Mexico Fund (NYSE:MXF) Stock Price Crosses Below Two Hundred Day Moving Average - Should You Sell?

Key Points

• MXF shares fell below their 200-day moving average of $21.49, trading as low as $19.80 and last changing hands near $19.97, down 1.4%.
• The fund declared a quarterly dividend of $0.35, equal to $1.40 annualized and a 7.0% yield; shareholders of record on October 21 will receive payment on October 29.
• Insider and institutional activity was supportive: Saba Capital bought additional shares, insiders purchased 125,502 shares over three months, and several institutions initiated or increased positions.

Mexico Fund, Inc. (The) (NYSE:MXF - Get Free Report) shares passed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $21.49 and traded as low as $19.80. Mexico Fund shares last traded at $19.9660, with a volume of 128,935 shares trading hands.

Mexico Fund Trading Down 1.4%

The company has a 50-day moving average price of $21.15 and a 200-day moving average price of $21.49.

Mexico Fund Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 29th. Investors of record on Wednesday, October 21st will be issued a $0.35 dividend. The ex-dividend date of this dividend is Wednesday, October 21st. This represents a $1.40 annualized dividend and a yield of 7.0%.

Insider Transactions at Mexico Fund

In related news, major shareholder Saba Capital Management, L.P. bought 28,464 shares of the stock in a transaction on Wednesday, September 23rd. The shares were purchased at an average price of $21.02 per share, with a total value of $598,313.28. Following the purchase, the insider owned 2,341,186 shares in the company, valued at approximately $49,211,729.72. This represents a 1.23% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last three months, insiders have bought 125,502 shares of company stock valued at $2,612,839. Corporate insiders own 2.69% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Altium Capital Management LLC lifted its holdings in shares of Mexico Fund by 165.5% in the first quarter. Altium Capital Management LLC now owns 128,185 shares of the investment management company's stock valued at $2,683,000 after buying an additional 79,898 shares during the period. Public Employees Retirement System of Ohio bought a new position in Mexico Fund during the second quarter valued at about $2,266,000. North Ground Capital bought a new position in Mexico Fund during the second quarter valued at about $2,981,931. Saba Capital Management L.P. boosted its stake in Mexico Fund by 4.3% during the first 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 buying an additional 73,032 shares in the last quarter. Finally, Almitas Capital LLC acquired a new position in Mexico Fund during the second quarter worth about $3,736,000.

About Mexico Fund

The Mexico Fund, Inc NYSE: MXF is a non-diversified, closed-end investment company focused on providing long-term capital appreciation through investments in securities of Mexican companies. The fund primarily invests in publicly traded equities, although it may also hold other investments that provide exposure to Mexico's economy and financial markets.

MXF offers investors a vehicle for gaining diversified exposure to Mexico across multiple industries and sectors. Its portfolio may include companies that operate in areas such as consumer goods, financial services, telecommunications, industrials, materials, and other segments of the Mexican economy.

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.