Key Points
- Saba Capital Management bought 28,464 Mexico Fund shares for $598,313.28, increasing its ownership by 1.23% to 2.34 million shares valued at approximately $49.2 million.
- The purchase was part of a broader series of acquisitions by Saba, which has steadily added Mexico Fund shares in recent months.
- Mexico Fund declared a quarterly dividend of $0.35 per share, equivalent to $1.40 annually and a 6.8% yield; shares recently traded at $20.70, within a 52-week range of $18.30 to $23.00.
Mexico Fund, Inc. (The) (NYSE:MXF - Get Free Report) major shareholder Saba Capital Management, L.P. acquired 28,464 shares of the firm's stock in a transaction that occurred on Wednesday, September 23rd. The stock was bought at an average price of $21.02 per share, with a total value of $598,313.28. Following the completion of the acquisition, the insider directly owned 2,341,186 shares of the company's stock, valued at $49,211,729.72. This trade represents a 1.23% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Major shareholders that own at least 10% of a company's stock are required to disclose their sales and purchases with the SEC.
Saba Capital Management, L.P. also recently made the following trade(s):
- On Tuesday, September 22nd, Saba Capital Management, L.P. bought 110 shares of Mexico Fund stock. The shares were bought at an average cost of $20.90 per share, for a total transaction of $2,299.00.
- On Monday, September 21st, Saba Capital Management, L.P. bought 2,034 shares of Mexico Fund stock. The shares were bought at an average cost of $21.03 per share, for a total transaction of $42,775.02.
- On Wednesday, September 16th, Saba Capital Management, L.P. purchased 6,403 shares of Mexico Fund stock. The stock was bought at an average price of $20.63 per share, for a total transaction of $132,093.89.
- On Tuesday, September 15th, Saba Capital Management, L.P. purchased 459 shares of Mexico Fund stock. The stock was bought at an average cost of $20.89 per share, with a total value of $9,588.51.
- On Thursday, August 13th, Saba Capital Management, L.P. acquired 2,952 shares of Mexico Fund stock. The shares were bought at an average price of $21.41 per share, with a total value of $63,202.32.
- On Tuesday, August 4th, Saba Capital Management, L.P. acquired 9,362 shares of Mexico Fund stock. The shares were bought at an average price of $22.19 per share, with a total value of $207,742.78.
- On Wednesday, July 29th, Saba Capital Management, L.P. acquired 3,077 shares of Mexico Fund stock. The stock was bought at an average cost of $21.34 per share, for a total transaction of $65,663.18.
- On Tuesday, July 28th, Saba Capital Management, L.P. bought 2,608 shares of Mexico Fund stock. The stock was bought at an average price of $21.56 per share, for a total transaction of $56,228.48.
- On Wednesday, July 22nd, Saba Capital Management, L.P. bought 7,623 shares of Mexico Fund stock. The shares were purchased at an average cost of $21.80 per share, with a total value of $166,181.40.
- On Thursday, July 23rd, Saba Capital Management, L.P. bought 414 shares of Mexico Fund stock. The shares were purchased at an average cost of $21.11 per share, with a total value of $8,739.54.
Mexico Fund Stock Performance
Mexico Fund stock opened at $20.70 on Friday. Mexico Fund, Inc. has a 52-week low of $18.30 and a 52-week high of $23.00. The firm has a 50 day moving average price of $21.52 and a two-hundred day moving average price of $21.51.
Mexico Fund Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 29th. Stockholders of record on Wednesday, October 21st will be given a dividend of $0.35 per share. The ex-dividend date is Wednesday, October 21st. This represents a $1.40 annualized dividend and a dividend yield of 6.8%.
Hedge Funds Weigh In On Mexico Fund
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Altium Capital Management LLC boosted its position 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 valued at $2,683,000 after acquiring an additional 79,898 shares during the last quarter. North Ground Capital bought a new position in shares of Mexico Fund in the 2nd quarter worth about $2,981,931. Saba Capital Management L.P. lifted its stake in shares of Mexico Fund by 4.3% in the 1st 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 purchasing an additional 73,032 shares during the period. Public Employees Retirement System of Ohio acquired a new position in shares of Mexico Fund in the 2nd quarter valued at about $2,266,000. Finally, Almitas Capital LLC bought a new stake in shares of Mexico Fund during the 2nd quarter valued at about $3,736,000.
About Mexico Fund
(
Get Free Report)
Mexico Fund, Inc is a non-diversified closed-end investment company listed on the New York Stock Exchange under the symbol MXF. The fund seeks long-term capital appreciation primarily by investing in equity securities of companies based in, or with significant business activities in, Mexico.
The fund provides investors with access to Mexican public companies across multiple industries and may invest through common stocks, preferred stocks, and other securities. Its portfolio is managed with a focus on Mexico's economic and corporate markets, giving shareholders a vehicle for country-specific equity exposure.
Mexico Fund, Inc is advised by Impulsora del Fondo México, SA de C.V., an investment management firm based in Mexico.
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