With 58% Ownership, Graham Holdings Company (NYSE:GHC) Boasts of Strong Institutional Backing
With 58% Ownership, Graham Holdings Company (NYSE:GHC) Boasts of Strong Institutional Backing
Key Insights
關鍵洞察
- Institutions' substantial holdings in Graham Holdings implies that they have significant influence over the company's share price
- 54% of the business is held by the top 7 shareholders
- Insiders have been selling lately
- 機構在格雷厄姆控股的 substantial 持股意味着他們對公司股價有顯著影響。
- 54%的業務由前7大股東持有。
- 內部人士最近一直在賣出。
A look at the shareholders of Graham Holdings Company (NYSE:GHC) can tell us which group is most powerful. With 58% stake, institutions possess the maximum shares in the company. Put another way, the group faces the maximum upside potential (or downside risk).
查看格雷厄姆控股公司 (紐交所:GHC) 的股東情況可以告訴我們哪個群體最有權力。機構持有58%的股份,是公司中最大股東。換句話說,該群體面臨着最大的上行潛力(或下行風險)。
Because institutional owners have a huge pool of resources and liquidity, their investing decisions tend to carry a great deal of weight, especially with individual investors. Hence, having a considerable amount of institutional money invested in a company is often regarded as a desirable trait.
由於機構投資者擁有龐大的資源和流動性,他們的投資決策往往會產生很大的影響,尤其是對個人投資者。因此,在一家公司中擁有相當數量的機構資金投資,通常被視爲一個值得稱讚的特徵。
Let's delve deeper into each type of owner of Graham Holdings, beginning with the chart below.
讓我們深入研究格雷厄姆控股的每種所有者類型,從下面的圖表開始。
What Does The Institutional Ownership Tell Us About Graham Holdings?
機構持股告訴我們關於格雷厄姆控股的什麼?
Institutional investors commonly compare their own returns to the returns of a commonly followed index. So they generally do consider buying larger companies that are included in the relevant benchmark index.
機構投資者通常將自己的回報與一個常見的指數回報進行比較。因此,他們通常會考慮購買納入相關基準指數的大型公司股票。
We can see that Graham Holdings does have institutional investors; and they hold a good portion of the company's stock. This can indicate that the company has a certain degree of credibility in the investment community. However, it is best to be wary of relying on the supposed validation that comes with institutional investors. They too, get it wrong sometimes. It is not uncommon to see a big share price drop if two large institutional investors try to sell out of a stock at the same time. So it is worth checking the past earnings trajectory of Graham Holdings, (below). Of course, keep in mind that there are other factors to consider, too.
我們可以看到格雷厄姆控股確實有機構投資者;他們持有公司相當大比例的股票。這可以表明該公司在投資社區具有一定的信譽。然而,最好還是對依賴於機構投資者帶來的名義驗證保持警惕。他們有時也會判斷錯誤。如果兩家大型機構投資者同時試圖賣出一隻股票,出現大幅股價下跌並不罕見。因此,查看格雷厄姆控股過去的盈利軌跡是值得的(見下文)。當然,還要考慮其他因素。
Investors should note that institutions actually own more than half the company, so they can collectively wield significant power. Our data indicates that hedge funds own 5.4% of Graham Holdings. That's interesting, because hedge funds can be quite active and activist. Many look for medium term catalysts that will drive the share price higher. Our data shows that Donald Graham is the largest shareholder with 13% of shares outstanding. With 10.0% and 8.2% of the shares outstanding respectively, BlackRock, Inc. and The Vanguard Group, Inc. are the second and third largest shareholders. In addition, we found that Timothy O'Shaughnessy, the CEO has 6.5% of the shares allocated to their name.
