Essex Financial Services Inc. Buys 1,943 Shares of Mesabi Trust (NYSE:MSB)

Essex Financial Services Inc. grew its stake in shares of Mesabi Trust (NYSE:MSB) by 16.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,037 shares of the mining company’s stock after purchasing an additional 1,943 shares during the period. Essex Financial Services Inc.’s holdings in Mesabi Trust were worth $287,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Acorn Wealth Advisors LLC bought a new stake in shares of Mesabi Trust during the 3rd quarter valued at about $221,000. NBC Securities Inc. bought a new stake in shares of Mesabi Trust during the 3rd quarter valued at about $352,000. Raymond James & Associates lifted its position in Mesabi Trust by 44.8% during the 3rd quarter. Raymond James & Associates now owns 27,325 shares of the mining company’s stock valued at $548,000 after acquiring an additional 8,450 shares during the period. Sapient Capital LLC purchased a new position in Mesabi Trust during the 4th quarter valued at about $561,000. Finally, EagleClaw Capital Managment LLC lifted its position in Mesabi Trust by 53.2% during the 3rd quarter. EagleClaw Capital Managment LLC now owns 34,400 shares of the mining company’s stock valued at $690,000 after acquiring an additional 11,950 shares during the period.

Mesabi Trust Price Performance

Shares of NYSE MSB opened at $16.66 on Friday. Mesabi Trust has a 1 year low of $16.08 and a 1 year high of $22.39. The firm has a 50-day moving average of $17.63 and a 200 day moving average of $18.96.

Mesabi Trust Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, May 20th. Shareholders of record on Tuesday, April 30th will be issued a $0.29 dividend. The ex-dividend date of this dividend is Monday, April 29th. This represents a $1.16 annualized dividend and a yield of 6.96%. Mesabi Trust’s dividend payout ratio (DPR) is presently 134.88%.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised shares of Mesabi Trust from a “hold” rating to a “buy” rating in a research report on Friday, April 26th.

Mesabi Trust Company Profile

Mesabi Trust, a royalty trust, engages in iron ore mining business in the United States. The company was founded in 1961 and is based in New York, New York.