Sei Investments Co. Raises Stock Holdings in Mesabi Trust $MSB

Key Points

• Sei Investments doubled its Mesabi Trust holdings in the first quarter, acquiring 83,883 additional shares for a total stake of 167,766 shares valued at approximately $5.29 million, or 1.28% of the trust.
• Mesabi Trust reported quarterly revenue of $2.25 million and earnings of $0.08 per share, while its stock opened at $22.54 and remained rated “Hold” by analysts.
• The trust declared a quarterly dividend of $0.05 per share, equal to $0.20 annually and a 0.9% yield; shares go ex-dividend on July 30, with payment scheduled for August 20.

Sei Investments Co. increased its holdings in shares of Mesabi Trust (NYSE:MSB - Free Report) by 100.0% in the first quarter, according to its most recent filing with the SEC. The fund owned 167,766 shares of the mining company's stock after acquiring an additional 83,883 shares during the period. Sei Investments Co. owned about 1.28% of Mesabi Trust worth $5,285,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the business. Quattro Advisors LLC purchased a new stake in Mesabi Trust in the fourth quarter worth $31,000. Farther Finance Advisors LLC boosted its stake in shares of Mesabi Trust by 73.2% during the fourth quarter. Farther Finance Advisors LLC now owns 1,491 shares of the mining company's stock valued at $57,000 after purchasing an additional 630 shares during the period. Barclays PLC purchased a new stake in shares of Mesabi Trust during the fourth quarter valued at $58,000. NewEdge Advisors LLC grew its holdings 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 worth $39,000 after purchasing an additional 587 shares during the last quarter. Finally, Acadian Asset Management LLC bought a new position in shares of Mesabi Trust in the first quarter worth about $44,000.

Analysts Set New Price Targets

Separately, Weiss Ratings lowered shares of Mesabi Trust from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday, June 5th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has a consensus rating of "Hold".

Mesabi Trust Stock Performance

Shares of NYSE MSB opened at $22.54 on Wednesday. Mesabi Trust has a 52-week low of $21.60 and a 52-week high of $42.38. The firm has a market capitalization of $295.66 million, a price-to-earnings ratio of 26.20 and a beta of 0.32. The stock has a 50 day moving average price of $24.54 and a 200 day moving average price of $29.05.

Mesabi Trust (NYSE:MSB - Get Free Report) last released its quarterly earnings data on Friday, June 12th. The mining company reported $0.08 EPS for the quarter. Mesabi Trust had a return on equity of 54.83% and a net margin of 75.32%.The company had revenue of $2.25 million for the quarter.

Mesabi Trust Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Thursday, July 30th will be paid a dividend of $0.05 per share. The ex-dividend date is Thursday, July 30th. This represents a $0.20 annualized dividend and a dividend yield of 0.9%. Mesabi Trust's dividend payout ratio (DPR) is currently 23.26%.

Mesabi Trust Company Profile

Mesabi Trust NYSE: MSB is a passive royalty trust that holds royalty interests in iron ore properties located on Minnesota's Mesabi Iron Range. The trust does not engage in mining operations directly but receives royalty payments based on the volume of iron ore shipped from the underlying properties. These payments are derived from production of iron ore concentrate and taconite pellets sold to domestic and international steel producers.

Established in December 2011, Mesabi Trust was formed through the consolidation of royalty interests contributed by several mining companies.

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