presently 3.2 days.

Fomento Económico Mexicano Trading Up 1.6 %

Fomento Económico Mexicano stock opened at $90.69 on Thursday. The stock has a 50-day moving average of $94.85 and a two-hundred day moving average of $104.11. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.44 and a current ratio of 1.72. Fomento Económico Mexicano has a one year low of $85.30 and a one year high of $143.43. The stock has a market cap of $32.45 billion, a PE ratio of 23.25, a price-to-earnings-growth ratio of 5.13 and a beta of 0.90.

Fomento Económico Mexicano Cuts Dividend

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

Institutional Investors Weigh In On Fomento Económico Mexicano

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Synovus Financial Corp increased its holdings in shares of Fomento Económico Mexicano by 100.6% in the third quarter. Synovus Financial Corp now owns 12,192 shares of the company’s stock valued at $1,204,000 after purchasing an additional 6,113 shares during the period. Barclays PLC increased its holdings in shares of Fomento Económico Mexicano by 78.2% in the third quarter. Barclays PLC now owns 72,159 shares of the company’s stock valued at $7,123,000 after purchasing an additional 31,656 shares during the period. Public Employees Retirement System of Ohio acquired a new position in shares of Fomento Económico Mexicano in the third quarter valued at about $19,856,000. Y Intercept Hong Kong Ltd acquired a new position in shares of Fomento Económico Mexicano in the third quarter valued at about $717,000. Finally, XTX Topco Ltd acquired a new position in shares of Fomento Económico Mexicano in the third quarter valued at about $2,339,000.

Analysts Set New Price Targets

Several equities research analysts have weighed in on FMX shares. Barclays lowered their target price on Fomento Económico Mexicano from $125.00 to $118.00 and set an “overweight” rating for the company in a report on Wednesday, October 30th. JPMorgan Chase & Co. cut Fomento Económico Mexicano from an “overweight” rating to a “neutral” rating and upped their price objective for the stock from $104.00 to $109.00 in a research note on Monday, September 23rd. Finally, StockNews.com upgraded Fomento Económico Mexicano from a “hold” rating to a “buy” rating in a research note on Wednesday, November 6th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $128.25.

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.