Mesabi Trust (NYSE:MSB) declared a quarterly dividend on Monday, July 17th, Wall Street Journal reports. Shareholders of record on Sunday, July 30th will be paid a dividend of 0.16 per share by the mining company on Sunday, August 20th. This represents a $0.64 annualized dividend and a yield of 4.28%. The ex-dividend date is Wednesday, July 26th.
Mesabi Trust has decreased its dividend by an average of 29.1% per year over the last three years and has raised its dividend annually for the last 3 consecutive years.
Shares of Mesabi Trust (NYSE:MSB) traded down 0.99% on Friday, reaching $14.95. 53,178 shares of the company’s stock traded hands. The firm’s 50 day moving average is $13.93 and its 200 day moving average is $14.50. Mesabi Trust has a 52 week low of $8.05 and a 52 week high of $17.42. The firm has a market capitalization of $196.14 million, a P/E ratio of 14.63 and a beta of 0.35.
Separately, TheStreet upgraded shares of Mesabi Trust from a “c” rating to a “b” rating in a research note on Monday, May 15th.
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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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