Mesabi Trust (NYSE:MSB) Issues Earnings Results

Mesabi Trust (NYSE:MSB) issued its earnings results on Friday. The mining company reported $0.08 earnings per share (EPS) for the quarter, Zacks reports. Mesabi Trust had a net margin of 75.32% and a return on equity of 52.86%. The company had revenue of $2.25 million for the quarter.

Mesabi Trust Stock Up 0.3%

NYSE MSB opened at $25.95 on Monday. The company has a 50-day moving average price of $28.07 and a 200-day moving average price of $32.10. 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 P/E ratio of 30.18 and a beta of 0.29.

Mesabi Trust Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Stockholders of record on Thursday, April 30th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $0.96 annualized dividend and a dividend yield of 3.7%. Mesabi Trust’s dividend payout ratio is presently 111.63%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings lowered shares of Mesabi Trust from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, June 5th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has an average rating of “Hold”.

Institutional Trading of Mesabi Trust

Large investors have recently added to or reduced their stakes in the business. Royal Bank of Canada increased its holdings in Mesabi Trust by 14.1% during the first quarter. Royal Bank of Canada now owns 26,662 shares of the mining company’s stock valued at $725,000 after buying an additional 3,303 shares during the last quarter. Acadian Asset Management LLC purchased a new position in shares of Mesabi Trust during the 1st quarter worth $44,000. Geode Capital Management LLC bought a new stake in shares of Mesabi Trust during the 2nd quarter valued at $265,000. Russell Investments Group Ltd. grew its position in shares of Mesabi Trust by 29.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 17,042 shares of the mining company’s stock valued at $408,000 after acquiring an additional 3,914 shares during the period. Finally, NewEdge Advisors LLC increased its stake in shares of Mesabi Trust by 57.3% in the 2nd quarter. NewEdge Advisors LLC now owns 1,612 shares of the mining company’s stock worth $39,000 after purchasing an additional 587 shares in the last quarter.

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.