Key Points
- Saba Capital Management bought 31,949 shares of Mexico Fund (NYSE: MXF) on June 3 at an average price of $22.16, spending about $707,990 and lifting its stake to 2.13 million shares.
- The major shareholder has been actively accumulating MXF shares over several recent trading days, including multiple purchases in late May and early June.
- Mexico Fund shares were down 1.2% and opened at $21.89, while the fund also announced a quarterly dividend of $0.35 per share, implying a 6.4% annualized yield.
Mexico Fund, Inc. (The) (NYSE:MXF - Get Free Report) major shareholder Saba Capital Management, L.P. bought 31,949 shares of the company's stock in a transaction that occurred on Wednesday, June 3rd. The stock was purchased at an average price of $22.16 per share, for a total transaction of $707,989.84. Following the acquisition, the insider owned 2,133,379 shares of the company's stock, valued at $47,275,678.64. This trade represents a 1.52% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Large 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 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, for a total transaction of $214,237.92.
- On Monday, June 1st, Saba Capital Management, L.P. bought 708 shares of Mexico Fund stock. The stock was purchased at an average price of $21.90 per share, for a total transaction of $15,505.20.
- 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, for a total transaction 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, for a total transaction 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, for a total transaction 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, for a total transaction 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, for a total transaction of $155,287.22.
- On Wednesday, May 20th, Saba Capital Management, L.P. purchased 4,610 shares of Mexico Fund stock. The stock was bought 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. purchased 22,914 shares of Mexico Fund stock. The stock was bought 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. purchased 18,586 shares of Mexico Fund stock. The stock was bought at an average cost of $21.59 per share, with a total value of $401,271.74.
Mexico Fund Stock Down 1.2%
MXF opened at $21.89 on Friday. Mexico Fund, Inc. has a 1-year low of $16.43 and a 1-year high of $23.00. The company has a fifty day moving average price of $21.66 and a two-hundred day moving average price of $21.11.
Mexico Fund Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, April 30th. Shareholders of record on Wednesday, April 22nd were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 6.4%. The ex-dividend date of this dividend was Wednesday, April 22nd.
Institutional Investors Weigh In On Mexico Fund
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Altium Capital Management LLC bought a new stake in Mexico Fund in the fourth quarter valued at $972,000. Farther Finance Advisors LLC grew its holdings in shares of Mexico Fund by 775.3% during the fourth quarter. Farther Finance Advisors LLC now owns 1,348 shares of the investment management company's stock valued at $27,000 after buying an additional 1,194 shares during the last quarter. Uhlmann Price Securities LLC grew its holdings in shares of Mexico Fund by 2.5% during the third quarter. Uhlmann Price Securities LLC now owns 104,067 shares of the investment management company's stock valued at $2,050,000 after buying an additional 2,583 shares during the last quarter. Verition Fund Management LLC grew its holdings in shares of Mexico Fund by 21.7% during the third quarter. Verition Fund Management LLC now owns 99,508 shares of the investment management company's stock valued at $1,960,000 after buying an additional 17,747 shares during the last quarter. Finally, Marex Group plc acquired a new position in shares of Mexico Fund during the fourth quarter valued at about $1,926,000.
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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