Go to Jeff Salisbury LWGate Home Page.From: "Rob Miller" <rmiller2@carolina.rr.com>
Subject: Re: [CANSLIM] what is to much ownership??
Date: Tue, 26 Feb 2002 16:46:30 -0500
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BlankRich,
This is too much in my opinion. I don't use a specific number as a =
screen, but 92% is clearly too high. Sometimes, depending on the type =
of stock and the number of shares outstanding, it may be the case that =
much of the institutional ownership is from pensions, state plans, etc., =
where the probability of large scale selling is reduced. In this case, =
you have a small number of shares (although I don't know the price, so =
I'm assuming its not a $300 stock), so in all likelihood mutual funds =
are the biggest holders. Mutual funds are weaker sponsors, so while =
there is little room for further instititutional buying, there are a =
large number of potential sellers. I rarely bother digging that deep =
into the sponsorship structure if institutional ownership is high. I =
usually just look at DGO and if fund ownership is too high, say over =
30%, then I just move on. DGO only shows funds and banks, whereas other =
sources include all sponsors so the numbers are much higher, and less =
reliable. I assume you are not using DGO since few stocks have fund and =
bank sponsorship greater than 90% (a scan turned up only 12). I would =
stick to DGO, if you have it, and avoid other sources, unless someone =
else on the list can recommend another reliable source...I haven't found =
one. =20
Rob
- ----- Original Message -----=20
From: Rich W=20
To: canslim@lists.xmission.com=20
Sent: Tuesday, February 26, 2002 4:11 PM
Subject: [CANSLIM] what is to much ownership??
Tom or anyone else who has an answer to this.
Here is a stock that has increased institutional ownership since =
July,01
Top number is # of funds, banks, etc.
2nd row is % of ownership
72 95 104 116 140 149 158=20
46.9 38.8 35.3 44.7 87.9 91.4 92.4=20
Total shares outstanding =3D=3D 13,910,000 @21.50
From Market Guide
is this much ownership too much, and what is the Max to look for=20
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<DIV>Rich,</DIV>
<DIV> </DIV>
<DIV>This is too much in my opinion. I don't use a specific number =
as a=20
screen, but 92% is clearly too high. Sometimes, depending on the =
type of=20
stock and the number of shares outstanding, it may be the case that much =
of the=20
institutional ownership is from pensions, state plans, etc., where the=20
probability of large scale selling is reduced. In this =
case, you have=20
a small number of shares (although I don't know the price, so I'm =
assuming its=20
not a $300 stock), so in all likelihood mutual funds are the biggest=20
holders. Mutual funds are weaker sponsors, so while there is =
little room=20
for further instititutional buying, there are a large number of =
potential=20
sellers. I rarely bother digging that deep into the =
sponsorship=20
structure if institutional ownership is high. I usually=20
just look at DGO and if fund ownership is too high, say over 30%, =
then I=20
just move on. DGO only shows funds and banks, whereas other =
sources=20
include all sponsors so the numbers are much higher, and less =
reliable. I=20
assume you are not using DGO since few stocks have fund and bank =
sponsorship=20
greater than 90% (a scan turned up only 12). I would stick to DGO, =
if you=20
have it, and avoid other sources, unless someone else on the list can =
recommend=20
another reliable source...I haven't found one. </DIV>
<DIV> </DIV>
<DIV>Rob</DIV>
<DIV> </DIV>
<DIV> </DIV>
<DIV>----- Original Message ----- </DIV>
<BLOCKQUOTE dir=3Dltr=20
style=3D"PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; =
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<DIV=20
style=3D"BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: =
black"><B>From:</B>=20
<A title=3Drich1334@brick.net href=3D"mailto:rich1334@brick.net">Rich =
W</A> </DIV>
<DIV style=3D"FONT: 10pt arial"><B>To:</B> <A =
title=3Dcanslim@lists.xmission.com=20
=
href=3D"mailto:canslim@lists.xmission.com">canslim@lists.xmission.com</A>=
</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Sent:</B> Tuesday, February 26, =
2002 4:11=20
PM</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Subject:</B> [CANSLIM] what is to =
much=20
ownership??</DIV>
<DIV><BR></DIV>
<DIV><FONT size=3D3>Tom or anyone else who has an answer to =
this.</FONT></DIV>
<DIV><FONT size=3D3>Here is a stock that has increased institutional =
ownership=20
since July,01</FONT></DIV>
<DIV><FONT size=3D3>Top number is # of funds, banks, etc.</FONT></DIV>
<DIV><FONT size=3D3>2nd row is % of ownership</FONT></DIV>
<P>
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<COL style=3D"WIDTH: 32pt; mso-width-source: userset; mso-width-alt: =
1536"=20
width=3D42>
<COL style=3D"WIDTH: 33pt; mso-width-source: userset; mso-width-alt: =
1609"=20
width=3D44>
<COL style=3D"WIDTH: 35pt; mso-width-source: userset; mso-width-alt: =
1682"=20
width=3D46>
<COL style=3D"WIDTH: 38pt; mso-width-source: userset; mso-width-alt: =
1865"=20
width=3D51>
<TBODY>
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<TD=20
style=3D"BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: =
#ece9d8; WIDTH: 29pt; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; =
BACKGROUND-COLOR: transparent"=20
align=3Dright width=3D39 height=3D17 x:num><FONT =
size=3D2>72</FONT></TD>
<TD=20
style=3D"BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: =
#ece9d8; WIDTH: 34pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: =
transparent"=20
align=3Dright width=3D45 x:num><FONT size=3D2>95</FONT></TD>
<TD=20
style=3D"BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: =
#ece9d8; WIDTH: 34pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: =
transparent"=20
align=3Dright width=3D45 x:num><FONT size=3D2>104</FONT></TD>
<TD=20
style=3D"BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: =
#ece9d8; WIDTH: 32pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: =
transparent"=20
align=3Dright width=3D42 x:num><FONT size=3D2>116</FONT></TD>
<TD=20
style=3D"BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: =
#ece9d8; WIDTH: 33pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: =
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<TD=20
style=3D"BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: =
#ece9d8; WIDTH: 38pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: =
transparent"=20
align=3Dright width=3D51 x:num><FONT size=3D2>158</FONT></TD></TR>
<TR style=3D"HEIGHT: 12.75pt" height=3D17>
<TD=20
style=3D"BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: =
#ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: =
transparent"=20
align=3Dright height=3D17 x:num><FONT size=3D2>46.9</FONT></TD>
<TD=20
style=3D"BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: =
#ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"=20
align=3Dright x:num><FONT size=3D2>38.8</FONT></TD>
<TD=20
style=3D"BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: =
#ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"=20
align=3Dright x:num><FONT size=3D2>35.3</FONT></TD>
<TD=20
style=3D"BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: =
#ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"=20
align=3Dright x:num><FONT size=3D2>44.7</FONT></TD>
<TD=20
style=3D"BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: =
#ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"=20
align=3Dright x:num><FONT size=3D2>87.9</FONT></TD>
<TD=20
style=3D"BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: =
#ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"=20
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<TD=20
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#ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"=20
align=3Dright x:num><FONT =
size=3D2>92.4</FONT></TD></TR></TBODY></TABLE></P>
<P><FONT size=3D3>Total shares outstanding =3D=3D =
13,910,000 =20
@21.50</FONT></P>
<P><FONT size=3D3>From Market Guide</FONT></P>
<P><FONT size=3D3> is this much ownership too much, and what is =
the Max to=20
look for </FONT></P></BLOCKQUOTE></BODY></HTML>
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