There are only 1,940,000 shares outstanding, so if you buy 156 shares, basically one acre of that land belongs to you.
It's like paying $2443 per acre for that land alone.
But it gets better, because when you buy CKX shares, the first thing they do is give you back 3 bucks a share (that's the net cash on their books, and that cash is yours).
So at $15.75 (current price) you're really only paying like $12.75 real cost per share. And that share is making $0.87 in earnings.
Then, by owning that share, you also become eligible for small but steady cash dividend from sales of your oil and timber rights.
I've been in the market over 33 years now. I've seen not one but several situations like this. They're not super common. They're these juicy opportunities that the market doesn't really latch on to. They may be awesome but they are not worth it for a big fund to bother with.
Which leaves plenty of meat on the bone for us little guys.
DISCLAIMER: Long CKX. All statements are my best information. Do your own DD. Your mileage may vary.