Fomento Económico Mexicano (NYSE:FMX) Sets New 52-Week Low - Here's Why

Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $94.95 and last traded at $95.62, with a volume of 12827 shares. The stock had previously closed at $96.80.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. JPMorgan Chase & Co. lowered shares of Fomento Económico Mexicano from an "overweight" rating to a "neutral" rating and lifted their price target for the stock from $104.00 to $109.00 in a research report on Monday, September 23rd. StockNews.com lowered shares of Fomento Económico Mexicano from a "buy" rating to a "hold" rating in a research report on Tuesday. Finally, Barclays lowered their price objective 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. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $128.00.

Fomento Económico Mexicano Stock Performance

The company has a current ratio of 1.72, a quick ratio of 1.44 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $34.37 billion, a PE ratio of 25.81, a PEG ratio of 5.59 and a beta of 0.94. The firm's 50-day simple moving average is $100.75 and its two-hundred day simple moving average is $109.06.

Fomento Económico Mexicano Cuts Dividend

The business also recently declared an annual dividend, which was paid on Monday, October 28th. Stockholders of record on Wednesday, October 16th were issued a dividend of $0.864 per share. This represents a dividend yield of 0.87%. The ex-dividend date of this dividend was Wednesday, October 16th. Fomento Económico Mexicano's dividend payout ratio is currently 13.55%.

Hedge Funds Weigh In On Fomento Económico Mexicano

Institutional investors and hedge funds have recently modified their holdings of the stock. Councilmark Asset Management LLC purchased a new position in shares of Fomento Económico Mexicano during the 1st quarter valued at $1,155,000. Manning & Napier Advisors LLC acquired a new stake in shares of Fomento Económico Mexicano in the 2nd quarter valued at $2,994,000. Klein Pavlis & Peasley Financial Inc. lifted its stake in shares of Fomento Económico Mexicano by 29.6% in the 2nd quarter. Klein Pavlis & Peasley Financial Inc. now owns 24,105 shares of the company's stock valued at $2,595,000 after purchasing an additional 5,505 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Fomento Económico Mexicano by 740.2% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 472,200 shares of the company's stock valued at $50,832,000 after purchasing an additional 416,000 shares during the last quarter. Finally, Perpetual Ltd lifted its stake in shares of Fomento Económico Mexicano by 9.4% in the 3rd quarter. Perpetual Ltd now owns 746,826 shares of the company's stock valued at $73,719,000 after purchasing an additional 64,291 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.