Mesabi Trust (NYSE:MSB) was the recipient of a large decrease in short interest in the month of August. As of August 31st, there was short interest totalling 76,400 shares, a decrease of 55.3% from the July 31st total of 171,100 shares. Currently, 0.6% of the company’s stock are short sold. Based on an average daily trading volume, of 61,100 shares, the short-interest ratio is currently 1.3 days.
MSB traded down $0.07 during trading hours on Friday, hitting $24.66. 32,000 shares of the company’s stock were exchanged, compared to its average volume of 65,352. Mesabi Trust has a 12-month low of $21.55 and a 12-month high of $32.67. The firm has a 50 day moving average of $24.11 and a 200 day moving average of $28.30. The firm has a market cap of $308.98 million, a P/E ratio of 6.99 and a beta of 0.75.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 20th. Investors of record on Tuesday, July 30th were paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 3.41%. The ex-dividend date was Monday, July 29th.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Stonebridge Capital Advisors LLC purchased a new stake in Mesabi Trust during the 2nd quarter worth approximately $30,000. AdvisorNet Financial Inc grew its holdings in Mesabi Trust by 53.3% during the 2nd quarter. AdvisorNet Financial Inc now owns 2,614 shares of the mining company’s stock worth $77,000 after acquiring an additional 909 shares in the last quarter. Arlington Partners LLC acquired a new position in Mesabi Trust during the 2nd quarter worth approximately $173,000. Stephens Inc. AR acquired a new position in Mesabi Trust during the 2nd quarter worth approximately $226,000. Finally, LPL Financial LLC acquired a new position in Mesabi Trust during the 2nd quarter worth approximately $280,000. 16.95% of the stock is currently owned by hedge funds and other institutional investors.
About Mesabi Trust
Mesabi Trust, a royalty trust, engages in iron ore mining business in the United States. The company was founded in 1919 and is based in New York, New York.
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