Millennium Management LLC trimmed its position in shares of LandBridge Co LLC (NYSE:LB - Free Report) by 54.5% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 80,767 shares of the company's stock after selling 96,556 shares during the period. Millennium Management LLC owned 0.11% of LandBridge worth $5,218,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Horizon Kinetics Asset Management LLC raised its position in shares of LandBridge by 4.0% during the 4th quarter. Horizon Kinetics Asset Management LLC now owns 5,399,275 shares of the company's stock worth $348,793,000 after buying an additional 208,408 shares in the last quarter. First Manhattan CO. LLC. raised its position in shares of LandBridge by 23.5% during the 4th quarter. First Manhattan CO. LLC. now owns 2,713,506 shares of the company's stock worth $175,292,000 after buying an additional 516,380 shares in the last quarter. Hood River Capital Management LLC bought a new stake in shares of LandBridge during the 4th quarter worth about $41,431,000. Vanguard Group Inc. bought a new stake in shares of LandBridge during the 4th quarter worth about $38,480,000. Finally, Schwartz Investment Counsel Inc. raised its position in shares of LandBridge by 1.0% during the 4th quarter. Schwartz Investment Counsel Inc. now owns 426,568 shares of the company's stock worth $27,556,000 after buying an additional 4,400 shares in the last quarter.
Wall Street Analysts Forecast Growth
LB has been the topic of a number of recent analyst reports. Wells Fargo & Company boosted their price target on shares of LandBridge from $82.00 to $93.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. The Goldman Sachs Group boosted their target price on shares of LandBridge from $73.00 to $88.00 and gave the stock a "buy" rating in a report on Wednesday, March 26th. Barclays boosted their target price on shares of LandBridge from $79.00 to $80.00 and gave the stock an "equal weight" rating in a report on Friday, March 21st. Johnson Rice downgraded shares of LandBridge from a "buy" rating to an "accumulate" rating in a report on Wednesday, May 21st. Finally, Piper Sandler dropped their target price on shares of LandBridge from $79.00 to $70.00 and set a "neutral" rating on the stock in a report on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $60.67.
Read Our Latest Research Report on LB
LandBridge Price Performance
Shares of NYSE LB traded up $1.24 during midday trading on Monday, reaching $72.69. The company's stock had a trading volume of 305,842 shares, compared to its average volume of 497,212. LandBridge Co LLC has a one year low of $18.75 and a one year high of $87.60. The company has a 50 day moving average price of $72.44 and a 200 day moving average price of $70.14. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.60. The company has a market cap of $5.32 billion and a price-to-earnings ratio of 20.42.
LandBridge Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 19th. Stockholders of record on Thursday, June 5th will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, June 5th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.55%. LandBridge's dividend payout ratio is currently 11.24%.
Insider Activity
In other LandBridge news, Director David N. Capobianco sold 1,900,000 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $75.25, for a total value of $142,975,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. 70.42% of the stock is owned by company insiders.
LandBridge Company Profile
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Free Report)
LandBridge Company LLC owns and manages land and resources to support and enhance oil and natural gas development in the United States. It owns surface acres in and around the Delaware Basin in Texas and New Mexico. The company holds a portfolio of oil and gas royalties. It also sells brackish water and other surface composite materials.
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