Moors & Cabot Inc. Sells 325,429 Shares of Mesabi Trust (NYSE:MSB)

Key Points

• Moors & Cabot Inc. reduced its stake in Mesabi Trust by 60.9% during the first quarter, selling 325,429 shares and holding approximately 1.59% of the company valued at $5.67 million after the sale.
• Despite recent earnings reporting a net margin of 96.23% and a P/E ratio of 4.11, Wall Street Zen downgraded Mesabi Trust from a "buy" rating to a "hold" rating.
• Mesabi Trust announced a dividend of $0.12 per share with a yield of 187.0%, payable on August 20th, reflecting a low payout ratio of 6.74%.

Moors & Cabot Inc. trimmed its holdings in shares of Mesabi Trust (NYSE:MSB - Free Report) by 60.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 208,513 shares of the mining company's stock after selling 325,429 shares during the quarter. Moors & Cabot Inc. owned 1.59% of Mesabi Trust worth $5,672,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of MSB. Golden State Wealth Management LLC increased its position in 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 worth $27,000 after buying an additional 500 shares during the last quarter. Atlas Wealth Partners LLC increased its position in Mesabi Trust by 11.5% in the first quarter. Atlas Wealth Partners LLC now owns 8,057 shares of the mining company's stock worth $217,000 after buying an additional 830 shares during the last quarter. Apollon Wealth Management LLC increased its position in Mesabi Trust by 5.5% in the first quarter. Apollon Wealth Management LLC now owns 16,015 shares of the mining company's stock worth $436,000 after buying an additional 831 shares during the last quarter. Pecaut & CO. increased its position in Mesabi Trust by 2.9% in the first quarter. Pecaut & CO. now owns 33,809 shares of the mining company's stock worth $912,000 after buying an additional 966 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in Mesabi Trust by 1.5% in the first quarter. Bank of New York Mellon Corp now owns 77,213 shares of the mining company's stock worth $2,100,000 after buying an additional 1,127 shares during the last quarter.

Analyst Ratings Changes

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

Mesabi Trust Trading Up 4.5%

Shares of NYSE MSB traded up $1.31 during mid-day trading on Monday, hitting $30.60. The company had a trading volume of 19,264 shares, compared to its average volume of 57,330. The company has a market capitalization of $401.47 million, a price-to-earnings ratio of 4.30 and a beta of 0.57. Mesabi Trust has a 1 year low of $15.93 and a 1 year high of $37.00. The stock's 50-day moving average price is $25.76 and its 200-day moving average price is $26.56.

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. The company had revenue of $4.74 million during the quarter. Mesabi Trust had a return on equity of 233.00% and a net margin of 96.23%.

Mesabi Trust Cuts Dividend

The firm also recently disclosed a dividend, which will be paid on Wednesday, August 20th. Investors of record on Thursday, July 31st will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, July 30th. This represents a yield of 187.0%. Mesabi Trust's dividend payout ratio (DPR) is currently 6.74%.

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.