Millennium Management LLC Reduces Position in LandBridge Co LLC (NYSE:LB)

Millennium Management LLC lowered its holdings in shares of LandBridge Co LLC (NYSE:LB - Free Report) by 54.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 80,767 shares of the company's stock after selling 96,556 shares during the quarter. Millennium Management LLC owned approximately 0.11% of LandBridge worth $5,218,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of LB. Comerica Bank lifted its position in shares of LandBridge by 29.7% in the fourth quarter. Comerica Bank now owns 1,158 shares of the company's stock valued at $75,000 after acquiring an additional 265 shares in the last quarter. Fairway Wealth LLC purchased a new stake in shares of LandBridge during the fourth quarter worth approximately $50,000. Generali Investments Management Co LLC acquired a new position in LandBridge in the 4th quarter valued at $52,000. KBC Group NV purchased a new position in LandBridge in the 4th quarter valued at $72,000. Finally, Blue Trust Inc. purchased a new position in LandBridge in the 4th quarter valued at $110,000.

Insider Buying and Selling at LandBridge

In other news, Director David N. Capobianco sold 1,900,000 shares of LandBridge stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $75.25, for a total transaction of $142,975,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 70.42% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on LB shares. Piper Sandler reduced their target price on shares of LandBridge from $79.00 to $70.00 and set a "neutral" rating for the company in a research report on Friday, March 7th. Barclays upped their price objective on shares of LandBridge from $79.00 to $80.00 and gave the company an "equal weight" rating in a research note on Friday, March 21st. Wells Fargo & Company raised their target price on shares of LandBridge from $82.00 to $93.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. The Goldman Sachs Group boosted their target price on LandBridge from $73.00 to $88.00 and gave the stock a "buy" rating in a report on Wednesday, March 26th. Finally, Johnson Rice lowered LandBridge from a "buy" rating to an "accumulate" rating in a research report on Wednesday, May 21st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $60.67.

LandBridge Trading Down 3.4%

Shares of LandBridge stock traded down $2.54 on Friday, reaching $71.61. The company had a trading volume of 599,165 shares, compared to its average volume of 498,051. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.73 and a current ratio of 0.73. The firm has a market cap of $5.24 billion and a PE ratio of 20.12. The firm's 50 day moving average price is $72.56 and its two-hundred day moving average price is $70.08. LandBridge Co LLC has a 52-week low of $18.75 and a 52-week high of $87.60.

LandBridge Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 19th. Investors of record on Thursday, June 5th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.56%. The ex-dividend date is Thursday, June 5th. LandBridge's dividend payout ratio (DPR) is 11.24%.

LandBridge Company Profile

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.