Moors & Cabot Inc. trimmed its position in LandBridge Company LLC (NYSE:LB - Free Report) by 18.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 162,926 shares of the company's stock after selling 35,799 shares during the quarter. Moors & Cabot Inc. owned about 0.22% of LandBridge worth $11,721,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in LB. US Bancorp DE purchased a new stake in LandBridge in the 1st quarter valued at about $28,000. Comerica Bank increased its position in shares of LandBridge by 29.7% during 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 during the last quarter. Barclays PLC purchased a new stake in shares of LandBridge in the 4th quarter valued at approximately $180,000. KLP Kapitalforvaltning AS acquired a new position in shares of LandBridge in the 4th quarter worth approximately $181,000. Finally, B. Riley Wealth Advisors Inc. purchased a new position in shares of LandBridge during the 4th quarter worth approximately $218,000.
LandBridge Stock Performance
NYSE:LB opened at $56.53 on Friday. LandBridge Company LLC has a 52 week low of $28.01 and a 52 week high of $87.60. The company has a fifty day simple moving average of $66.27 and a two-hundred day simple moving average of $69.45. The company has a quick ratio of 3.70, a current ratio of 3.70 and a debt-to-equity ratio of 0.60. The company has a market cap of $4.32 billion and a price-to-earnings ratio of 15.88.
LandBridge Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, June 19th. Shareholders of record on Thursday, June 5th were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, June 5th. This represents a $0.40 annualized dividend and a yield of 0.7%. LandBridge's dividend payout ratio is 11.24%.
Insiders Place Their Bets
In other news, Director David N. Capobianco sold 1,900,000 shares of LandBridge stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $75.25, for a total value of $142,975,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 70.42% of the stock is currently owned by company insiders.
Analyst Ratings Changes
A number of brokerages have issued reports on LB. Barclays cut their target price on LandBridge from $80.00 to $66.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 10th. Johnson Rice downgraded LandBridge from a "buy" rating to an "accumulate" rating in a report on Wednesday, May 21st. Finally, Wells Fargo & Company increased their target price on LandBridge from $82.00 to $93.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, LandBridge has an average rating of "Hold" and a consensus target price of $65.86.
Check Out Our Latest Stock Report on LB
About LandBridge
(
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.
Further Reading
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