Mesabi Trust (NYSE:MSB) Downgraded by TheStreet

TheStreet cut shares of Mesabi Trust (NYSE:MSB) from a b- rating to a c+ rating in a report issued on Monday, August 7th.

Mesabi Trust (NYSE MSB) opened at 15.05 on Monday. The company has a market cap of $197.46 million, a PE ratio of 14.73 and a beta of 0.35. The company’s 50-day moving average price is $14.15 and its 200-day moving average price is $14.54. Mesabi Trust has a 12-month low of $8.05 and a 12-month high of $17.42.

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The business also recently announced a quarterly dividend, which will be paid on Sunday, August 20th. Stockholders of record on Sunday, July 30th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 4.25%. The ex-dividend date of this dividend is Wednesday, July 26th. Mesabi Trust’s dividend payout ratio is currently 62.75%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ameriprise Financial Inc. acquired a new position in Mesabi Trust during the second quarter valued at approximately $138,000. Davis R M Inc. acquired a new position in Mesabi Trust during the second quarter valued at approximately $164,000. Opus Capital Group LLC acquired a new position in Mesabi Trust during the second quarter valued at approximately $232,000. Wells Fargo & Company MN increased its position in Mesabi Trust by 0.7% in the second quarter. Wells Fargo & Company MN now owns 45,786 shares of the mining company’s stock valued at $625,000 after buying an additional 300 shares during the period. Finally, Valueworks LLC increased its position in Mesabi Trust by 3.6% in the second quarter. Valueworks LLC now owns 212,182 shares of the mining company’s stock valued at $2,896,000 after buying an additional 7,364 shares during the period. 16.42% of the stock is owned by institutional investors.

About Mesabi Trust

Mesabi Trust is a royalty trust. The purpose of the Trust is to conserve and protect the Trust Estate. The Trust operates in the iron ore mining segment. The Trust derives income from the Peter Mitchell Mine, an iron mine located near Babbitt, Minnesota, at the eastern end of the Mesabi Iron Range. The lessee/operator of Mesabi Trust’s mineral interests is Northshore Mining Corporation (NMC), a subsidiary of Cliffs Natural Resources Inc (Cliffs).

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