Mexico Fund (NYSE:MXF) Shares Cross Below 200-Day Moving Average - What's Next?

Key Points

• Mexico Fund shares fell below their 200-day moving average of $21.47, trading as low as $20.05 and last changing hands at $20.2690.
• The fund announced a quarterly dividend of $0.35 per share, equivalent to $1.40 annually and a 6.9% yield; payment is scheduled for October 29 for investors of record on October 21.
• Insiders have been net buyers, including Saba Capital Management’s purchase of 28,464 shares, while several institutional investors also increased or initiated positions in the fund.

Mexico Fund, Inc. (The) (NYSE:MXF - Get Free Report)'s stock price crossed below its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $21.47 and traded as low as $20.05. Mexico Fund shares last traded at $20.2690, with a volume of 58,822 shares traded.

Mexico Fund Stock Performance

The firm has a 50 day moving average price of $20.98 and a 200-day moving average price of $21.47.

Mexico Fund Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 29th. Investors of record on Wednesday, October 21st will be paid a $0.35 dividend. The ex-dividend date of this dividend is Wednesday, October 21st. This represents a $1.40 dividend on an annualized basis and a yield of 6.9%.

Insider Transactions at Mexico Fund

In other news, major shareholder Saba Capital Management, L.P. bought 28,464 shares of the company's stock in a transaction that occurred on Wednesday, September 23rd. The stock was acquired at an average price of $21.02 per share, for a total transaction of $598,313.28. Following the transaction, the insider directly owned 2,341,186 shares of the company's stock, valued at $49,211,729.72. This trade represents a 1.23% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders acquired 109,634 shares of company stock worth $2,269,624 in the last three months. Corporate insiders own 2.69% of the company's stock.

Institutional Investors Weigh In On Mexico Fund

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Saba Capital Management L.P. raised its position in shares of Mexico Fund by 4.3% during the 1st quarter. Saba Capital Management L.P. now owns 1,764,332 shares of the investment management company's stock valued at $36,927,000 after acquiring an additional 73,032 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Mexico Fund by 2.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 981,733 shares of the investment management company's stock valued at $20,548,000 after buying an additional 27,983 shares in the last quarter. Almitas Capital LLC bought a new stake in Mexico Fund in the 2nd quarter valued at about $3,736,000. North Ground Capital bought a new stake in shares of Mexico Fund in the second quarter valued at approximately $2,981,931. Finally, Altium Capital Management LLC grew its holdings in shares of Mexico Fund by 165.5% during the 1st quarter. Altium Capital Management LLC now owns 128,185 shares of the investment management company's stock worth $2,683,000 after purchasing an additional 79,898 shares in the last quarter.

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.

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