Mesabi Trust (NYSE:MSB) Share Price Crosses Above 200-Day Moving Average - Here's Why

Key Points

• Mesabi Trust's share price recently surpassed its 200-day moving average, trading as high as $29.87, which indicates positive market performance.
• Wall Street Zen downgraded Mesabi Trust's stock rating from "buy" to "hold", reflecting a more cautious outlook on the company's performance.
• The company announced a dividend of $0.12 per share, with a high yield of 187.0%, although their payout ratio remains low at 6.74%.

Mesabi Trust (NYSE:MSB - Get Free Report)'s share price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $26.61 and traded as high as $29.87. Mesabi Trust shares last traded at $29.35, with a volume of 24,299 shares.

Analyst Upgrades and Downgrades

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

Mesabi Trust Trading Up 1.4%

The business's 50-day moving average is $26.19 and its two-hundred day moving average is $26.61. The stock has a market capitalization of $385.01 million, a PE ratio of 4.12 and a beta of 0.57.

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 firm had revenue of $4.74 million during the quarter.

Mesabi Trust Cuts Dividend

The company also recently disclosed a dividend, which will be paid on Wednesday, August 20th. Shareholders of record on Thursday, July 31st will be issued a $0.12 dividend. The ex-dividend date is Wednesday, July 30th. This represents a yield of 187.0%. Mesabi Trust's payout ratio is currently 6.74%.

Hedge Funds Weigh In On Mesabi Trust

A number of institutional investors have recently added to or reduced their stakes in MSB. Bank of America Corp DE lifted its holdings in Mesabi Trust by 613.0% in the 4th quarter. Bank of America Corp DE now owns 247,925 shares of the mining company's stock worth $6,969,000 after buying an additional 213,155 shares in the last quarter. Lido Advisors LLC acquired a new position in Mesabi Trust in the 4th quarter worth $2,243,000. Redhawk Wealth Advisors Inc. acquired a new position in Mesabi Trust in the 2nd quarter worth $818,000. NBC Securities Inc. lifted its holdings in Mesabi Trust by 113,440.0% in the 1st quarter. NBC Securities Inc. now owns 34,062 shares of the mining company's stock worth $926,000 after buying an additional 34,032 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Mesabi Trust in the 4th quarter worth $560,000.

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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