Mesabi Trust (NYSE:MSB) Shares Cross Above 200-Day Moving Average – Here’s What Happened

Mesabi Trust (NYSE:MSB)’s share price 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 changing hands.

Wall Street Analyst Weigh In

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

Mesabi Trust Price Performance

The firm has a market cap of $351.62 million, a price-to-earnings ratio of 3.82 and a beta of 0.76. The stock has a 50-day moving average price of $27.16 and a 200 day moving average price of $26.35.

Mesabi Trust Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 20th. Shareholders of record on Thursday, January 30th were paid a $5.95 dividend. The ex-dividend date of this dividend was Thursday, January 30th. This represents a $23.80 dividend on an annualized basis and a yield of 88.81%. This is a boost from Mesabi Trust’s previous quarterly dividend of $0.39. Mesabi Trust’s payout ratio is currently 339.51%.

Hedge Funds Weigh In On Mesabi Trust

A number of hedge funds have recently modified their holdings of MSB. Horizon Kinetics Asset Management LLC boosted its stake in 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 worth $79,917,000 after purchasing an additional 183,387 shares during the period. Moors & Cabot Inc. grew its holdings in shares of Mesabi Trust by 7.2% during the fourth quarter. Moors & Cabot Inc. now owns 533,942 shares of the mining company’s stock worth $15,009,000 after buying an additional 36,029 shares during the last quarter. Mad River Investors increased its position in Mesabi Trust by 0.6% in the 4th quarter. Mad River Investors now owns 294,901 shares of the mining company’s stock valued at $8,290,000 after acquiring an additional 1,832 shares during the period. Bank of America Corp DE raised its stake in Mesabi Trust by 613.0% during the 4th quarter. Bank of America Corp DE now owns 247,925 shares of the mining company’s stock valued at $6,969,000 after acquiring an additional 213,155 shares during the last quarter. Finally, Lido Advisors LLC acquired a new stake in Mesabi Trust during the 4th quarter worth approximately $2,243,000.

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.