Mexico Fund, Inc. (The) (NYSE:MXF) Sees Large Drop in Short Interest

Mexico Fund, Inc. (The) (NYSE:MXF) was the target of a significant drop in short interest in the month of August. As of August 31st, there was short interest totaling 12,747 shares, a drop of 38.0% from the August 15th total of 20,575 shares. Based on an average daily volume of 33,431 shares, the short-interest ratio is currently 0.4 days. Currently, 0.1% of the company’s shares are sold short.

Mexico Fund Stock Down 0.7%

Shares of Mexico Fund stock traded down $0.14 during trading on Friday, reaching $21.05. 15,104 shares of the company traded hands, compared to its average volume of 53,092. Mexico Fund has a 1-year low of $18.30 and a 1-year high of $23.00. The company has a 50 day moving average price of $21.59 and a 200-day moving average price of $21.53.

Mexico Fund Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 29th. Stockholders of record on Wednesday, October 21st will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 6.6%. The ex-dividend date of this dividend is Wednesday, October 21st.

Insiders Place Their Bets

In other Mexico Fund news, major shareholder Saba Capital Management, L.P. purchased 6,403 shares of the company’s stock in a transaction on Wednesday, September 16th. The shares were purchased at an average cost of $20.63 per share, with a total value of $132,093.89. Following the completion of the purchase, the insider owned 2,310,578 shares in the company, valued at $47,667,224.14. This represents a 0.28% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders purchased 63,921 shares of company stock valued at $1,376,141 in the last ninety days. Insiders own 2.69% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Saba Capital Management L.P. increased its holdings in 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 worth $36,927,000 after purchasing an additional 73,032 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of 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 buying an additional 27,983 shares during the last quarter. Almitas Capital LLC bought a new stake in Mexico Fund during the second quarter worth $3,736,000. North Ground Capital purchased a new stake in Mexico Fund in the 2nd quarter valued at $2,981,931. Finally, Altium Capital Management LLC boosted its holdings in 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 acquiring an additional 79,898 shares during 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.