Mesabi Trust (NYSE:MSB) Share Price Passes Above 200-Day Moving Average – Here’s Why

Mesabi Trust (NYSE:MSB)’s share price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $33.69 and traded as high as $33.75. Mesabi Trust shares last traded at $32.8050, with a volume of 61,015 shares.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Mesabi Trust in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus rating of “Hold”.

Mesabi Trust Price Performance

The stock has a market cap of $430.40 million, a price-to-earnings ratio of 25.04 and a beta of 0.55. The stock’s 50-day moving average is $36.38 and its 200-day moving average is $33.69.

Mesabi Trust (NYSE:MSB) last issued its quarterly earnings results on Friday, December 12th. The mining company reported $0.21 earnings per share 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 for the quarter.

Mesabi Trust Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 20th. Investors of record on Friday, January 30th were given a dividend of $0.26 per share. The ex-dividend date was Friday, January 30th. This represents a $1.04 annualized dividend and a yield of 3.2%. Mesabi Trust’s dividend payout ratio is 79.39%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of MSB. Royal Bank of Canada lifted its holdings in shares of Mesabi Trust by 14.1% during the 1st quarter. Royal Bank of Canada now owns 26,662 shares of the mining company’s stock worth $725,000 after acquiring an additional 3,303 shares during the period. Acadian Asset Management LLC purchased a new position in Mesabi Trust during the first quarter worth approximately $44,000. Geode Capital Management LLC acquired a new position in shares of Mesabi Trust in the 2nd quarter valued at $265,000. Horizon Kinetics Asset Management LLC grew its stake in shares of Mesabi Trust by 2.0% during the 2nd quarter. Horizon Kinetics Asset Management LLC now owns 2,960,590 shares of the mining company’s stock valued at $70,936,000 after buying an additional 58,895 shares during the period. Finally, Russell Investments Group Ltd. grew its stake 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 buying an additional 3,914 shares during the period.

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.