Mesabi Trust (NYSE:MSB) Share Price Passes Above 200 Day Moving Average – Here’s Why

Shares of Mesabi Trust (NYSE:MSB) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $26.30 and traded as high as $27.64. Mesabi Trust shares last traded at $27.26, with a volume of 43,178 shares traded.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded Mesabi Trust from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 16th.

Mesabi Trust Stock Up 1.2 %

The company’s 50-day moving average is $27.29 and its two-hundred day moving average is $26.30. The company has a market cap of $357.65 million, a P/E ratio of 3.89 and a beta of 0.76.

Mesabi Trust Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 20th. Stockholders of record on Thursday, January 30th were given a dividend of $5.95 per share. This is an increase from Mesabi Trust’s previous quarterly dividend of $0.39. This represents a $23.80 dividend on an annualized basis and a dividend yield of 87.31%. The ex-dividend date was Thursday, January 30th. Mesabi Trust’s dividend payout ratio is currently 339.51%.

Institutional Investors Weigh In On Mesabi Trust

Hedge funds have recently modified their holdings of the stock. Bank of America Corp DE grew its holdings in Mesabi Trust by 613.0% during 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. Horizon Kinetics Asset Management LLC lifted its position in shares of Mesabi Trust by 6.9% during the 4th quarter. Horizon Kinetics Asset Management LLC now owns 2,843,010 shares of the mining company’s stock valued at $79,917,000 after buying an additional 183,387 shares during the last quarter. Lido Advisors LLC bought a new position in shares of Mesabi Trust during the 4th quarter worth $2,243,000. OFI Invest Asset Management purchased a new stake in Mesabi Trust in the 4th quarter worth about $988,000. Finally, Moors & Cabot Inc. increased its holdings in Mesabi Trust by 7.2% in the 4th quarter. Moors & Cabot Inc. now owns 533,942 shares of the mining company’s stock worth $15,009,000 after acquiring an additional 36,029 shares during the last quarter.

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.