Platinum Investment Management Ltd. Sells 24,800 Shares of Fomento Economico Mexicano S.A.B. de C.V. (FMX)

Platinum Investment Management Ltd. trimmed its holdings in Fomento Economico Mexicano S.A.B. de C.V. (NYSE:FMX) by 12.4% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 175,200 shares of the company’s stock after selling 24,800 shares during the period. Platinum Investment Management Ltd.’s holdings in Fomento Economico Mexicano S.A.B. de C.V. were worth $17,229,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Permit Capital LLC raised its position in shares of Fomento Economico Mexicano S.A.B. de C.V. by 12.8% in the second quarter. Permit Capital LLC now owns 1,100 shares of the company’s stock valued at $109,000 after buying an additional 125 shares during the last quarter. Intrust Bank NA acquired a new stake in shares of Fomento Economico Mexicano S.A.B. de C.V. in the second quarter valued at about $200,000. OxFORD Asset Management LLP acquired a new stake in shares of Fomento Economico Mexicano S.A.B. de C.V. in the second quarter valued at about $201,000. Quantum Capital Management acquired a new stake in shares of Fomento Economico Mexicano S.A.B. de C.V. in the second quarter valued at about $206,000. Finally, ING Groep NV acquired a new stake in shares of Fomento Economico Mexicano S.A.B. de C.V. in the second quarter valued at about $211,000. Institutional investors and hedge funds own 21.62% of the company’s stock.

Shares of Fomento Economico Mexicano S.A.B. de C.V. (FMX) traded down 1.51% during midday trading on Friday, hitting $94.60. 322,797 shares of the company were exchanged. Fomento Economico Mexicano S.A.B. de C.V. has a 52-week low of $73.45 and a 52-week high of $103.82. The stock has a market capitalization of $33.85 billion, a price-to-earnings ratio of 27.91 and a beta of 0.55. The company has a 50-day moving average price of $98.46 and a 200-day moving average price of $95.96.

Fomento Economico Mexicano S.A.B. de C.V. (NYSE:FMX) last announced its earnings results on Tuesday, July 25th. The company reported $0.72 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.11). Fomento Economico Mexicano S.A.B. de C.V. had a net margin of 5.26% and a return on equity of 8.42%. The firm had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.49 billion. On average, analysts forecast that Fomento Economico Mexicano S.A.B. de C.V. will post $3.45 EPS for the current year.

A number of brokerages have recently commented on FMX. Zacks Investment Research cut shares of Fomento Economico Mexicano S.A.B. de C.V. from a “hold” rating to a “sell” rating in a research report on Tuesday, October 3rd. J P Morgan Chase & Co upgraded shares of Fomento Economico Mexicano S.A.B. de C.V. from a “neutral” rating to an “overweight” rating and increased their target price for the company from $98.00 to $117.00 in a research report on Monday, October 2nd. Morgan Stanley initiated coverage on shares of Fomento Economico Mexicano S.A.B. de C.V. in a research report on Thursday, September 14th. They issued an “overweight” rating and a $120.00 target price for the company. Finally, BidaskClub raised shares of Fomento Economico Mexicano S.A.B. de C.V. from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 22nd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Fomento Economico Mexicano S.A.B. de C.V. currently has a consensus rating of “Buy” and an average price target of $110.00.

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About Fomento Economico Mexicano S.A.B. de C.V.

Fomento Economico Mexicano, SAB. de C.V. (FEMSA) is a holding company. The Company’s segments are Coca-Cola FEMSA, FEMSA Comercio-Retail Division and FEMSA Comercio-Fuel Division. The Company conducts its operations through holding companies, such as Coca-Cola FEMSA, SAB. de C.V. and subsidiaries (Coca-Cola FEMSA), which produces, distributes and sells beverages; FEMSA Comercio, SA de C.V.

Institutional Ownership by Quarter for Fomento Economico Mexicano S.A.B. de C.V. (NYSE:FMX)

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