Short Interest in Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) Declines By 55.5%

Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) saw a significant drop in short interest in September. As of September 30th, there was short interest totalling 337,000 shares, a drop of 55.5% from the September 15th total of 756,500 shares. Currently, 0.2% of the company’s stock are sold short. Based on an average trading volume of 396,200 shares, the days-to-cover ratio is currently 0.9 days.

Shares of NYSE FMX traded up $0.31 during midday trading on Thursday, reaching $83.97. 11,716 shares of the company traded hands, compared to its average volume of 428,512. Fomento Económico Mexicano has a 52 week low of $52.91 and a 52 week high of $89.59. The stock has a 50-day moving average price of $86.28 and a 200 day moving average price of $83.76. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.67 and a quick ratio of 1.32. The company has a market cap of $30.05 billion, a price-to-earnings ratio of 59.33, a PEG ratio of 1.83 and a beta of 1.08.

Fomento Económico Mexicano (NYSE:FMX) last issued its quarterly earnings results on Wednesday, July 28th. The company reported $0.43 EPS for the quarter, missing the consensus estimate of $0.94 by ($0.51). The business had revenue of $6.84 billion during the quarter, compared to the consensus estimate of $6.43 billion. Fomento Económico Mexicano had a return on equity of 3.10% and a net margin of 1.85%. As a group, analysts expect that Fomento Económico Mexicano will post 3.04 EPS for the current year.

Institutional investors have recently made changes to their positions in the company. Barrett Asset Management LLC acquired a new stake in Fomento Económico Mexicano in the 2nd quarter worth approximately $25,000. Marshall Wace LLP bought a new stake in shares of Fomento Económico Mexicano during the first quarter valued at approximately $36,000. Sageworth Trust Co bought a new stake in shares of Fomento Económico Mexicano during the first quarter valued at approximately $40,000. Atlas Capital Advisors LLC bought a new stake in Fomento Económico Mexicano in the second quarter valued at $67,000. Finally, Parallel Advisors LLC grew its position in Fomento Económico Mexicano by 17.6% in the second quarter. Parallel Advisors LLC now owns 977 shares of the company’s stock valued at $83,000 after acquiring an additional 146 shares during the period. Institutional investors and hedge funds own 19.97% of the company’s stock.

Several analysts have issued reports on FMX shares. The Goldman Sachs Group started coverage on shares of Fomento Económico Mexicano in a research report on Friday, August 13th. They issued a “buy” rating and a $106.00 price objective for the company. Barclays increased their price objective on shares of Fomento Económico Mexicano from $80.00 to $90.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 3rd. Finally, Zacks Investment Research raised shares of Fomento Económico Mexicano from a “hold” rating to a “buy” rating and set a $88.00 price objective for the company in a research report on Monday. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Fomento Económico Mexicano has a consensus rating of “Buy” and a consensus price target of $109.83.

About Fomento Económico Mexicano

Fomento Economico Mexicano SAB de CV operates as a holding company, which engages in the production, distribution, and marketing of beverages. The firm also produces, markets, sells, and distributes Coca-Cola trademark beverages, including sparkling beverages. It operates through the following segments: Coca-Cola FEMSA; FEMSA-Comercio Proximity Division; FEMSA-Comercio Health Division; FEMSA-Comercio Fuel Division; Heineken Investment; and Other Business.

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