Mexico Fund, Inc. (The) (NYSE:MXF) Sees Large Drop in Short Interest

Key Points

• Short interest plunged 73.1% to 1,773 shares as of April 15 (down from 6,589 on March 31), leaving 0.0% of shares sold short and a days-to-cover ratio of 0.0.
• Quarterly dividend announced: $0.35 per share payable April 30 (ex-dividend and record date April 22), implying a $1.40 annualized payout and a 6.5% yield.
• Saba Capital bought 100,000 shares on April 22 at $21.83, raising its stake to about 1,884,830 shares (~$41.1M); insiders acquired 173,151 shares last quarter and now own roughly 2.69% of the company.

Mexico Fund, Inc. (The) (NYSE:MXF - Get Free Report) was the target of a significant drop in short interest in April. As of April 15th, there was short interest totaling 1,773 shares, a drop of 73.1% from the March 31st total of 6,589 shares. Currently, 0.0% of the shares of the stock are sold short. Based on an average daily volume of 41,088 shares, the days-to-cover ratio is currently 0.0 days.

Mexico Fund Stock Up 1.6%

MXF traded up $0.34 during trading on Friday, reaching $21.66. The stock had a trading volume of 99,649 shares, compared to its average volume of 50,832. The business has a 50-day moving average of $21.46 and a 200-day moving average of $20.58. Mexico Fund has a one year low of $15.21 and a one year high of $23.00.

Mexico Fund Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Wednesday, April 22nd will be given a dividend of $0.35 per share. The ex-dividend date is Wednesday, April 22nd. This represents a $1.40 annualized dividend and a dividend yield of 6.5%.

Insider Activity at Mexico Fund

In related news, major shareholder Saba Capital Management, L.P. purchased 100,000 shares of the business's stock in a transaction on Wednesday, April 22nd. The stock was acquired at an average price of $21.83 per share, with a total value of $2,183,000.00. Following the purchase, the insider directly owned 1,884,830 shares in the company, valued at approximately $41,145,838.90. This represents a 5.60% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Richard B. Vaughan sold 2,500 shares of the stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $22.34, for a total transaction of $55,850.00. Following the completion of the transaction, the director directly owned 6,000 shares in the company, valued at $134,040. The trade was a 29.41% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have acquired 173,151 shares of company stock valued at $3,779,307. 2.69% of the stock is currently owned by company insiders.

Institutional Trading of Mexico Fund

Hedge funds have recently bought and sold shares of the company. Uhlmann Price Securities LLC boosted its stake in Mexico Fund by 1.9% in the first 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 in the last quarter. Alpine Global Management LLC lifted its holdings in shares of Mexico Fund by 356.7% in the 4th quarter. Alpine Global Management LLC now owns 61,431 shares of the investment management company's stock worth $1,237,000 after acquiring an additional 47,979 shares during the last quarter. Sit Investment Associates Inc. lifted its holdings in shares of Mexico Fund by 144.8% in the 4th quarter. Sit Investment Associates Inc. now owns 49,669 shares of the investment management company's stock worth $1,000,000 after acquiring an additional 29,377 shares during the last quarter. Saba Capital Management L.P. boosted its stake in shares of Mexico Fund by 32.4% in the 4th quarter. Saba Capital Management L.P. now owns 1,691,300 shares of the investment management company's stock valued at $34,063,000 after purchasing an additional 413,606 shares in the last quarter. Finally, North Ground Capital boosted its stake in shares of Mexico Fund by 309.2% in the 4th quarter. North Ground Capital now owns 126,312 shares of the investment management company's stock valued at $2,544,000 after purchasing an additional 95,443 shares in the last quarter.

Mexico Fund Company Profile

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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