Mesabi Trust (NYSE:MSB) Releases Earnings Results

Mesabi Trust (NYSE:MSB) issued its quarterly earnings results on Monday. The mining company reported $0.36 earnings per share (EPS) for the quarter, Zacks reports. The company had revenue of $5.61 million during the quarter. Mesabi Trust had a net margin of 96.44% and a return on equity of 201.28%.

Mesabi Trust Stock Performance

NYSE:MSB opened at $30.81 on Wednesday. The business’s fifty day moving average is $29.67 and its 200 day moving average is $27.27. The firm has a market cap of $404.19 million, a price-to-earnings ratio of 4.36 and a beta of 0.53. Mesabi Trust has a 52-week low of $20.71 and a 52-week high of $37.00.

Mesabi Trust Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 20th. Stockholders of record on Wednesday, July 30th were given a $0.12 dividend. The ex-dividend date was Wednesday, July 30th. This represents a $0.48 annualized dividend and a dividend yield of 1.6%. Mesabi Trust’s payout ratio is 6.74%.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered Mesabi Trust from a “buy” rating to a “hold” rating in a report on Saturday, June 14th.

Institutional Investors Weigh In On Mesabi Trust

A number of institutional investors and hedge funds have recently modified their holdings of the company. NewEdge Advisors LLC boosted its position in shares of Mesabi Trust by 57.3% in the second 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 period. Acadian Asset Management LLC purchased a new stake in Mesabi Trust in the 1st quarter worth approximately $44,000. Royal Bank of Canada boosted its holdings in Mesabi Trust by 14.1% in the 1st quarter. Royal Bank of Canada now owns 26,662 shares of the mining company’s stock valued at $725,000 after purchasing an additional 3,303 shares during the period. Russell Investments Group Ltd. grew its position 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 purchasing an additional 3,914 shares in the last quarter. Finally, Geode Capital Management LLC bought a new position in shares of Mesabi Trust in the second quarter worth $265,000.

Mesabi Trust Company Profile

Mesabi Trust, a royalty trust, engages in iron ore mining business in the United States. Mesabi Trust was founded in 1961 and is based in New York, New York.