After a Year of 5.0% Returns, FedEx Corporation's (NYSE:FDX) Share Price Drop Last Week May Have Less of an Impact on Institutional Investors
After a Year of 5.0% Returns, FedEx Corporation's (NYSE:FDX) Share Price Drop Last Week May Have Less of an Impact on Institutional Investors
Key Insights
关键洞察
- Significantly high institutional ownership implies FedEx's stock price is sensitive to their trading actions
- The top 14 shareholders own 50% of the company
- Analyst forecasts along with ownership data serve to give a strong idea about prospects for a business
- 显著的高机构持股意味着联邦快递的股价对他们的交易行为非常敏感。
- 前14大股东拥有公司的50%
- 分析师的预测以及持有数据有助于强烈理解业务的前景
To get a sense of who is truly in control of FedEx Corporation (NYSE:FDX), it is important to understand the ownership structure of the business. The group holding the most number of shares in the company, around 79% to be precise, is institutions. That is, the group stands to benefit the most if the stock rises (or lose the most if there is a downturn).
要了解谁真正控制着联邦快递公司(纽交所:FDX),了解业务的所有权结构非常重要。持有公司最多股份的群体,大约占79%,是机构。这意味着,如果股票上涨,这个群体将收益最多(或者在出现下跌时损失最多)。
Institutional investors endured the highest losses after the company's market cap fell by US$3.9b last week. However, the 5.0% one-year returns may have helped alleviate their overall losses. We would assume however, that they would be on the lookout for weakness in the future.
机构投资者在公司市值上周下跌39亿美元后承受了最高损失。然而,5.0%的年度回报可能有助于减轻他们的总体损失。不过,我们认为,他们会对未来的弱点保持警惕。
Let's take a closer look to see what the different types of shareholders can tell us about FedEx.
让我们仔细看看不同类型的股东可以告诉我们关于联邦快递的信息。
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What Does The Institutional Ownership Tell Us About FedEx?
机构所有权对联邦快递有何影响?
Many institutions measure their performance against an index that approximates the local market. So they usually pay more attention to companies that are included in major indices.
许多机构的表现与近似当地市场的指数进行比较。因此,他们通常更加关注那些被纳入主要指数的公司。
FedEx already has institutions on the share registry. Indeed, they own a respectable stake in the company. 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 FedEx, (below). Of course, keep in mind that there are other factors to consider, too.
联邦快递的股份登记上已经有机构。事实上,他们在公司中拥有相当可观的股份。这可能表明公司在投资界具有一定的可信度。然而,最好谨慎对待依赖于机构投资者所带来的所谓验证。他们有时也会出错。如果两家大型机构投资者同时试图抛售股票,股价出现大幅下跌并不罕见。因此,值得检查一下联邦快递过去的盈利轨迹(见下文)。当然,也要记住还有其他因素需要考虑。
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Since institutional investors own more than half the issued stock, the board will likely have to pay attention to their preferences. FedEx is not owned by hedge funds. The company's largest shareholder is The Vanguard Group, Inc., with ownership of 8.2%. Frederick Smith is the second largest shareholder owning 8.0% of common stock, and BlackRock, Inc. holds about 6.1% of the company stock. Frederick Smith, who is the second-largest shareholder, also happens to hold the title of Top Key Executive.
由于机构投资者拥有超过一半的已发行股票,董事会可能需要关注他们的偏好。 联邦快递并不被对冲基金所拥有。 该公司的最大股东是先锋集团,持股比例为8.2%。 弗雷德里克·史密斯是第二大股东,持有8.0%的普通股,而贝莱德公司持有约6.1%的公司股票。 作为第二大股东的弗雷德里克·史密斯同时担任首席关键执行官。
After doing some more digging, we found that the top 14 have the combined ownership of 50% in the company, suggesting that no single shareholder has significant control over the company.
经过进一步的调查,我们发现前14大股东合计拥有公司50%的股权,这表明没有单一股东对公司拥有重大控制权。
While studying institutional ownership for a company can add value to your research, it is also a good practice to research analyst recommendations to get a deeper understand of a stock's expected performance. There are plenty of analysts covering the stock, so it might be worth seeing what they are forecasting, too.
虽然研究公司的机构持股可以为你的研究增值,但研究分析师的推荐也是一种良好的做法,以更深入地了解股票的预期表现。 有很多分析师在覆盖这只股票,因此了解他们的预测也可能是值得的。
Insider Ownership Of FedEx
联邦快递的内部持股
The definition of an insider can differ slightly between different countries, but members of the board of directors always count. Management ultimately answers to the board. However, it is not uncommon for managers to be executive board members, especially if they are a founder or the CEO.
内部人的定义在不同国家之间可能略有不同,但董事会成员始终是包括在内的。管理层最终对董事会负责。不过,管理者成为执行董事会成员并不罕见,尤其是当他们是创始人或首席执行官时。
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.
我通常认为内部人拥有股份是一件好事。然而,在某些情况下,这使得其他股东更难让董事会对决策负责。
Shareholders would probably be interested to learn that insiders own shares in FedEx Corporation. The insiders have a meaningful stake worth US$5.7b. Most would say this shows a good alignment of interests between shareholders and the board. Still, it might be worth checking if those insiders have been selling.
股东们可能对内部人拥有美国联邦快递公司的股票感兴趣。内部人手中持有价值57亿美金的可观股份。大多数人会说这表明股东与董事会之间的利益良好对齐。不过,查一下这些内部人是否有在卖出股票可能是值得的。
General Public Ownership
公众持股
The general public, who are usually individual investors, hold a 13% stake in FedEx. 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.
公众一般是个人投资者,他们在联邦快递中持有13%的股份。虽然这个持股比例相当可观,但如果决策与其他大股东不同,可能不足以改变公司政策。
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. Consider for instance, the ever-present spectre of investment risk. We've identified 1 warning sign with FedEx , and understanding them should be part of your investment process.
我发现查看具体谁拥有一家公司是非常有趣的。但要真正获得洞察,我们需要考虑其他信息。比如,投资风险始终存在的阴影。我们已经发现联邦快递的一个警告信号,理解这些信号应该是你投资过程的一部分。
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.
但最终,决定这个业务的所有者表现如何的,是未来而不是过去。因此,我们认为查看这份免费的报告是明智的,报告显示分析师是否预测了一个更光明的未来。
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:本文中的数字是根据过去十二个月的数据计算得出的,指的是截至财务报表日期的月份最后一天的12个月期间。这可能与完整年度的年报数字不一致。
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