Key Points
- Saba Capital Management, a major shareholder of Mexico Fund, bought 18,586 shares on May 18 at an average price of $21.59, spending about $401,272. After the purchase, it owned 1,972,223 shares, a 0.95% increase in its position.
- The filing shows consistent insider buying by Saba Capital in recent weeks, including multiple purchases from April 8 through May 15 at prices mostly around $21.33 to $22.17.
- Mexico Fund stock was trading near $21.56, close to its recent range, and the fund recently paid a quarterly dividend of $0.35 per share, equal to an annualized yield of about 6.5%.
Mexico Fund, Inc. (The) (NYSE:MXF - Get Free Report) major shareholder Saba Capital Management, L.P. purchased 18,586 shares of the company's stock in a transaction on Monday, May 18th. The stock was bought at an average cost of $21.59 per share, for a total transaction of $401,271.74. Following the acquisition, the insider directly owned 1,972,223 shares of the company's stock, valued at $42,580,294.57. This represents a 0.95% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Major shareholders that own more than 10% of a company's shares are required to disclose their transactions with the SEC.
Saba Capital Management, L.P. also recently made the following trade(s):
- On Friday, May 15th, Saba Capital Management, L.P. purchased 8,334 shares of Mexico Fund stock. The stock was bought at an average cost of $22.00 per share, for a total transaction of $183,348.00.
- On Thursday, May 14th, Saba Capital Management, L.P. purchased 33,108 shares of Mexico Fund stock. The stock was bought at an average cost of $22.00 per share, for a total transaction of $728,376.00.
- On Wednesday, May 13th, Saba Capital Management, L.P. purchased 15,148 shares of Mexico Fund stock. The stock was bought at an average cost of $22.13 per share, for a total transaction of $335,225.24.
- On Tuesday, May 12th, Saba Capital Management, L.P. purchased 9,000 shares of Mexico Fund stock. The stock was bought at an average cost of $22.01 per share, for a total transaction of $198,090.00.
- On Thursday, May 7th, Saba Capital Management, L.P. purchased 3,000 shares of Mexico Fund stock. The stock was bought at an average cost of $21.82 per share, for a total transaction of $65,460.00.
- On Friday, May 1st, Saba Capital Management, L.P. purchased 217 shares of Mexico Fund stock. The stock was bought at an average cost of $21.33 per share, for a total transaction of $4,628.61.
- On Wednesday, April 22nd, Saba Capital Management, L.P. purchased 100,000 shares of Mexico Fund stock. The stock was bought at an average cost of $21.83 per share, for a total transaction of $2,183,000.00.
- On Tuesday, April 21st, Saba Capital Management, L.P. acquired 3,505 shares of Mexico Fund stock. The shares were purchased at an average price of $21.86 per share, for a total transaction of $76,619.30.
- On Friday, April 17th, Saba Capital Management, L.P. acquired 179 shares of Mexico Fund stock. The shares were purchased at an average price of $22.00 per share, for a total transaction of $3,938.00.
- On Wednesday, April 8th, Saba Capital Management, L.P. acquired 2,200 shares of Mexico Fund stock. The shares were purchased at an average price of $22.17 per share, for a total transaction of $48,774.00.
Mexico Fund Trading Down 0.4%
NYSE MXF opened at $21.56 on Wednesday. Mexico Fund, Inc. has a twelve month low of $16.22 and a twelve month high of $23.00. The firm's 50 day moving average price is $21.27 and its two-hundred day moving average price is $20.88.
Mexico Fund Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 30th. Shareholders of record on Wednesday, April 22nd were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 6.5%. The ex-dividend date was Wednesday, April 22nd.
Hedge Funds Weigh In On Mexico Fund
Several institutional investors and hedge funds have recently added to or reduced their stakes in MXF. Farther Finance Advisors LLC grew its position in Mexico Fund by 775.3% during the 4th quarter. Farther Finance Advisors LLC now owns 1,348 shares of the investment management company's stock worth $27,000 after purchasing an additional 1,194 shares in the last quarter. Blue Bell Private Wealth Management LLC grew its position in Mexico Fund by 109.4% during the 4th quarter. Blue Bell Private Wealth Management LLC now owns 5,235 shares of the investment management company's stock worth $105,000 after purchasing an additional 2,735 shares in the last quarter. Alpine Global Management LLC purchased a new position in Mexico Fund during the 3rd quarter worth approximately $265,000. Calamos Advisors LLC grew its position in Mexico Fund by 32.1% during the 4th quarter. Calamos Advisors LLC now owns 18,764 shares of the investment management company's stock worth $378,000 after purchasing an additional 4,563 shares in the last quarter. Finally, Scotia Capital Inc. grew its position in Mexico Fund by 127.8% during the 3rd quarter. Scotia Capital Inc. now owns 25,381 shares of the investment management company's stock worth $500,000 after purchasing an additional 14,241 shares in the last quarter.
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.
Further Reading
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