Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX – Get Rating) was the recipient of a large drop in short interest during the month of August. As of August 31st, there was short interest totalling 2,470,000 shares, a drop of 8.5% from the August 15th total of 2,700,000 shares. Currently, 1.1% of the company’s shares are sold short. Based on an average daily trading volume, of 618,900 shares, the short-interest ratio is presently 4.0 days.
Analysts Set New Price Targets
FMX has been the topic of a number of recent research reports. FIG Partners upgraded Fomento Económico Mexicano from a “neutral” rating to an “outperform” rating and set a $90.00 price objective on the stock in a research report on Wednesday, June 1st. Barclays decreased their price objective on Fomento Económico Mexicano from $92.00 to $78.00 in a research report on Friday, July 29th. StockNews.com lowered Fomento Económico Mexicano from a “buy” rating to a “hold” rating in a research report on Wednesday, August 3rd. Bradesco Corretora upgraded Fomento Económico Mexicano from a “neutral” rating to an “outperform” rating and set a $90.00 price target on the stock in a research report on Wednesday, June 1st. Finally, The Goldman Sachs Group reduced their price target on Fomento Económico Mexicano from $104.00 to $89.00 and set a “buy” rating on the stock in a research report on Thursday, August 4th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $84.71.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Fieldpoint Private Securities LLC lifted its holdings in Fomento Económico Mexicano by 125.9% during the first quarter. Fieldpoint Private Securities LLC now owns 323 shares of the company’s stock worth $27,000 after acquiring an additional 180 shares in the last quarter. Brown Brothers Harriman & Co. raised its stake in shares of Fomento Económico Mexicano by 117.0% in the 1st quarter. Brown Brothers Harriman & Co. now owns 421 shares of the company’s stock valued at $35,000 after purchasing an additional 227 shares during the period. Concord Wealth Partners acquired a new stake in shares of Fomento Económico Mexicano in the 1st quarter valued at about $36,000. Washington Trust Advisors Inc. raised its stake in shares of Fomento Económico Mexicano by 38.8% in the 2nd quarter. Washington Trust Advisors Inc. now owns 722 shares of the company’s stock valued at $49,000 after purchasing an additional 202 shares during the period. Finally, Trust Co. of Vermont acquired a new stake in shares of Fomento Económico Mexicano in the 2nd quarter valued at about $54,000. 19.15% of the stock is currently owned by institutional investors.
Fomento Económico Mexicano Stock Performance
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.
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