Fernwood Investment Management LLC increased its holdings in shares of Texas Pacific Land Trust (NYSE:TPL) by 19.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,602 shares of the financial services provider’s stock after purchasing an additional 923 shares during the quarter. Texas Pacific Land Trust accounts for 2.4% of Fernwood Investment Management LLC’s portfolio, making the stock its 6th biggest holding. Fernwood Investment Management LLC’s holdings in Texas Pacific Land Trust were worth $4,409,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in the company. Cullen Frost Bankers Inc. purchased a new stake in Texas Pacific Land Trust in the first quarter worth about $116,000. Rehmann Capital Advisory Group purchased a new stake in Texas Pacific Land Trust in the first quarter worth about $136,000. Legal & General Group Plc increased its position in Texas Pacific Land Trust by 219.3% in the fourth quarter. Legal & General Group Plc now owns 182 shares of the financial services provider’s stock worth $99,000 after buying an additional 125 shares in the last quarter. Osborn Williams & Donohoe LLC purchased a new stake in Texas Pacific Land Trust in the first quarter worth about $176,000. Finally, Financial Management Professionals Inc. increased its position in Texas Pacific Land Trust by 64.9% in the second quarter. Financial Management Professionals Inc. now owns 254 shares of the financial services provider’s stock worth $200,000 after buying an additional 100 shares in the last quarter. 62.68% of the stock is currently owned by hedge funds and other institutional investors.
TPL traded up $8.80 during midday trading on Thursday, reaching $647.00. The company had a trading volume of 378 shares, compared to its average volume of 13,208. The company has a current ratio of 9.76, a quick ratio of 9.76 and a debt-to-equity ratio of 0.01. The company’s 50-day moving average price is $750.32. The firm has a market capitalization of $5.01 billion, a P/E ratio of 16.92 and a beta of 1.27. Texas Pacific Land Trust has a 1 year low of $409.00 and a 1 year high of $915.66.
In other Texas Pacific Land Trust news, major shareholder Kinetics Asset Managem Horizon bought 188 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The stock was purchased at an average price of $641.00 per share, for a total transaction of $120,508.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have purchased 2,090 shares of company stock valued at $1,578,041 in the last quarter. 0.92% of the stock is currently owned by company insiders.
Separately, ValuEngine cut Texas Pacific Land Trust from a “buy” rating to a “hold” rating in a research report on Thursday, May 9th.
About Texas Pacific Land Trust
Texas Pacific Land Trust holds title to tracts of land in the state of Texas. The company operates through two segments, Land and Resource Management, and Water Service and Operations. It sells, leases, and manages these lands for the benefit of the holders of Certificates of Proprietary Interest in the Trust.
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