Mad River Investors Buys 1,423 Shares of Mesabi Trust (NYSE:MSB)

Mad River Investors raised its stake in Mesabi Trust (NYSE:MSB) by 0.5% in the 3rd quarter, HoldingsChannel reports. The fund owned 293,069 shares of the mining company’s stock after buying an additional 1,423 shares during the quarter. Mesabi Trust accounts for about 3.7% of Mad River Investors’ holdings, making the stock its 6th biggest holding. Mad River Investors’ holdings in Mesabi Trust were worth $6,638,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Quent Capital LLC acquired a new stake in shares of Mesabi Trust in the first quarter valued at approximately $124,000. Pecaut & CO. lifted its holdings in Mesabi Trust by 29.2% during the 1st quarter. Pecaut & CO. now owns 17,700 shares of the mining company’s stock worth $312,000 after buying an additional 4,000 shares in the last quarter. OFI Invest Asset Management bought a new position in Mesabi Trust in the 2nd quarter valued at $576,000. Beddow Capital Management Inc. increased its stake in shares of Mesabi Trust by 0.7% in the 2nd quarter. Beddow Capital Management Inc. now owns 462,315 shares of the mining company’s stock valued at $7,966,000 after buying an additional 3,028 shares during the period. Finally, Moors & Cabot Inc. raised its position in shares of Mesabi Trust by 28.3% during the second quarter. Moors & Cabot Inc. now owns 464,502 shares of the mining company’s stock worth $8,003,000 after acquiring an additional 102,520 shares during the last quarter.

Mesabi Trust Price Performance

Shares of NYSE MSB traded down $0.29 during mid-day trading on Wednesday, hitting $25.22. The company’s stock had a trading volume of 4,276 shares, compared to its average volume of 28,404. Mesabi Trust has a one year low of $15.93 and a one year high of $26.27. The company’s fifty day simple moving average is $20.85 and its 200-day simple moving average is $18.54. The stock has a market cap of $330.89 million, a price-to-earnings ratio of 15.55 and a beta of 0.84.

Mesabi Trust (NYSE:MSB) last announced its quarterly earnings data on Thursday, September 5th. The mining company reported $0.41 earnings per share (EPS) for the quarter. The firm had revenue of $6.49 million for the quarter. Mesabi Trust had a net margin of 74.00% and a return on equity of 83.21%.

Mesabi Trust Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Investors of record on Wednesday, October 30th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Wednesday, October 30th. This is a boost from Mesabi Trust’s previous quarterly dividend of $0.30. This represents a $1.56 dividend on an annualized basis and a dividend yield of 6.19%. Mesabi Trust’s payout ratio is 95.12%.

Analysts Set New Price Targets

Separately, StockNews.com cut Mesabi Trust from a “buy” rating to a “hold” rating in a report on Monday, September 9th.

About Mesabi Trust

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.