投資者應該注意到,機構實際上擁有公司超過一半的股份,因此他們可以集體施加顯著的影響力。我們的數據顯示,所有對沖基金持有格雷厄姆控股5.4%的股份。這很有趣,因爲對沖基金通常相當活躍且具有激進性。許多對沖基金尋找中期催化劑來推動股票價格上漲。我們的數據顯示,唐納德·格雷厄姆是最大的股東,持有13%的流通股。貝萊德公司和先鋒集團公司分別是第二和第三大股東,持有10.0%和8.2%的流通股。此外,我們發現首席執行官蒂莫西·奧肖內西擁有6.5%的股份。
We also observed that the top 7 shareholders account for more than half of the share register, with a few smaller shareholders to balance the interests of the larger ones to a certain extent.
我們還觀察到,前7大股東佔據了超過一半的股份登記,部分小股東在一定程度上平衡了大股東的利益。
While it makes sense to study institutional ownership data for a company, it also makes sense to study analyst sentiments to know which way the wind is blowing. While there is some analyst coverage, the company is probably not widely covered. So it could gain more attention, down the track.
雖然研究公司機構持股數據是有意義的,但研究分析師情緒也同樣重要,以了解風向如何。儘管有一定的分析師覆蓋,但這家公司可能並沒有被廣泛報道。因此它在未來可能會獲得更多關注。
Insider Ownership Of Graham Holdings
格雷厄姆控股的內部股權所有權
While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders. The company management answer to the board and the latter should represent the interests of shareholders. Notably, sometimes top-level managers are on the board themselves.
雖然對內幕人的確切定義可能是主觀的,但幾乎所有人都認爲董事會成員是內幕人。公司管理層向董事會負責,後者應該代表股東的利益。值得注意的是,有時候高層管理者自己也是董事會成員。
I generally consider insider ownership to be a good thing. However, on some occasions it makes it more difficult for other shareholders to hold the board accountable for decisions.
我通常認爲內部人擁有股份是一件好事。然而,在某些情況下,這使得其他股東更難讓董事會對決策負責。
Our most recent data indicates that insiders own a reasonable proportion of Graham Holdings Company. Insiders own US$859m worth of shares in the US$3.8b company. That's quite meaningful. It is good to see this level of investment. You can check here to see if those insiders have been buying recently.
我們最近的數據表明,內部人士擁有格雷厄姆控股公司相當比例的股份。內部人士持有價值85900萬美元的股票,在這家價值38億美元的公司中。這相當有意義。看到這個投資水平很令人欣慰。您可以在這裏查看這些內部人士最近是否有買入。
General Public Ownership
公衆持股
The general public-- including retail investors -- own 15% stake in the company, and hence can't easily be ignored. This size of ownership, while considerable, may not be enough to change company policy if the decision is not in sync with other large shareholders.
公衆,包括散戶投資者,持有公司15%的股份,因此不容忽視。這種持股規模雖然可觀,但如果決策與其他大股東不同,可能不足以改變公司政策。
Next Steps:
下一步:
I find it very interesting to look at who exactly owns a company. But to truly gain insight, we need to consider other information, too. For instance, we've identified 3 warning signs for Graham Holdings (1 shouldn't be ignored) that you should be aware of.
我覺得研究哪個公司究竟是誰擁有的非常有趣。但要真正獲得洞見,我們還需要考慮其他信息。比如,我們已經確定了格雷厄姆控股的3個警告信號(1個不應該被忽視),你應該對此保持警惕。
But ultimately it is the future, not the past, that will determine how well the owners of this business will do. Therefore we think it advisable to take a look at this free report showing whether analysts are predicting a brighter future.
但最終,決定這個業務的所有者表現如何的,是未來而不是過去。因此,我們認爲查看這份免費的報告是明智的,報告顯示分析師是否預測了一個更光明的未來。
NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.
注意:本文中的數字是根據過去十二個月的數據計算得出的,指的是截至財務報表日期的月份最後一天的12個月期間。這可能與完整年度的年報數字不一致。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對本文有反饋?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
這篇來自Simply Wall ST的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall ST在提到的任何股票中均沒有持倉。
譯文內容由第三人軟體翻譯。
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