Insider Buying: Mexico Fund (NYSE:MXF) Major Shareholder Acquires $499,662.80 in Stock

Key Points

• Saba Capital Management bought 24,115 Mexico Fund shares on November 5 at an average price of $20.72, spending about $499,663. Its holding rose 0.97% to 2,517,955 shares, valued at roughly $52.2 million.
• The purchase was part of a series of recent acquisitions by Saba, including additional buys on November 3 and 4 and several trades in October.
• MXF recently traded at $21.06 and pays a quarterly dividend of $0.35, equivalent to an annualized $1.40 per share and a 6.6% yield.

Mexico Fund, Inc. (The) (NYSE:MXF - Get Free Report) major shareholder Saba Capital Management, L.P. purchased 24,115 shares of the firm's stock in a transaction dated Thursday, November 5th. The stock was purchased at an average cost of $20.72 per share, for a total transaction of $499,662.80. Following the acquisition, the insider owned 2,517,955 shares of the company's stock, valued at approximately $52,172,027.60. This trade represents a 0.97% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own at least 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 Wednesday, November 4th, Saba Capital Management, L.P. acquired 15,011 shares of Mexico Fund stock. The shares were acquired at an average cost of $20.95 per share, with a total value of $314,480.45.
• On Tuesday, November 3rd, Saba Capital Management, L.P. purchased 13,804 shares of Mexico Fund stock. The stock was acquired at an average cost of $20.54 per share, for a total transaction of $283,534.16.
• On Monday, November 2nd, Saba Capital Management, L.P. purchased 200 shares of Mexico Fund stock. The shares were acquired at an average price of $20.51 per share, with a total value of $4,102.00.
• On Friday, October 30th, Saba Capital Management, L.P. acquired 15,143 shares of Mexico Fund stock. The stock was bought at an average price of $20.25 per share, for a total transaction of $306,645.75.
• On Thursday, October 29th, Saba Capital Management, L.P. bought 23,901 shares of Mexico Fund stock. The stock was bought at an average cost of $20.11 per share, for a total transaction of $480,649.11.
• On Wednesday, October 28th, Saba Capital Management, L.P. purchased 1,121 shares of Mexico Fund stock. The stock was bought at an average cost of $20.13 per share, for a total transaction of $22,565.73.
• On Thursday, October 22nd, Saba Capital Management, L.P. acquired 2,000 shares of Mexico Fund stock. The shares were bought at an average price of $20.14 per share, for a total transaction of $40,280.00.
• On Wednesday, October 21st, Saba Capital Management, L.P. bought 16,035 shares of Mexico Fund stock. The stock was purchased at an average cost of $20.42 per share, for a total transaction of $327,434.70.
• On Wednesday, October 14th, Saba Capital Management, L.P. purchased 12,791 shares of Mexico Fund stock. The shares were purchased at an average price of $19.88 per share, for a total transaction of $254,285.08.
• On Monday, October 5th, Saba Capital Management, L.P. acquired 25,900 shares of Mexico Fund stock. The stock was purchased at an average price of $20.09 per share, with a total value of $520,331.00.

Mexico Fund Price Performance

Shares of MXF traded up $0.02 during midday trading on Tuesday, reaching $21.06. The stock had a trading volume of 7,704 shares, compared to its average volume of 50,814. The company's 50-day moving average is $20.71 and its 200 day moving average is $21.42. Mexico Fund, Inc. has a 12-month low of $18.62 and a 12-month high of $23.00.

Mexico Fund Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 29th. Stockholders of record on Wednesday, October 21st were paid a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, October 21st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 6.6%.

Institutional Investors Weigh In On Mexico Fund

Several institutional investors have recently added to or reduced their stakes in the company. Almitas Capital LLC bought a new stake in shares of Mexico Fund during the 2nd quarter valued at about $3,736,000. North Ground Capital bought a new position in shares of Mexico Fund in the 2nd quarter worth approximately $2,981,931. Public Employees Retirement System of Ohio bought a new position in shares of Mexico Fund in the 2nd quarter worth approximately $2,266,000. 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 worth $36,927,000 after purchasing an additional 73,032 shares during the period. Finally, Landscape Capital Management L.L.C. purchased a new position in shares of Mexico Fund in the second quarter worth approximately $875,000.

Mexico Fund Company Profile

The Mexico Fund, Inc. NYSE: MXF is a closed-end investment company focused on providing investors with exposure to Mexico's financial markets. Its primary objective is long-term capital appreciation through investments in securities issued by Mexican companies and other issuers with substantial business activities in Mexico. The fund generally invests in a diversified portfolio of Mexican equities across industries such as financial services, consumer products, telecommunications, industrials, materials and infrastructure.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.