Bank of New York Mellon Corp Sells 1,198 Shares of Mesabi Trust (NYSE:MSB)

Bank of New York Mellon Corp lowered its stake in shares of Mesabi Trust (NYSE:MSB) by 1.6% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 76,086 shares of the mining company’s stock after selling 1,198 shares during the quarter. Bank of New York Mellon Corp’s holdings in Mesabi Trust were worth $2,139,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the stock. Atlas Wealth Partners LLC bought a new stake in Mesabi Trust during the fourth quarter worth $202,000. Kingsview Wealth Management LLC bought a new stake in Mesabi Trust during the fourth quarter worth $233,000. Mad River Investors grew its holdings in Mesabi Trust by 0.6% during the fourth quarter. Mad River Investors now owns 294,901 shares of the mining company’s stock worth $8,290,000 after buying an additional 1,832 shares in the last quarter. Finally, Horizon Kinetics Asset Management LLC grew its holdings in Mesabi Trust by 1.4% during the third quarter. Horizon Kinetics Asset Management LLC now owns 2,659,623 shares of the mining company’s stock worth $60,240,000 after buying an additional 37,417 shares in the last quarter.

Analysts Set New Price Targets

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

Mesabi Trust Price Performance

Shares of NYSE:MSB opened at $27.20 on Friday. The company has a market capitalization of $356.92 million, a PE ratio of 3.88 and a beta of 0.76. The business has a fifty day moving average price of $27.32 and a two-hundred day moving average price of $25.79. Mesabi Trust has a 1 year low of $15.93 and a 1 year high of $37.00.

Mesabi Trust Increases Dividend

The firm 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. This represents a $23.80 dividend on an annualized basis and a yield of 87.49%. The ex-dividend date was Thursday, January 30th. This is an increase from Mesabi Trust’s previous quarterly dividend of $0.39. Mesabi Trust’s dividend payout ratio is 339.51%.

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.