Key Points
- Saba Capital Management, Mexico Fund’s major shareholder, bought 9,633 shares on June 2 for about $214,238 at an average price of $22.24 per share, lifting its direct stake to 2.10 million shares.
- The filing shows ongoing heavy insider accumulation by Saba Capital, which has made multiple recent purchases of Mexico Fund stock, including several sizable buys in late May and early June.
- Mexico Fund shares were trading around $22.15, near the top of their 52-week range of $16.43 to $23.00, and the fund recently paid a quarterly dividend of $0.35, equal to a 6.3% annualized yield.
Mexico Fund, Inc. (The) (NYSE:MXF - Get Free Report) major shareholder Saba Capital Management, L.P. purchased 708 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was bought at an average cost of $21.90 per share, with a total value of $15,505.20. Following the completion of the transaction, the insider directly owned 2,091,797 shares in the company, valued at $45,810,354.30. The trade was a 0.03% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own 10% or more 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 Tuesday, June 2nd, Saba Capital Management, L.P. bought 9,633 shares of Mexico Fund stock. The stock was purchased at an average price of $22.24 per share, with a total value of $214,237.92.
- On Friday, May 29th, Saba Capital Management, L.P. bought 18,466 shares of Mexico Fund stock. The stock was purchased at an average price of $22.17 per share, with a total value of $409,391.22.
- On Thursday, May 28th, Saba Capital Management, L.P. bought 6,700 shares of Mexico Fund stock. The stock was purchased at an average price of $22.16 per share, with a total value of $148,472.00.
- On Wednesday, May 27th, Saba Capital Management, L.P. bought 44,608 shares of Mexico Fund stock. The stock was purchased at an average price 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 stock was purchased at an average price 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 stock was purchased at an average price 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 stock was purchased at an average price 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 stock was purchased at an average price 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 stock was purchased at an average price 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 stock was purchased at an average price of $22.00 per share, with a total value of $183,348.00.
Mexico Fund Trading Down 0.4%
Shares of MXF stock opened at $22.15 on Thursday. The firm has a 50-day moving average of $21.62 and a 200-day moving average of $21.09. Mexico Fund, Inc. has a one year low of $16.43 and a one year high of $23.00.
Mexico Fund Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, April 30th. Stockholders of record on Wednesday, April 22nd were issued a $0.35 dividend. The ex-dividend date was Wednesday, April 22nd. This represents a $1.40 annualized dividend and a dividend yield of 6.3%.
Institutional Trading of Mexico Fund
Hedge funds have recently added to or reduced their stakes in the stock. Saba Capital Management L.P. boosted its stake in Mexico Fund by 4.3% in the first quarter. Saba Capital Management L.P. now owns 1,764,332 shares of the investment management company's stock valued at $36,927,000 after acquiring an additional 73,032 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake 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 purchasing an additional 27,983 shares during the last quarter. Calamos Advisors LLC increased its stake 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 purchasing an additional 2,535 shares during the last quarter. Altium Capital Management LLC increased its stake 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 purchasing an additional 79,898 shares during the last quarter. Finally, Uhlmann Price Securities LLC increased its stake 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 purchasing an additional 2,013 shares during 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.
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