Key Points
- Saba Capital Management, Mexico Fund’s major shareholder, bought 15,148 shares on May 13 at an average price of $22.13, a $335,225 purchase that lifted its stake to 1.91 million shares.
- The filing shows a series of recent insider purchases by Saba Capital throughout April and May, including a notably large 100,000-share buy on April 22, indicating continued accumulation of MXF shares.
- Mexico Fund shares were trading around $22.01, near the top of their 52-week range of $15.98 to $23.00, and the fund recently paid a quarterly dividend of $0.35 per share, implying a 6.4% yield.
Mexico Fund, Inc. (The) (NYSE:MXF - Get Free Report) major shareholder Saba Capital Management, L.P. acquired 9,000 shares of the stock in a transaction dated Tuesday, May 12th. The shares were bought at an average cost of $22.01 per share, with a total value of $198,090.00. Following the completion of the purchase, the insider directly owned 1,897,047 shares in the company, valued at approximately $41,754,004.47. This trade represents a 0.48% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Large shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.
Saba Capital Management, L.P. also recently made the following trade(s):
- On Wednesday, May 13th, Saba Capital Management, L.P. acquired 15,148 shares of Mexico Fund stock. The shares were bought at an average cost of $22.13 per share, with a total value of $335,225.24.
- On Thursday, May 7th, Saba Capital Management, L.P. purchased 3,000 shares of Mexico Fund stock. The shares were acquired at an average cost of $21.82 per share, with a total value of $65,460.00.
- On Friday, May 1st, Saba Capital Management, L.P. purchased 217 shares of Mexico Fund stock. The shares were acquired at an average cost of $21.33 per share, with a total value of $4,628.61.
- On Wednesday, April 22nd, Saba Capital Management, L.P. purchased 100,000 shares of Mexico Fund stock. The shares were acquired at an average cost of $21.83 per share, with a total value of $2,183,000.00.
- On Tuesday, April 21st, Saba Capital Management, L.P. acquired 3,505 shares of Mexico Fund stock. The stock was purchased at an average cost of $21.86 per share, with a total value of $76,619.30.
- On Friday, April 17th, Saba Capital Management, L.P. acquired 179 shares of Mexico Fund stock. The stock was purchased at an average cost of $22.00 per share, with a total value of $3,938.00.
- On Wednesday, April 8th, Saba Capital Management, L.P. bought 2,200 shares of Mexico Fund stock. The stock was bought at an average price of $22.17 per share, for a total transaction of $48,774.00.
- On Monday, April 6th, Saba Capital Management, L.P. bought 3,814 shares of Mexico Fund stock. The stock was bought at an average price of $21.23 per share, for a total transaction of $80,971.22.
- On Thursday, April 2nd, Saba Capital Management, L.P. bought 10,800 shares of Mexico Fund stock. The stock was bought at an average price of $21.28 per share, for a total transaction of $229,824.00.
- On Friday, March 20th, Saba Capital Management, L.P. bought 2,871 shares of Mexico Fund stock. The stock was bought at an average price of $19.83 per share, for a total transaction of $56,931.93.
Mexico Fund Stock Performance
Shares of Mexico Fund stock opened at $22.01 on Friday. The firm's 50-day simple moving average is $21.25 and its 200-day simple moving average is $20.83. Mexico Fund, Inc. has a 1 year low of $15.98 and a 1 year high of $23.00.
Mexico Fund Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 30th. Investors of record on Wednesday, April 22nd were paid a dividend of $0.35 per share. The ex-dividend date was Wednesday, April 22nd. This represents a $1.40 annualized dividend and a yield of 6.4%.
Institutional Investors Weigh In On Mexico Fund
Several institutional investors and hedge funds have recently bought and sold shares of the business. Saba Capital Management L.P. raised its stake in Mexico Fund by 32.4% during the fourth quarter. Saba Capital Management L.P. now owns 1,691,300 shares of the investment management company's stock worth $34,063,000 after acquiring an additional 413,606 shares during the period. Allspring Global Investments Holdings LLC raised its stake in Mexico Fund by 2.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 981,733 shares of the investment management company's stock worth $20,548,000 after acquiring an additional 27,983 shares during the period. Altium Capital Management LLC raised its stake in Mexico Fund by 165.5% during the first quarter. Altium Capital Management LLC now owns 128,185 shares of the investment management company's stock worth $2,683,000 after acquiring an additional 79,898 shares during the period. North Ground Capital raised its stake in Mexico Fund by 309.2% during the fourth quarter. North Ground Capital now owns 126,312 shares of the investment management company's stock worth $2,544,000 after acquiring an additional 95,443 shares during the period. Finally, Uhlmann Price Securities LLC raised its stake in Mexico Fund by 1.9% during the first quarter. Uhlmann Price Securities LLC now owns 107,154 shares of the investment management company's stock worth $2,243,000 after acquiring an additional 2,013 shares during the period.
About Mexico Fund
(
Get Free Report)
The Mexico Fund, Inc (NYSE: MXF) is a closed-end management investment company that seeks long-term capital appreciation through exposure to Mexican securities. The fund primarily invests in equity instruments of companies organized or principally operating in Mexico, spanning a range of sectors such as financial services, consumer goods, industrials and energy. It may also allocate portions of its portfolio to fixed-income securities, including government and corporate bonds, when attractive opportunities arise.
Launched in 1991 and incorporated under Maryland law, The Mexico Fund offers U.S.
Recommended Stories
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
