Short Interest in Fomento Economico Mexicano S.A.B. de C.V. (NYSE:FMX) Drops By 34.8%

Key Points

• Short interest in Fomento Economico Mexicano S.A.B. de C.V. dropped by 34.8% in July, with a total of 861,300 shares sold short as of July 31st.
• The company reported a missed earnings estimate with an EPS of $0.42 for the quarter, falling short of the expected $0.91.
• Fomento Economico Mexicano announced an increase in its dividend to $1.3625 per share, significantly up from the previous $0.73.

Fomento Economico Mexicano S.A.B. de C.V. (NYSE:FMX - Get Free Report) was the target of a large decline in short interest in July. As of July 31st, there was short interest totaling 861,300 shares, adeclineof34.8% from the July 15th total of 1,320,000 shares. Currently,0.4% of the company's stock are short sold. Based on an average trading volume of 652,300 shares, the days-to-cover ratio is currently 1.3 days. Based on an average trading volume of 652,300 shares, the days-to-cover ratio is currently 1.3 days. Currently,0.4% of the company's stock are short sold.

Hedge Funds Weigh In On Fomento Economico Mexicano

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FMX. Nuveen LLC bought a new position in shares of Fomento Economico Mexicano during the 1st quarter valued at $330,437,000. Citigroup Inc. lifted its holdings in shares of Fomento Economico Mexicano by 309.6% during the 2nd quarter. Citigroup Inc. now owns 1,714,895 shares of the company's stock valued at $176,600,000 after buying an additional 1,296,194 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Fomento Economico Mexicano by 11,692.3% during the 2nd quarter. AQR Capital Management LLC now owns 716,029 shares of the company's stock valued at $73,171,000 after buying an additional 709,957 shares during the period. Itau Unibanco Holding S.A. lifted its holdings in shares of Fomento Economico Mexicano by 105.4% during the 1st quarter. Itau Unibanco Holding S.A. now owns 1,112,036 shares of the company's stock valued at $106,139,000 after buying an additional 570,640 shares during the period. Finally, Talaria Asset Management Pty Ltd bought a new position in shares of Fomento Economico Mexicano during the 4th quarter valued at $47,110,000. 61.00% of the stock is owned by institutional investors.

Fomento Economico Mexicano Stock Up 2.1%

FMX stock traded up $1.8470 during midday trading on Friday, hitting $88.8470. The company's stock had a trading volume of 1,078,061 shares, compared to its average volume of 1,305,693. The company has a market cap of $31.79 billion, a PE ratio of 30.22, a P/E/G ratio of 5.20 and a beta of 0.66. Fomento Economico Mexicano has a 12 month low of $81.07 and a 12 month high of $109.14. The company has a current ratio of 1.34, a quick ratio of 1.06 and a debt-to-equity ratio of 0.42. The firm's 50-day moving average is $95.97 and its 200-day moving average is $98.40.

Fomento Economico Mexicano (NYSE:FMX - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.49). The business had revenue of $11.27 billion during the quarter, compared to the consensus estimate of $216.71 billion. Fomento Economico Mexicano had a net margin of 2.60% and a return on equity of 5.32%. On average, equities research analysts forecast that Fomento Economico Mexicano will post 5.32 earnings per share for the current fiscal year.

Fomento Economico Mexicano Increases Dividend

The firm also recently disclosed a -- dividend, which was paid on Monday, July 28th. Investors of record on Thursday, July 17th were given a $1.3625 dividend. This is a boost from Fomento Economico Mexicano's previous -- dividend of $0.73. The ex-dividend date of this dividend was Thursday, July 17th. This represents a yield of 200.0%. Fomento Economico Mexicano's payout ratio is currently 74.83%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on FMX shares. Barclays cut their price objective on Fomento Economico Mexicano from $110.00 to $107.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 31st. Morgan Stanley reissued an "equal weight" rating and issued a $97.00 price target (down from $132.00) on shares of Fomento Economico Mexicano in a research report on Tuesday, August 19th. UBS Group boosted their price target on Fomento Economico Mexicano from $112.00 to $115.00 and gave the stock a "neutral" rating in a research report on Thursday, July 10th. Finally, Wall Street Zen cut Fomento Economico Mexicano from a "buy" rating to a "hold" rating in a research report on Wednesday, April 30th. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Fomento Economico Mexicano presently has a consensus rating of "Hold" and an average price target of $105.16.

Fomento Economico Mexicano Company Profile

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.