Mesabi Trust (NYSE:MSB) Shares Cross Above 200-Day Moving Average – Here’s Why

Mesabi Trust (NYSE:MSB) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $30.58 and traded as high as $36.89. Mesabi Trust shares last traded at $36.02, with a volume of 36,061 shares.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Mesabi Trust in a report on Monday. One investment analyst has rated the stock with a Hold rating, According to MarketBeat.com, the stock presently has an average rating of “Hold”.

Mesabi Trust Stock Performance

The firm’s 50 day moving average price is $34.15 and its 200-day moving average price is $30.62. The firm has a market capitalization of $485.64 million, a PE ratio of 28.26 and a beta of 0.62.

Mesabi Trust (NYSE:MSB) last announced its earnings results on Friday, December 12th. The mining company reported $0.21 earnings per share for the quarter. The business had revenue of $3.39 million during the quarter. Mesabi Trust had a return on equity of 79.30% and a net margin of 82.80%.

Mesabi Trust Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Thursday, October 30th were paid a dividend of $0.34 per share. This is an increase from Mesabi Trust’s previous quarterly dividend of $0.12. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend was Thursday, October 30th. Mesabi Trust’s dividend payout ratio is presently 103.82%.

Institutional Trading of Mesabi Trust

Institutional investors have recently made changes to their positions in the company. HighTower Advisors LLC raised its stake in Mesabi Trust by 19.8% in the 1st quarter. HighTower Advisors LLC now owns 24,421 shares of the mining company’s stock valued at $664,000 after purchasing an additional 4,034 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Mesabi Trust in the first quarter worth about $357,000. MAI Capital Management boosted its position in Mesabi Trust by 14.6% during the first quarter. MAI Capital Management now owns 4,393 shares of the mining company’s stock worth $119,000 after acquiring an additional 561 shares during the last quarter. Royal Bank of Canada grew its stake in Mesabi Trust by 14.1% during the 1st quarter. Royal Bank of Canada now owns 26,662 shares of the mining company’s stock valued at $725,000 after acquiring an additional 3,303 shares in the last quarter. Finally, Acadian Asset Management LLC purchased a new position in Mesabi Trust in the 1st quarter worth approximately $44,000.

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.