Mesabi Trust (NYSE:MSB) Share Price Passes Above 200-Day Moving Average - What's Next?

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 lowered shares of Mesabi Trust from a "buy" rating to a "hold" rating in a research report on Saturday, June 14th.

Mesabi Trust Stock Performance

The stock has a market cap of $406.52 million, a PE ratio of 4.36 and a beta of 0.57. The company's 50-day moving average price is $26.36 and its 200 day moving average price is $26.58.

Mesabi Trust (NYSE:MSB - Get Free Report) last released its quarterly earnings results on Thursday, June 12th. The mining company reported $0.28 EPS for the quarter. The firm had revenue of $4.74 million for the quarter. Mesabi Trust had a net margin of 96.23% and a return on equity of 233.00%.

Mesabi Trust Cuts Dividend

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

Institutional Trading of Mesabi Trust

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Golden State Wealth Management LLC raised 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 valued at $27,000 after purchasing an additional 500 shares during the period. Ameriprise Financial Inc. purchased a new stake in Mesabi Trust in the fourth quarter valued at approximately $205,000. Bank of America Corp DE raised its position in Mesabi Trust by 613.0% in the fourth quarter. Bank of America Corp DE now owns 247,925 shares of the mining company's stock valued at $6,969,000 after purchasing an additional 213,155 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new stake in Mesabi Trust in the fourth quarter valued at approximately $228,000. Finally, Exchange Traded Concepts LLC purchased a new stake in Mesabi Trust in the first quarter valued at approximately $251,000.

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.