Mesabi Trust (NYSE:MSB) declared a quarterly dividend on Tuesday, January 16th, Wall Street Journal reports. Investors of record on Tuesday, January 30th will be paid a dividend of 1.18 per share by the mining company on Tuesday, February 20th. This represents a $4.72 dividend on an annualized basis and a yield of 16.30%. The ex-dividend date is Monday, January 29th. This is an increase from Mesabi Trust’s previous quarterly dividend of $0.64.
Mesabi Trust has decreased its dividend by an average of 5.6% annually over the last three years and has increased its dividend annually for the last 4 consecutive years.
Shares of Mesabi Trust (NYSE:MSB) traded up $0.20 on Tuesday, reaching $28.95. The company had a trading volume of 228,066 shares, compared to its average volume of 97,347. The company has a market cap of $377.20, a P/E ratio of 15.73 and a beta of 0.41. Mesabi Trust has a 52-week low of $11.25 and a 52-week high of $30.50.
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Mesabi Trust is a royalty trust. The purpose of the Trust is to conserve and protect the Trust Estate. The Trust operates in the iron ore mining segment. The Trust derives income from the Peter Mitchell Mine, an iron mine located near Babbitt, Minnesota, at the eastern end of the Mesabi Iron Range. The lessee/operator of Mesabi Trust’s mineral interests is Northshore Mining Corporation (NMC), a subsidiary of Cliffs Natural Resources Inc (Cliffs).
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