Key Points
- Saba Capital Management, a major shareholder in Mexico Fund, bought 18,466 shares on May 29 at an average price of $22.17, lifting its stake to about 2.09 million shares worth roughly $46.4 million.
- The purchase is part of a series of recent insider buys by Saba Capital, which has accumulated shares almost daily in late May at prices around $21.58 to $22.27 per share.
- Mexico Fund stock was trading near $21.99, close to its recent range, and the fund had just paid a quarterly dividend of $0.35 per share, implying an annualized yield of about 6.4%.
Mexico Fund, Inc. (The) (NYSE:MXF - Get Free Report) major shareholder Saba Capital Management, L.P. bought 6,700 shares of the firm's stock in a transaction on Thursday, May 28th. The shares were purchased at an average cost of $22.16 per share, with a total value of $148,472.00. Following the transaction, the insider directly owned 2,072,623 shares in the company, valued at approximately $45,929,325.68. This trade represents a 0.32% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Large shareholders that own 10% or more 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 Friday, May 29th, Saba Capital Management, L.P. bought 18,466 shares of Mexico Fund stock. The shares were purchased at an average cost of $22.17 per share, with a total value of $409,391.22.
- On Wednesday, May 27th, Saba Capital Management, L.P. bought 44,608 shares of Mexico Fund stock. The shares were purchased at an average cost of $22.27 per share, with a total value of $993,420.16.
- On Tuesday, May 26th, Saba Capital Management, L.P. bought 14,402 shares of Mexico Fund stock. The shares were purchased at an average cost of $21.99 per share, with a total value of $316,699.98.
- On Thursday, May 21st, Saba Capital Management, L.P. bought 7,166 shares of Mexico Fund stock. The shares were purchased at an average cost of $21.67 per share, with a total value of $155,287.22.
- On Wednesday, May 20th, Saba Capital Management, L.P. bought 4,610 shares of Mexico Fund stock. The shares were purchased at an average cost of $21.68 per share, with a total value of $99,944.80.
- On Tuesday, May 19th, Saba Capital Management, L.P. bought 22,914 shares of Mexico Fund stock. The shares were purchased at an average cost of $21.58 per share, with a total value of $494,484.12.
- On Monday, May 18th, Saba Capital Management, L.P. bought 18,586 shares of Mexico Fund stock. The shares were purchased at an average cost of $21.59 per share, with a total value of $401,271.74.
- On Friday, May 15th, Saba Capital Management, L.P. bought 8,334 shares of Mexico Fund stock. The shares were purchased at an average cost of $22.00 per share, with a total value of $183,348.00.
- On Thursday, May 14th, Saba Capital Management, L.P. bought 33,108 shares of Mexico Fund stock. The shares were purchased at an average cost of $22.00 per share, with a total value of $728,376.00.
- On Wednesday, May 13th, Saba Capital Management, L.P. bought 15,148 shares of Mexico Fund stock. The shares were purchased at an average cost of $22.13 per share, with a total value of $335,225.24.
Mexico Fund Price Performance
NYSE:MXF opened at $21.99 on Tuesday. The company has a 50 day simple moving average of $21.53 and a two-hundred day simple moving average of $21.05. Mexico Fund, Inc. has a fifty-two week low of $16.43 and a fifty-two week high of $23.00.
Mexico Fund Dividend Announcement
The company also recently announced 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 dividend on an annualized basis and a yield of 6.4%. The ex-dividend date of this dividend was Wednesday, April 22nd.
Institutional Trading of Mexico Fund
Several large investors have recently modified their holdings of the stock. Saba Capital Management L.P. grew its position in shares of Mexico Fund by 4.3% during the 1st quarter. Saba Capital Management L.P. now owns 1,764,332 shares of the investment management company's stock worth $36,927,000 after buying an additional 73,032 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of Mexico Fund by 2.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 981,733 shares of the investment management company's stock worth $20,548,000 after buying an additional 27,983 shares during the period. Calamos Advisors LLC grew its position in shares of Mexico Fund by 13.5% during the 1st quarter. Calamos Advisors LLC now owns 21,299 shares of the investment management company's stock worth $446,000 after buying an additional 2,535 shares during the period. Altium Capital Management LLC grew its position in shares of Mexico Fund by 165.5% during the 1st quarter. Altium Capital Management LLC now owns 128,185 shares of the investment management company's stock worth $2,683,000 after buying an additional 79,898 shares during the period. Finally, Uhlmann Price Securities LLC grew its position in shares of Mexico Fund by 1.9% during the 1st quarter. Uhlmann Price Securities LLC now owns 107,154 shares of the investment management company's stock worth $2,243,000 after buying 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.
Further Reading
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