Mesabi Trust (NYSE:MSB) Posts Quarterly Earnings Results

Mesabi Trust (NYSE:MSB) released its quarterly earnings results on Friday. The mining company reported $999.00 earnings per share (EPS) for the quarter, Zacks reports. Mesabi Trust had a return on equity of 66.13% and a net margin of 79.14%.

Mesabi Trust Stock Performance

MSB stock traded up $1.27 during midday trading on Friday, reaching $25.96. 27,847 shares of the company’s stock traded hands, compared to its average volume of 55,875. The company has a 50-day moving average price of $28.20 and a two-hundred day moving average price of $32.15. Mesabi Trust has a 52 week low of $22.55 and a 52 week high of $42.38. The firm has a market capitalization of $340.53 million, a PE ratio of 24.49 and a beta of 0.29.

Mesabi Trust Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Thursday, April 30th were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $0.96 dividend on an annualized basis and a yield of 3.7%. Mesabi Trust’s payout ratio is presently 90.57%.

Institutional Investors Weigh In On Mesabi Trust

Hedge funds and other institutional investors have recently bought and sold shares of the business. Quattro Advisors LLC bought a new stake in Mesabi Trust during the 4th quarter valued at $31,000. Barclays PLC bought a new stake in Mesabi Trust during the 4th quarter valued at $58,000. NewEdge Advisors LLC raised its holdings in Mesabi Trust by 57.3% during the 2nd quarter. NewEdge Advisors LLC now owns 1,612 shares of the mining company’s stock valued at $39,000 after acquiring an additional 587 shares during the period. Acadian Asset Management LLC bought a new stake in Mesabi Trust during the 1st quarter valued at $44,000. Finally, Osaic Holdings Inc. raised its holdings in Mesabi Trust by 19.9% during the 4th quarter. Osaic Holdings Inc. now owns 5,164 shares of the mining company’s stock valued at $199,000 after acquiring an additional 857 shares during the period.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings downgraded Mesabi Trust from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, June 5th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the company has a consensus rating of “Hold”.

About Mesabi Trust

Mesabi Trust (NYSE: MSB) is a passive royalty trust that holds royalty interests in iron ore properties located on Minnesota’s Mesabi Iron Range. The trust does not engage in mining operations directly but receives royalty payments based on the volume of iron ore shipped from the underlying properties. These payments are derived from production of iron ore concentrate and taconite pellets sold to domestic and international steel producers.

Established in December 2011, Mesabi Trust was formed through the consolidation of royalty interests contributed by several mining companies.