Mesabi Trust (NYSE:MSB) Shares Pass Above 200 Day Moving Average – Here’s What Happened

Mesabi Trust (NYSE:MSB)’s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $18.33 and traded as high as $26.00. Mesabi Trust shares last traded at $25.72, with a volume of 17,864 shares trading hands.

Wall Street Analyst Weigh In

Separately, StockNews.com cut shares of Mesabi Trust from a “buy” rating to a “hold” rating in a research note on Monday, September 9th.

Mesabi Trust Stock Down 1.4 %

The firm has a market capitalization of $332.59 million, a PE ratio of 15.46 and a beta of 0.84. The company has a 50-day moving average of $20.52 and a 200 day moving average of $18.43.

Mesabi Trust (NYSE:MSB) last announced its earnings results on Thursday, September 5th. The mining company reported $0.41 earnings per share (EPS) for the quarter. The business had revenue of $6.49 million during the quarter. Mesabi Trust had a net margin of 74.00% and a return on equity of 83.21%.

Mesabi Trust Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Stockholders of record on Wednesday, October 30th will be issued a $0.39 dividend. This is a boost from Mesabi Trust’s previous quarterly dividend of $0.30. This represents a $1.56 dividend on an annualized basis and a dividend yield of 6.15%. The ex-dividend date of this dividend is Wednesday, October 30th. Mesabi Trust’s dividend payout ratio is presently 73.17%.

Hedge Funds Weigh In On Mesabi Trust

A number of large investors have recently modified their holdings of MSB. NBC Securities Inc. grew its holdings in shares of Mesabi Trust by 5.4% during the 1st quarter. NBC Securities Inc. now owns 16,670 shares of the mining company’s stock valued at $295,000 after purchasing an additional 860 shares during the last quarter. Mad River Investors grew its position in Mesabi Trust by 9.7% during the 1st quarter. Mad River Investors now owns 285,837 shares of the mining company’s stock worth $5,059,000 after acquiring an additional 25,290 shares during the last quarter. Quent Capital LLC purchased a new position in Mesabi Trust in the 1st quarter worth approximately $124,000. Pecaut & CO. lifted its position in Mesabi Trust by 29.2% in the first quarter. Pecaut & CO. now owns 17,700 shares of the mining company’s stock valued at $312,000 after purchasing an additional 4,000 shares during the last quarter. Finally, OFI Invest Asset Management purchased a new stake in shares of Mesabi Trust during the second quarter valued at approximately $576,000.

Mesabi Trust Company Profile

Mesabi Trust, a royalty trust, engages in iron ore mining business in the United States. Mesabi Trust was founded in 1961 and is based in New York, New York.