Mesabi Trust (NYSE:MSB) Issues 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) announced its earnings results on Monday. The mining company reported $0.36 EPS for the quarter, Zacks reports. Mesabi Trust had a return on equity of 233.00% and a net margin of 96.23%.

Mesabi Trust Price Performance

NYSE MSB traded down $0.24 on Monday, hitting $31.21. 18,091 shares of the stock were exchanged, compared to its average volume of 54,867. Mesabi Trust has a 52-week low of $20.25 and a 52-week high of $37.00. The company has a market capitalization of $409.41 million, a price-to-earnings ratio of 4.38 and a beta of 0.53. The company's 50-day moving average price is $29.42 and its two-hundred day moving average price is $27.22.

Mesabi Trust Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 20th. Shareholders of record on Wednesday, July 30th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.5%. The ex-dividend date was Wednesday, July 30th. Mesabi Trust's payout ratio is presently 6.74%.

Hedge Funds Weigh In On Mesabi Trust

Several institutional investors and hedge funds have recently modified their holdings of MSB. Royal Bank of Canada grew its holdings 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 valued at $725,000 after acquiring an additional 3,303 shares in the last quarter. Acadian Asset Management LLC purchased a new position in shares of Mesabi Trust during the 1st quarter valued at $44,000. Geode Capital Management LLC purchased a new position in shares of Mesabi Trust during the 2nd quarter valued at $265,000. Russell Investments Group Ltd. grew its holdings 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 valued at $408,000 after acquiring an additional 3,914 shares in the last quarter. Finally, NewEdge Advisors LLC grew its holdings in shares of Mesabi Trust by 57.3% during the 2nd quarter. NewEdge Advisors LLC now owns 1,612 shares of the mining company's stock valued at $39,000 after acquiring an additional 587 shares in the last quarter.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut Mesabi Trust from a "buy" rating to a "hold" rating in a report 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.

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