Mesabi Trust (NYSE:MSB) Upgraded by StockNews.com to Buy

StockNews.com upgraded shares of Mesabi Trust (NYSE:MSB) from a hold rating to a buy rating in a research report released on Friday.

Mesabi Trust Price Performance

Shares of NYSE:MSB opened at $17.31 on Friday. The firm has a 50 day simple moving average of $17.81 and a 200 day simple moving average of $19.11. Mesabi Trust has a one year low of $16.68 and a one year high of $23.94.

Mesabi Trust Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, May 20th. Shareholders of record on Tuesday, April 30th will be given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 6.70%. The ex-dividend date of this dividend is Monday, April 29th. Mesabi Trust’s dividend payout ratio (DPR) is currently 172.09%.

Hedge Funds Weigh In On Mesabi Trust

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Steward Partners Investment Advisory LLC increased its position in Mesabi Trust by 38.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 10,760 shares of the mining company’s stock valued at $220,000 after acquiring an additional 2,961 shares during the period. Acorn Wealth Advisors LLC acquired a new position in Mesabi Trust in the 3rd quarter valued at approximately $221,000. Pecaut & CO. acquired a new position in Mesabi Trust in the 4th quarter valued at approximately $280,000. Essex Financial Services Inc. increased its position in Mesabi Trust by 16.1% in the 4th quarter. Essex Financial Services Inc. now owns 14,037 shares of the mining company’s stock valued at $287,000 after acquiring an additional 1,943 shares during the period. Finally, NBC Securities Inc. increased its position in Mesabi Trust by 5.4% in the 1st quarter. NBC Securities Inc. now owns 16,670 shares of the mining company’s stock valued at $295,000 after acquiring an additional 860 shares during the period.

Mesabi Trust Company Profile

Mesabi Trust, a royalty trust, engages in iron ore mining business in the United States. The company was incorporated in 1961 and is based in New York, New York.