Horizon Kinetics Asset Management LLC Purchases 484,968 Shares of LandBridge Co LLC (NYSE:LB)

Horizon Kinetics Asset Management LLC grew its position in shares of LandBridge Co LLC (NYSE:LB - Free Report) by 10.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,190,867 shares of the company's stock after purchasing an additional 484,968 shares during the quarter. LandBridge makes up about 3.0% of Horizon Kinetics Asset Management LLC's holdings, making the stock its 3rd largest position. Horizon Kinetics Asset Management LLC owned 7.10% of LandBridge worth $203,067,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in LB. nVerses Capital LLC acquired a new stake in LandBridge during the 3rd quarter worth $31,000. M&R Capital Management Inc. acquired a new stake in shares of LandBridge during the third quarter worth about $39,000. Axxcess Wealth Management LLC purchased a new position in shares of LandBridge during the third quarter worth about $218,000. Requisite Capital Management LLC acquired a new position in LandBridge in the 3rd quarter valued at about $293,000. Finally, OneDigital Investment Advisors LLC purchased a new stake in LandBridge during the 3rd quarter valued at approximately $383,000.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on LB shares. The Goldman Sachs Group boosted their target price on LandBridge from $38.00 to $43.00 and gave the company a "buy" rating in a report on Tuesday, October 8th. Barclays raised their target price on shares of LandBridge from $29.00 to $38.00 and gave the stock an "equal weight" rating in a research note on Tuesday, October 15th. Wells Fargo & Company increased their price target on shares of LandBridge from $34.00 to $36.00 and gave the stock an "overweight" rating in a report on Friday, August 9th. Piper Sandler lifted their price objective on LandBridge from $39.00 to $79.00 and gave the company a "neutral" rating in a report on Monday. Finally, Citigroup increased their target price on LandBridge from $31.00 to $34.00 and gave the stock a "neutral" rating in a research note on Thursday, September 12th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $41.88.

LandBridge Stock Performance

LB traded down $3.93 during midday trading on Monday, reaching $73.53. 1,235,514 shares of the company's stock were exchanged, compared to its average volume of 389,920. The company's 50-day moving average price is $53.09. LandBridge Co LLC has a 1-year low of $18.75 and a 1-year high of $79.99. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.60.

LandBridge Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.54%. The ex-dividend date is Thursday, December 5th.

LandBridge 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.