Should You Invest in Tejon Ranch Co. (TRC)?

Horizon Kinetics LLC, an investment management company, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. The letter discussed certain business models that can be valuable long-term components of a portfolio. You can check the fund’s top 5 holdings to know more about its best picks for 2023.

Horizon Kinetics highlighted stocks like Tejon Ranch Co. (NYSE:TRC) in the first quarter 2023 investor letter. Headquartered in Lebec, California, Tejon Ranch Co. (NYSE:TRC) is a diversified real estate development and agribusiness company. On May 31, 2023, Tejon Ranch Co. (NYSE:TRC) stock closed at $16.90 per share. One-month return of Tejon Ranch Co. (NYSE:TRC) was 1.20%, and its shares lost 2.87% of their value over the last 52 weeks. Tejon Ranch Co. (NYSE:TRC) has a market capitalization of $451.406 million.

Horizon Kinetics made the following comment about Tejon Ranch Co. (NYSE:TRC) in its Q1 2023 investor letter:

“Tejon Ranch Co. (NYSE:TRC): Like TPL, Tejon Ranch was not mentioned in the lists of largest U.S. landowners. Similar to the TPL ranking in Texas, while there are larger landholders in California, those are comprised of separate properties. Tejon Ranch says its 270,000 contiguous acres are the largest such in the state. The property is located a bit more than 60 miles north of Los Angeles, along I-5, the state’s major north-south highway.

The strategic value of this land is linked to its strategic location. Los Angeles is the nation’s largest port city and, related, a major center for e-commerce shipments. However, its high rents, property prices, congestion and regulations impede expansion or development of warehouse and logistics facilities. That has enabled Tejon Ranch to develop over 8 million square feet of commercial, industrial, and retail space, including distribution centers, right outside L.A. Lessors include companies like Ikea, Dollar General, and Caterpillar. Paradoxically, Tejon Ranch is just about the same size as L.A…” (Click here to read the full text)

Tejon Ranch Co. (NYSE:TRC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 10 hedge fund portfolios held Tejon Ranch Co. (NYSE:TRC) at the end of first quarter 2023 which was 9 in the previous quarter.

We discussed Tejon Ranch Co. (NYSE:TRC) in another article and shared the list of best conglomerate stocks to buy. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.