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

Mesabi Trust (NYSE:MSB) shares passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $32.62 and traded as high as $37.33. Mesabi Trust shares last traded at $36.7040, with a volume of 92,289 shares traded.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “hold (c)” rating on shares of Mesabi Trust in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the company currently has an average rating of “Hold”.

Mesabi Trust Stock Up 2.8%

The business has a 50 day moving average price of $35.87 and a 200 day moving average price of $32.62. The stock has a market cap of $481.56 million, a P/E ratio of 28.02 and a beta of 0.57.

Mesabi Trust (NYSE:MSB) last posted its quarterly earnings data on Friday, December 12th. The mining company reported $0.21 earnings per share (EPS) for the quarter. Mesabi Trust had a return on equity of 79.30% and a net margin of 82.80%.The company had revenue of $3.39 million during the quarter.

Mesabi Trust Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 20th. Stockholders of record on Friday, January 30th will be issued a $0.26 dividend. The ex-dividend date is Friday, January 30th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.8%. Mesabi Trust’s dividend payout ratio is presently 103.82%.

Institutional Investors Weigh In On Mesabi Trust

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CWA Asset Management Group LLC bought a new position in Mesabi Trust in the 3rd quarter worth about $4,653,000. Advisory Services Network LLC raised its stake in shares of Mesabi Trust by 351.2% during the second quarter. Advisory Services Network LLC now owns 181,347 shares of the mining company’s stock valued at $4,345,000 after acquiring an additional 141,159 shares in the last quarter. Horizon Kinetics Asset Management LLC boosted its holdings in shares of Mesabi Trust by 2.0% in the second quarter. Horizon Kinetics Asset Management LLC now owns 2,960,590 shares of the mining company’s stock valued at $70,936,000 after purchasing an additional 58,895 shares during the period. State of Wyoming purchased a new stake in shares of Mesabi Trust in the second quarter valued at approximately $407,000. Finally, Ritholtz Wealth Management bought a new position in Mesabi Trust in the second quarter worth approximately $329,000.

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.