Mexico Fund (NYSE:MXF) Major Shareholder Acquires $65,460.00 in Stock

Key Points

• Saba Capital Management, Mexico Fund’s major shareholder, bought 3,000 more shares on May 7 at an average price of $21.82, adding $65,460 to its position and lifting its holdings to 1,888,047 shares.
• The purchase continues a series of recent insider buys by Saba Capital, including a much larger 100,000-share purchase on April 22 and several smaller purchases throughout March and April.
• MXF shares recently traded at $22.04, near their 52-week high of $23.00, and the fund also paid 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. purchased 3,000 shares of the firm's stock in a transaction that occurred on Thursday, May 7th. The shares were acquired at an average cost of $21.82 per share, with a total value of $65,460.00. Following the completion of the transaction, the insider directly owned 1,888,047 shares of the company's stock, valued at $41,197,185.54. The trade was a 0.16% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.

Saba Capital Management, L.P. also recently made the following trade(s):

• On Friday, May 1st, Saba Capital Management, L.P. purchased 217 shares of Mexico Fund stock. The shares were acquired at an average cost of $21.33 per share, with a total value of $4,628.61.
• On Wednesday, April 22nd, Saba Capital Management, L.P. purchased 100,000 shares of Mexico Fund stock. The shares were acquired at an average cost of $21.83 per share, with a total value of $2,183,000.00.
• On Tuesday, April 21st, Saba Capital Management, L.P. purchased 3,505 shares of Mexico Fund stock. The shares were acquired at an average cost of $21.86 per share, with a total value of $76,619.30.
• On Friday, April 17th, Saba Capital Management, L.P. purchased 179 shares of Mexico Fund stock. The shares were acquired at an average cost of $22.00 per share, with a total value of $3,938.00.
• On Wednesday, April 8th, Saba Capital Management, L.P. purchased 2,200 shares of Mexico Fund stock. The shares were acquired at an average cost of $22.17 per share, with a total value of $48,774.00.
• On Monday, April 6th, Saba Capital Management, L.P. purchased 3,814 shares of Mexico Fund stock. The shares were acquired at an average cost of $21.23 per share, with a total value of $80,971.22.
• On Thursday, April 2nd, Saba Capital Management, L.P. purchased 10,800 shares of Mexico Fund stock. The shares were acquired at an average cost of $21.28 per share, with a total value of $229,824.00.
• On Friday, March 20th, Saba Capital Management, L.P. purchased 2,871 shares of Mexico Fund stock. The shares were acquired at an average cost of $19.83 per share, with a total value of $56,931.93.
• On Wednesday, March 18th, Saba Capital Management, L.P. purchased 5,000 shares of Mexico Fund stock. The shares were acquired at an average cost of $20.38 per share, with a total value of $101,900.00.
• On Friday, March 13th, Saba Capital Management, L.P. purchased 2,600 shares of Mexico Fund stock. The shares were acquired at an average cost of $20.21 per share, with a total value of $52,546.00.

Mexico Fund Stock Performance

Shares of MXF traded up $0.11 on Monday, reaching $22.04. 32,404 shares of the company's stock traded hands, compared to its average volume of 66,967. The stock's 50 day simple moving average is $21.29 and its two-hundred day simple moving average is $20.72. Mexico Fund, Inc. has a 52-week low of $15.65 and a 52-week high of $23.00.

Mexico Fund Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 30th. Shareholders of record on Wednesday, April 22nd were given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 6.4%. The ex-dividend date of this dividend was Wednesday, April 22nd.

Institutional Trading of Mexico Fund

Several hedge funds and other institutional investors have recently modified their holdings of MXF. North Ground Capital bought a new stake in shares of Mexico Fund in the third quarter valued at approximately $608,000. Uhlmann Price Securities LLC raised its stake in shares of Mexico Fund by 2.5% during the 3rd quarter. Uhlmann Price Securities LLC now owns 104,067 shares of the investment management company's stock valued at $2,050,000 after purchasing an additional 2,583 shares during the period. Scotia Capital Inc. raised its stake in shares of Mexico Fund by 127.8% during the 3rd quarter. Scotia Capital Inc. now owns 25,381 shares of the investment management company's stock valued at $500,000 after purchasing an additional 14,241 shares during the period. Verition Fund Management LLC raised its stake in shares of Mexico Fund by 21.7% during the 3rd quarter. Verition Fund Management LLC now owns 99,508 shares of the investment management company's stock valued at $1,960,000 after purchasing an additional 17,747 shares during the period. Finally, Alpine Global Management LLC bought a new stake in shares of Mexico Fund during the 3rd quarter valued at $265,000.

About Mexico Fund

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.

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.