Beddow Capital Management Inc. decreased its holdings in Mesabi Trust (NYSE:MSB) by 1.6% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 579,860 shares of the mining company’s stock after selling 9,588 shares during the quarter. Mesabi Trust accounts for approximately 5.9% of Beddow Capital Management Inc.’s holdings, making the stock its biggest holding. Beddow Capital Management Inc.’s holdings in Mesabi Trust were worth $14,583,000 at the end of the most recent quarter.
Several other hedge funds have also made changes to their positions in MSB. Brightline Capital Management LLC acquired a new position in shares of Mesabi Trust in the 4th quarter valued at $4,024,000. Acadian Asset Management LLC bought a new stake in shares of Mesabi Trust in the 4th quarter worth about $2,606,000. OxFORD Asset Management LLP bought a new stake in shares of Mesabi Trust in the 3rd quarter worth about $828,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of Mesabi Trust by 93.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 40,803 shares of the mining company’s stock worth $1,030,000 after purchasing an additional 19,666 shares during the last quarter. Finally, Beach Investment Counsel Inc. PA bought a new stake in shares of Mesabi Trust in the 3rd quarter worth about $413,000. Institutional investors own 19.02% of the company’s stock.
Shares of Mesabi Trust (NYSE:MSB) opened at $26.35 on Wednesday. Mesabi Trust has a fifty-two week low of $12.70 and a fifty-two week high of $30.92. The firm has a market cap of $348.34, a PE ratio of 14.32 and a beta of 0.45.
The company also recently announced a quarterly dividend, which was paid on Tuesday, February 20th. Stockholders of record on Tuesday, January 30th were issued a $1.18 dividend. This is a positive change from Mesabi Trust’s previous quarterly dividend of $0.64. The ex-dividend date of this dividend was Monday, January 29th. This represents a $4.72 annualized dividend and a dividend yield of 17.91%. Mesabi Trust’s dividend payout ratio is presently 256.52%.
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About Mesabi Trust
Mesabi Trust is a royalty trust. The purpose of the Trust is to conserve and protect the Trust Estate. The Trust operates in the iron ore mining segment. The Trust derives income from the Peter Mitchell Mine, an iron mine located near Babbitt, Minnesota, at the eastern end of the Mesabi Iron Range. The lessee/operator of Mesabi Trust’s mineral interests is Northshore Mining Corporation (NMC), a subsidiary of Cliffs Natural Resources Inc (Cliffs).
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