Mesabi Trust (NYSE:MSB) Sees Significant Growth in Short Interest

Mesabi Trust (NYSE:MSBGet Rating) was the target of a significant growth in short interest in the month of April. As of April 30th, there was short interest totalling 236,300 shares, a growth of 34.8% from the April 15th total of 175,300 shares. Currently, 1.8% of the company’s shares are sold short. Based on an average daily volume of 120,000 shares, the short-interest ratio is currently 2.0 days.

Separately, StockNews.com started coverage on shares of Mesabi Trust in a research note on Thursday, March 31st. They issued a “buy” rating for the company.

Institutional investors and hedge funds have recently modified their holdings of the company. Hillsdale Investment Management Inc. bought a new position in shares of Mesabi Trust in the 4th quarter worth $25,000. Prospera Financial Services Inc bought a new position in shares of Mesabi Trust in the first quarter valued at $25,000. Victory Capital Management Inc. bought a new position in shares of Mesabi Trust in the fourth quarter valued at $109,000. Advisor Group Holdings Inc. grew its holdings in shares of Mesabi Trust by 241.8% during the first quarter. Advisor Group Holdings Inc. now owns 19,984 shares of the mining company’s stock valued at $153,000 after buying an additional 14,137 shares during the last quarter. Finally, Commonwealth Equity Services LLC increased its position in shares of Mesabi Trust by 20.2% during the third quarter. Commonwealth Equity Services LLC now owns 6,921 shares of the mining company’s stock worth $205,000 after acquiring an additional 1,164 shares in the last quarter. Institutional investors own 33.19% of the company’s stock.

MSB opened at $23.15 on Monday. Mesabi Trust has a 1-year low of $20.02 and a 1-year high of $39.50. The company has a market cap of $303.73 million, a P/E ratio of 4.96 and a beta of 0.90. The company has a fifty day moving average price of $25.93 and a two-hundred day moving average price of $26.29.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 20th. Stockholders of record on Saturday, April 30th will be given a dividend of $1.04 per share. The ex-dividend date is Thursday, April 28th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 17.97%. Mesabi Trust’s dividend payout ratio (DPR) is presently 89.08%.

About Mesabi Trust (Get Rating)

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

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