Mexico Fund (NYSE:MXF) Shares Pass Below Two Hundred Day Moving Average - Here's Why

Key Points

• Mexico Fund shares fell below their 200-day moving average, trading as low as $21.30 and last changing hands at $21.40, below the $21.67 average.
• The fund paid a quarterly dividend of $0.35 per share, equivalent to $1.40 annually and a 6.5% yield.
• Insider and institutional interest increased: Saba Capital Management bought 44,608 shares, while insiders acquired 339,762 shares over the past three months; several hedge funds also expanded their positions.

Shares of Mexico Fund, Inc. (The) (NYSE:MXF - Get Free Report) passed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $21.67 and traded as low as $21.30. Mexico Fund shares last traded at $21.40, with a volume of 50,351 shares.

Mexico Fund Price Performance

The company's 50-day moving average is $21.67 and its 200 day moving average is $21.67.

Mexico Fund Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 30th. Shareholders of record on Wednesday, July 22nd were paid a dividend of $0.35 per share. The ex-dividend date was Wednesday, July 22nd. This represents a $1.40 dividend on an annualized basis and a yield of 6.5%.

Insider Activity

In related news, major shareholder Saba Capital Management, L.P. purchased 44,608 shares of the firm's stock in a transaction on Wednesday, May 27th. The stock was acquired at an average price of $22.27 per share, with a total value of $993,420.16. Following the completion of the acquisition, the insider owned 2,065,923 shares in the company, valued at approximately $46,008,105.21. This represents a 2.21% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders have acquired a total of 339,762 shares of company stock valued at $7,436,670 over the last three months. Company insiders own 2.69% of the company's stock.

Hedge Funds Weigh In On Mexico Fund

Several hedge funds have recently made changes to their positions in the company. Scotia Capital Inc. grew its stake in 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 last quarter. Verition Fund Management LLC boosted its position in Mexico Fund by 21.7% in 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. Farther Finance Advisors LLC increased its holdings in Mexico Fund by 775.3% in the 4th quarter. Farther Finance Advisors LLC now owns 1,348 shares of the investment management company's stock worth $27,000 after buying an additional 1,194 shares during the period. Calamos Advisors LLC increased its holdings in Mexico Fund by 32.1% in the 4th quarter. Calamos Advisors LLC now owns 18,764 shares of the investment management company's stock worth $378,000 after buying an additional 4,563 shares during the period. Finally, Altium Capital Management LLC acquired a new position in Mexico Fund in the 4th quarter worth approximately $972,000.

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.

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