Mesabi Trust (NYSE:MSB) Issues Quarterly Earnings Results

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

Mesabi Trust Stock Up 5.1%

Shares of NYSE MSB traded up $1.27 during midday trading on Friday, reaching $25.96. The company had a trading volume of 27,847 shares, compared to its average volume of 55,875. Mesabi Trust has a one year low of $22.55 and a one year high of $42.38. The firm’s fifty day moving average price is $28.20 and its 200-day moving average price is $32.15. The stock has a market cap of $340.53 million, a PE ratio of 24.49 and a beta of 0.29.

Mesabi Trust Cuts Dividend

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

Analyst Ratings Changes

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

Institutional Investors Weigh In On Mesabi Trust

A number of hedge funds and other institutional investors have recently modified their holdings of MSB. Quattro Advisors LLC bought a new stake in shares of Mesabi Trust in the 4th quarter valued at about $31,000. NewEdge Advisors LLC lifted 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 valued at $39,000 after acquiring an additional 587 shares during the last quarter. Acadian Asset Management LLC bought a new stake in shares of Mesabi Trust in the 1st quarter valued at about $44,000. Barclays PLC bought a new stake in shares of Mesabi Trust in the 4th quarter valued at about $58,000. Finally, Osaic Holdings Inc. lifted its stake in shares of Mesabi Trust by 19.9% in 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 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.