NEW YORK ( TheStreet) -- The ex-dividend date for Mesabi (NYSE: MSB) is tomorrow, October 26, 2011. Owners of shares as of market close today will be eligible for a dividend of $1.12 per share. At a price of $28.53 as of 9:35 a.m. ET, the dividend yield is 16.3%.

The average volume for Mesabi has been 121,200 shares per day over the past 30 days. Mesabi has a market cap of $361.5 million and is part of the financial sector and financial services industry. Shares are down 28.4% year to date as of the close of trading on Monday.

Mesabi Trust operates as grantor trust in the United States. It produces iron ore pellets. The company holds interests in various properties, including its interest as an assignor in the amended assignments of Peters Lease and Cloquet Lease, which together cover approximately 9,750 acres in St. The company has a P/E ratio of 12.1, equal to the average financial services industry P/E ratio and below the S&P 500 P/E ratio of 17.7.
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TheStreet Ratings rates Mesabi as a buy. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, expanding profit margins and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income. You can view the full Mesabi Ratings Report.

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