Fomento Económico Mexicano (NYSE:FMX) Reaches New 12-Month Low – Here’s What Happened

Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $85.91 and last traded at $85.91, with a volume of 463976 shares changing hands. The stock had previously closed at $87.57.

Wall Street Analysts Forecast Growth

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

Fomento Económico Mexicano Trading Down 2.0 %

The company has a quick ratio of 1.44, a current ratio of 1.72 and a debt-to-equity ratio of 0.36. The stock’s 50 day moving average price is $95.73 and its 200-day moving average price is $105.11. The stock has a market capitalization of $30.70 billion, a PE ratio of 22.00, a PEG ratio of 5.03 and a beta of 0.94.

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 issued a dividend of $0.864 per share. The ex-dividend date was Wednesday, October 16th. This represents a yield of 0.87%. Fomento Económico Mexicano’s dividend payout ratio is presently 12.82%.

Hedge Funds Weigh In On Fomento Económico Mexicano

A number of hedge funds have recently made changes to their positions in the business. Baillie Gifford & Co. lifted its holdings in Fomento Económico Mexicano by 10.8% in the 3rd quarter. Baillie Gifford & Co. now owns 4,306,739 shares of the company’s stock worth $425,118,000 after purchasing an additional 421,057 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of Fomento Económico Mexicano by 740.2% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 472,200 shares of the company’s stock valued at $50,832,000 after buying an additional 416,000 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Fomento Económico Mexicano by 267.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 313,602 shares of the company’s stock worth $30,956,000 after buying an additional 228,284 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Fomento Económico Mexicano during the third quarter worth $19,856,000. Finally, Millennium Management LLC boosted its position in shares of Fomento Económico Mexicano by 577.6% during the second quarter. Millennium Management LLC now owns 222,464 shares of the company’s stock worth $23,948,000 after acquiring an additional 189,632 shares during the last quarter.

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.