Mesabi Trust (NYSE:MSB) Upgraded to Buy by StockNews.com

StockNews.com upgraded shares of Mesabi Trust (NYSE:MSB) from a hold rating to a buy rating in a research note published on Friday.

Mesabi Trust Stock Performance

Mesabi Trust stock opened at $16.89 on Friday. The business has a fifty day moving average of $17.81 and a two-hundred day moving average of $19.08. Mesabi Trust has a twelve month low of $16.68 and a twelve month high of $23.72.

Mesabi Trust Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, May 20th. Shareholders of record on Tuesday, April 30th will be paid a $0.29 dividend. The ex-dividend date is Monday, April 29th. This represents a $1.16 annualized dividend and a yield of 6.87%. Mesabi Trust’s dividend payout ratio (DPR) is presently 172.09%.

Institutional Trading of Mesabi Trust

Several hedge funds have recently modified their holdings of the company. Moors & Cabot Inc. grew its position in shares of Mesabi Trust by 30.5% in the 3rd quarter. Moors & Cabot Inc. now owns 211,238 shares of the mining company’s stock worth $4,240,000 after buying an additional 49,330 shares during the last quarter. Sapient Capital LLC acquired a new position in shares of Mesabi Trust during the fourth quarter worth $561,000. Mad River Investors lifted its holdings in shares of Mesabi Trust by 9.7% during the 1st quarter. Mad River Investors now owns 285,837 shares of the mining company’s stock valued at $5,059,000 after purchasing an additional 25,290 shares during the last quarter. Beddow Capital Management Inc. lifted its holdings in shares of Mesabi Trust by 4.4% during the 3rd quarter. Beddow Capital Management Inc. now owns 456,473 shares of the mining company’s stock valued at $9,161,000 after purchasing an additional 19,154 shares during the last quarter. Finally, NBC Securities Inc. acquired a new stake in shares of Mesabi Trust in the 3rd quarter worth $352,000.

Mesabi Trust Company Profile

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.