Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Mesabi Trust (NYSE: MSB) fell 10% today after the company announced a lower distribution to shareholders.

So what: The company will distribute $0.05 per share -- dramatically lower than the $0.125 it gave shareholders last year. Lower royalty revenues, royalty adjustments from previous quarters, and the elimination of distribution from cash reserves account for the lower payment.

Now what: This is a more sustainable distribution, since it doesn't pull from reserves, but income investors aren't applauding the move. I wouldn't panic over this move today, given that this is traditionally a seasonally low distribution anyway. And for those looking to jump in, today's discount is a nice buying opportunity.

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