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Horizon Kinetics Cuts Texas Pacific, Howard Hughes

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- By Tiziano Frateschi

Murray Stahl (Trades, Portfolio)'s Horizon Kinetics sold shares of the following stocks during the first quarter of 2021, which ended on March 31.


Texas Pacific Land

The guru's Texas Pacific Land Corp. (TPL) position was reduced by 3.01%, impacting the portfolio by -1.18%.

Horizon Kinetics Cuts Texas Pacific, Howard Hughes
Horizon Kinetics Cuts Texas Pacific, Howard Hughes

The company has a market cap of $13.49 billion and an enterprise value of $13.18 billion.

GuruFocus gives the company a profitability and growth rating of 10 out of 10. The return on equity of 34.62% and return on assets of 29.24% are outperforming 96% of companies in the oil and gas industry. Its financial strength is rated 7 out of 10 with a cash-debt ratio of 117.05.


Other notable guru shareholders of the company include Pioneer Investments (Trades, Portfolio) with 0.35% of outstanding shares, Ken Fisher (Trades, Portfolio) with 0.01% and Mario Gabelli (Trades, Portfolio) with 0.01%.

iShares Short Treasury Bond ETF

The guru curbed the position in the iShares Short Treasury Bond ETF (SHV) by 85.11%, impacting the portfolio by -0.30%.

Horizon Kinetics Cuts Texas Pacific, Howard Hughes
Horizon Kinetics Cuts Texas Pacific, Howard Hughes

The Howard Hughes

The guru reduced the position in The Howard Hughes Corp. (HHC) by 6.98%, impacting the portfolio by -0.16%.

Horizon Kinetics Cuts Texas Pacific, Howard Hughes
Horizon Kinetics Cuts Texas Pacific, Howard Hughes

The real estate company has a market cap of $5.67 billion and an enterprise value of $9.01 billion.

GuruFocus gives the company a profitability and growth rating of 4 out of 10. The return on equity of -0.74% and return on assets of -0.29% are underperforming 69% of companies in the real estate industry. Its financial strength is rated 3 out of 10. The cash-debt ratio of 0.23 is below the industry median of 0.31.

The largest guru shareholders of the company include Bill Ackman (Trades, Portfolio) with 24.53% of outstanding shares, Baillie Gifford (Trades, Portfolio) with 6.22% and Barrow, Hanley, Mewhinney & Strauss with 3.38%.

The Wendy's Co

The firm trimmed its position in The Wendy's Co. (WEN) by 10.18%. The trade had an impact of -0.16% on the portfolio.

Horizon Kinetics Cuts Texas Pacific, Howard Hughes
Horizon Kinetics Cuts Texas Pacific, Howard Hughes

The quick-service restaurant franchisor has a market cap of $5.19 billion and an enterprise value of $8.56 billion.

GuruFocus gives the company a profitability and growth rating of 7 out of 10. The return on equity of 23.36% and return on assets of 2.35% are outperforming 78% of companies in the restaurants industry. Its financial strength is rated 3 out of 10 with a cash-debt ratio of 0.08.

The largest guru shareholder of the company is Nelson Peltz (Trades, Portfolio) with 11.88% of outstanding shares, followed by Pioneer Investments (Trades, Portfolio) with 0.30% and Jim Simons (Trades, Portfolio)' Renaissance Technologies with 0.28%.

Liberty Broadband

The guru trimmed the position in Liberty Broadband Corp. (LBRDK) by 7.12%, impacting the portfolio by -0.11%.

Horizon Kinetics Cuts Texas Pacific, Howard Hughes
Horizon Kinetics Cuts Texas Pacific, Howard Hughes

The U.S. company, which operates in the telecommunications industry, has a market cap of $30.73 billion and an enterprise value of $34.24 billion.

GuruFocus gives the company a profitability and growth rating of 3 out of 10. The return on equity of 3.93% and return on assets of 2.89% are outperforming 61% of companies in the media, diversified industry. Its financial strength is rated 4 out of 10 with a cash-debt ratio of 0.25.

The largest guru shareholders of the company include George Soros (Trades, Portfolio) with 2.20% of outstanding shares, Ruane Cunniff (Trades, Portfolio) with 0.87% and Ron Baron (Trades, Portfolio) with 0.31%.

Icahn Enterprises

The firm reduced its position in Icahn Enterprises LP (IEP) by 9.01%, impacting the portfolio by -0.10%.

Horizon Kinetics Cuts Texas Pacific, Howard Hughes
Horizon Kinetics Cuts Texas Pacific, Howard Hughes

The diversified business services company has a market cap of $14.97 billion and an enterprise value of $15.96 billion.

GuruFocus gives the company a profitability and growth rating of 4 out of 10. The return on equity of -3.02% and return on assets if -0.43% are underperforming 73% of companies in the conglomerates industry. Its financial strength is rated 3 out of 10 with a cash-debt ratio of 1.67.

The largest guru shareholder of the company is Carl Icahn (Trades, Portfolio) with 95.55% of outstanding shares.

Disclosure: I do not own any stocks mentioned.

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This article first appeared on GuruFocus.