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 report published on Friday morning.

Mesabi Trust Stock Performance

Shares of MSB opened at $17.31 on Friday. Mesabi Trust has a 12 month low of $16.68 and a 12 month high of $23.94. The company has a 50-day moving average price of $17.81 and a two-hundred day moving average price of $19.11.

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 paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 6.70%. The ex-dividend date is Monday, April 29th. Mesabi Trust’s dividend payout ratio is 172.09%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MSB. Steward Partners Investment Advisory LLC increased its holdings in shares of Mesabi Trust by 38.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 10,760 shares of the mining company’s stock worth $220,000 after buying an additional 2,961 shares in the last quarter. Acorn Wealth Advisors LLC acquired a new stake in shares of Mesabi Trust during the third quarter worth approximately $221,000. Pecaut & CO. acquired a new stake in shares of Mesabi Trust during the fourth quarter worth approximately $280,000. Essex Financial Services Inc. increased its holdings in shares of Mesabi Trust by 16.1% during the fourth quarter. Essex Financial Services Inc. now owns 14,037 shares of the mining company’s stock worth $287,000 after buying an additional 1,943 shares in the last quarter. Finally, NBC Securities Inc. increased its holdings in shares of Mesabi Trust by 5.4% during the first quarter. NBC Securities Inc. now owns 16,670 shares of the mining company’s stock worth $295,000 after buying an additional 860 shares in the last quarter.

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.