In a recent market transaction, Horizon Kinetics Asset Management LLC has increased its position in Texas Pacific Land Corp (NYSE:TPL) by purchasing additional shares. The asset management firm, known for its significant holdings, acquired 3 shares of Texas Pacific Land Corp at a price of $608.32 per share, amounting to a total investment of $1,824.
This purchase further bolsters Horizon Kinetics' already substantial stake in the company. As of the latest filing, the firm's total ownership in Texas Pacific Land Corp amounts to 1,085,016 shares. The transaction was executed on May 23, 2024, and the details were disclosed in a regulatory filing the following day.
Horizon Kinetics, a ten percent owner of Texas Pacific Land Corp, has been closely associated with the company for some time. In a previous amendment to its Schedule 13D filed on February 28, 2024, the firm reported beneficial ownership of 1,271,975 shares. Additionally, Murray Stahl, a key figure at Horizon Kinetics, has a direct interest in 2,474 shares and an indirect interest in approximately 53,550 shares, although he does not exercise investment discretion over the securities of the issuer.
The recent acquisition reflects Horizon Kinetics' continued confidence in the oil royalty trader's business. Texas Pacific Land Corp, with its strong foothold in the real estate and construction sector, remains a significant part of Horizon Kinetics' investment portfolio.
Investors and market watchers often look to the buying and selling activities of major shareholders like Horizon Kinetics as indicators of a company's financial health and future prospects. The latest purchase by Horizon Kinetics is a notable development for those following Texas Pacific Land Corp's stock performance and market movements.
InvestingPro Insights
Amidst the news of Horizon Kinetics Asset Management LLC's increased stake in Texas Pacific Land Corp (NYSE:TPL), recent data from InvestingPro provides a deeper look into the company's financial health and market performance. Texas Pacific Land Corp holds a market capitalization of 14.08 billion USD, which is indicative of its substantial presence in the market. The company also boasts an impressive gross profit margin of 94.18% as of the last twelve months ending Q1 2024, reflecting its strong operational efficiency and ability to retain a significant portion of its revenue as profit.
The company's stock has shown a robust return over the last three months, with a 17.17% total price return, signaling positive investor sentiment and a potential uptrend in its stock performance. Additionally, Texas Pacific Land Corp has maintained dividend payments for 11 consecutive years, with a recent dividend yield of 0.77% and a dividend growth of 8.0% in the last twelve months as of Q1 2024. This consistency in rewarding shareholders through dividends may further reinforce Horizon Kinetics' confidence in the company's stability and long-term prospects.
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