Mesabi Trust $MSB Shares Sold by Valueworks LLC

Key Points

• Valueworks LLC reduced its stake in Mesabi Trust by 10.8% in Q1, holding 694,155 shares, which represents 7.1% of its total holdings.
• Several other investors, including Golden State Wealth Management and Atlas Wealth Partners, increased their positions in Mesabi Trust during the same quarter.
• Analysts at Wall Street Zen have downgraded Mesabi Trust from a "buy" to a "hold" rating, impacting investor sentiment regarding the stock.

Valueworks LLC decreased its holdings in Mesabi Trust (NYSE:MSB - Free Report) by 10.8% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 694,155 shares of the mining company's stock after selling 84,346 shares during the quarter. Mesabi Trust accounts for approximately 7.1% of Valueworks LLC's holdings, making the stock its 2nd largest position. Valueworks LLC owned approximately 5.29% of Mesabi Trust worth $18,881,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in MSB. Golden State Wealth Management LLC lifted its holdings in shares of Mesabi Trust by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the mining company's stock valued at $27,000 after buying an additional 500 shares during the period. Ameriprise Financial Inc. purchased a new position in Mesabi Trust during the 4th quarter worth approximately $205,000. Bank of Montreal Can acquired a new position in Mesabi Trust during the fourth quarter valued at $208,000. Atlas Wealth Partners LLC boosted its holdings in shares of Mesabi Trust by 11.5% during the first quarter. Atlas Wealth Partners LLC now owns 8,057 shares of the mining company's stock worth $217,000 after purchasing an additional 830 shares during the period. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in shares of Mesabi Trust during the 4th quarter valued at $228,000.

Mesabi Trust Trading Down 1.2%

Shares of NYSE:MSB traded down $0.39 during midday trading on Thursday, hitting $31.21. The company had a trading volume of 9,778 shares, compared to its average volume of 56,588. Mesabi Trust has a 12 month low of $16.55 and a 12 month high of $37.00. The stock has a market cap of $409.49 million, a price-to-earnings ratio of 4.38 and a beta of 0.57. The firm has a fifty day simple moving average of $27.68 and a 200 day simple moving average of $26.91.

Mesabi Trust (NYSE:MSB - Get Free Report) last announced its quarterly earnings results on Thursday, June 12th. The mining company reported $0.28 earnings per share for the quarter. Mesabi Trust had a net margin of 96.23% and a return on equity of 233.00%. The company had revenue of $4.74 million for the quarter.

Mesabi Trust Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 20th. Stockholders of record on Wednesday, July 30th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Wednesday, July 30th. Mesabi Trust's dividend payout ratio (DPR) is currently 6.74%.

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded Mesabi Trust from a "buy" rating to a "hold" rating in a research note on Saturday, June 14th.

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.