Mesabi Trust (NYSE:MSB) Shares Gap Down – Here’s Why

Mesabi Trust (NYSE:MSB)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $39.58, but opened at $36.69. Mesabi Trust shares last traded at $38.6490, with a volume of 2,390 shares changing hands.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “hold (c)” rating on shares of Mesabi Trust in a report on Monday, December 29th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company has a consensus rating of “Hold”.

Mesabi Trust Price Performance

The firm has a market capitalization of $506.97 million, a PE ratio of 29.45 and a beta of 0.57. The company’s fifty day simple moving average is $34.62 and its 200 day simple moving average is $31.32.

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

Mesabi Trust Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 20th. Investors of record on Thursday, October 30th were given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.5%. This is a boost from Mesabi Trust’s previous quarterly dividend of $0.12. The ex-dividend date was Thursday, October 30th. Mesabi Trust’s dividend payout ratio (DPR) is 103.82%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Horizon Kinetics Asset Management LLC raised its position in Mesabi Trust by 2.0% in the 2nd quarter. Horizon Kinetics Asset Management LLC now owns 2,960,590 shares of the mining company’s stock worth $70,936,000 after purchasing an additional 58,895 shares during the period. Advisory Services Network LLC increased its stake in shares of Mesabi Trust by 351.2% in the second quarter. Advisory Services Network LLC now owns 181,347 shares of the mining company’s stock worth $4,345,000 after buying an additional 141,159 shares during the period. CWA Asset Management Group LLC purchased a new stake in Mesabi Trust during the 3rd quarter valued at $4,653,000. Redhawk Wealth Advisors Inc. purchased a new position in shares of Mesabi Trust in the second quarter valued at about $818,000. Finally, Ritholtz Wealth Management purchased a new stake in shares of Mesabi Trust during the second quarter worth about $329,000.

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.