Mexico Fund (NYSE:MXF) Share Price Crosses Below Two Hundred Day Moving Average - Time to Sell?

Key Points

• Mexico Fund shares fell below their 200-day moving average of $21.56, trading as low as $20.81 and last changing hands near $20.99, a potential bearish technical signal.
• The fund declared a quarterly dividend of $0.35 per share, equivalent to $1.40 annually and a 6.7% dividend yield; the payment is scheduled for October 29 to shareholders of record October 21.
• Insiders and institutional investors have been adding to their positions, including Saba Capital Management, which recently bought shares and owns more than 2.25 million shares.

Mexico Fund, Inc. (The) (NYSE:MXF - Get Free Report) passed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $21.56 and traded as low as $20.81. Mexico Fund shares last traded at $20.9850, with a volume of 51,331 shares.

Mexico Fund Stock Performance

The firm's 50 day simple moving average is $21.60 and its 200-day simple moving average is $21.56.

Mexico Fund Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 29th. Stockholders of record on Wednesday, October 21st will be issued a dividend of $0.35 per share. The ex-dividend date is Wednesday, October 21st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 6.7%.

Insiders Place Their Bets

In other Mexico Fund news, major shareholder Saba Capital Management, L.P. acquired 15,051 shares of Mexico Fund stock in a transaction that occurred on Tuesday, June 23rd. The stock was purchased at an average cost of $21.52 per share, with a total value of $323,897.52. Following the purchase, the insider owned 2,255,034 shares in the company, valued at approximately $48,528,331.68. The trade was a 0.67% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders acquired 58,320 shares of company stock worth $1,262,441 over the last quarter. 2.69% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Mexico Fund

A number of large investors have recently made changes to their positions in MXF. Saba Capital Management L.P. lifted its position in shares of Mexico Fund by 4.3% in the first 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 in the last quarter. Allspring Global Investments Holdings LLC grew its position in Mexico Fund by 2.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 981,733 shares of the investment management company's stock valued at $20,548,000 after purchasing an additional 27,983 shares in the last quarter. Almitas Capital LLC acquired a new position in Mexico Fund in the 2nd quarter valued at approximately $3,736,000. North Ground Capital acquired a new position in Mexico Fund in the 2nd quarter valued at approximately $2,981,931. Finally, Altium Capital Management LLC lifted its position in Mexico Fund by 165.5% in the 1st quarter. Altium Capital Management LLC now owns 128,185 shares of the investment management company's stock worth $2,683,000 after buying an additional 79,898 shares in the last quarter.

Mexico Fund Company Profile

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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