Beach Investment Counsel Inc. PA boosted its position in Mesabi Trust (NYSE:MSB) by 33.3% during the second quarter, Holdings Channel reports. The fund owned 14,178 shares of the mining company’s stock after acquiring an additional 3,538 shares during the period. Beach Investment Counsel Inc. PA’s holdings in Mesabi Trust were worth $348,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in MSB. Two Sigma Investments LP bought a new stake in Mesabi Trust in the 4th quarter worth $318,000. Ladenburg Thalmann Financial Services Inc. lifted its position in shares of Mesabi Trust by 162.8% in the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 23,085 shares of the mining company’s stock worth $581,000 after purchasing an additional 14,300 shares during the period. Alps Advisors Inc. purchased a new stake in shares of Mesabi Trust in the 1st quarter worth about $458,000. JPMorgan Chase & Co. lifted its position in shares of Mesabi Trust by 91.5% in the 1st quarter. JPMorgan Chase & Co. now owns 55,855 shares of the mining company’s stock worth $1,438,000 after purchasing an additional 26,686 shares during the period. Finally, PNC Financial Services Group Inc. purchased a new stake in shares of Mesabi Trust in the 1st quarter worth about $490,000. 19.16% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE:MSB traded up $0.25 on Monday, hitting $27.60. The company had a trading volume of 1,385 shares, compared to its average volume of 43,528. Mesabi Trust has a 1 year low of $13.20 and a 1 year high of $30.92.
Mesabi Trust (NYSE:MSB) last posted its earnings results on Friday, June 8th. The mining company reported $0.48 EPS for the quarter. Mesabi Trust had a net margin of 96.85% and a return on equity of 236.39%. The firm had revenue of $6.68 million during the quarter.
The business also recently announced a quarterly dividend, which will be paid on Monday, August 20th. Stockholders of record on Monday, July 30th will be given a $0.22 dividend. The ex-dividend date is Friday, July 27th. This represents a $0.88 annualized dividend and a dividend yield of 3.19%.
Mesabi Trust Company Profile
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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