Mesabi Trust (NYSE:MSB) Stock Price Down 0.7% - Here's Why

Key Points

• Mesabi Trust shares fell 0.7% to $17.125, with trading volume 49% below its daily average.
• Weiss Ratings lowered its assessment from “Hold (C)” to “Hold (C-),” while the stock’s average analyst rating remains “Hold.”
• For the latest reported quarter, Mesabi Trust posted a loss of $0.01 per share on $2.48 million in revenue.

Shares of Mesabi Trust (NYSE:MSB - Get Free Report) dropped 0.7% during trading on Monday. The company traded as low as $17.00 and last traded at $17.1250. 25,721 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 50,546 shares. The stock had previously closed at $17.25.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings cut shares of Mesabi Trust from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday, September 18th. One equities research analyst has rated the stock with a Hold rating. Based on data from MarketBeat, Mesabi Trust presently has an average rating of "Hold".

Mesabi Trust Stock Down 0.7%

The firm has a market capitalization of $224.68 million, a price-to-earnings ratio of 34.95 and a beta of 0.46. The stock has a 50 day moving average of $19.67 and a 200 day moving average of $25.96.

Mesabi Trust (NYSE:MSB - Get Free Report) last announced its quarterly earnings data on Friday, September 11th. The mining company reported ($0.01) earnings per share (EPS) for the quarter. Mesabi Trust had a net margin of 54.46% and a return on equity of 33.50%. The firm had revenue of $2.48 million for the quarter.

Institutional Investors Weigh In On Mesabi Trust

Institutional investors and hedge funds have recently made changes to their positions in the company. Mad River Investors boosted its holdings in Mesabi Trust by 1.1% in the third quarter. Mad River Investors now owns 327,316 shares of the mining company's stock worth $6,412,000 after purchasing an additional 3,581 shares during the period. Steinberganna Wealth Management increased its stake in Mesabi Trust by 8.8% during the third quarter. Steinberganna Wealth Management now owns 11,390 shares of the mining company's stock valued at $223,000 after purchasing an additional 925 shares during the last quarter. Royal Bank of Canada raised its holdings in shares of Mesabi Trust by 20.2% during the first quarter. Royal Bank of Canada now owns 51,116 shares of the mining company's stock worth $1,611,000 after purchasing an additional 8,588 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in shares of Mesabi Trust by 10.1% during the first quarter. Arrowstreet Capital Limited Partnership now owns 15,734 shares of the mining company's stock worth $496,000 after purchasing an additional 1,437 shares during the period. Finally, Sei Investments Co. raised its holdings in shares of Mesabi Trust by 100.0% during the first quarter. Sei Investments Co. now owns 167,766 shares of the mining company's stock worth $5,285,000 after purchasing an additional 83,883 shares during the period.

About Mesabi Trust

Mesabi Trust NYSE: MSB is a royalty trust that holds interests in certain iron ore properties on Minnesota's Mesabi Iron Range. The trust does not operate mines or processing facilities itself. Instead, it receives royalty payments tied primarily to the production and sale of iron ore products from the properties in which it holds an interest.

Mesabi Trust's interests are associated with the Peter Mitchell Mine near Babbitt, Minnesota, and related iron ore processing operations in the region.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.