Mesabi Trust (NYSE:MSB) Releases Quarterly Earnings Results

Key Points

• Mesabi Trust reported an earnings per share (EPS) of $0.36 for the quarter, with a remarkable return on equity of 233.00% and a net margin of 96.23%.
• The company has cut its quarterly dividend to $0.12 per share, yielding 1.5%, while maintaining a low payout ratio of 6.74%.
• Wall Street analysts downgraded Mesabi Trust from a "buy" rating to a "hold" rating, reflecting a shift in investor sentiment.

Mesabi Trust (NYSE:MSB - Get Free Report) posted its quarterly earnings data on Monday. The mining company reported $0.36 EPS for the quarter, Zacks reports. Mesabi Trust had a return on equity of 230.41% and a net margin of 96.44%.The company had revenue of $5.61 million for the quarter.

Mesabi Trust Price Performance

MSB traded up $0.34 during trading on Friday, reaching $30.76. 26,861 shares of the stock traded hands, compared to its average volume of 26,426. The stock has a market cap of $403.61 million, a price-to-earnings ratio of 4.35 and a beta of 0.53. Mesabi Trust has a fifty-two week low of $21.31 and a fifty-two week high of $37.00. The stock's 50-day simple moving average is $30.03 and its two-hundred day simple moving average is $27.36.

Mesabi Trust Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 20th. Investors of record on Wednesday, July 30th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, July 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.6%. Mesabi Trust's dividend payout ratio (DPR) is presently 6.79%.

Institutional Trading of Mesabi Trust

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC acquired a new position in shares of Mesabi Trust during the 2nd quarter worth about $265,000. Russell Investments Group Ltd. lifted its position in shares of Mesabi Trust by 29.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 17,042 shares of the mining company's stock worth $408,000 after purchasing an additional 3,914 shares during the last quarter. Royal Bank of Canada lifted its position in shares of Mesabi Trust by 14.1% during the 1st quarter. Royal Bank of Canada now owns 26,662 shares of the mining company's stock worth $725,000 after purchasing an additional 3,303 shares during the last quarter. Acadian Asset Management LLC acquired a new position in shares of Mesabi Trust during the 1st quarter worth about $44,000. Finally, NewEdge Advisors LLC boosted its holdings in Mesabi Trust by 57.3% in the 2nd quarter. NewEdge Advisors LLC now owns 1,612 shares of the mining company's stock valued at $39,000 after purchasing an additional 587 shares during the period.

Wall Street Analyst Weigh In

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.