Every investor in Qorvo, Inc. (NASDAQ:QRVO) should be aware of the most powerful shareholder groups. Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. We also tend to see lower insider ownership in companies that were previously publicly owned.
Qorvo has a market capitalization of US$14b, so it’s too big to fly under the radar. We’d expect to see both institutions and retail investors owning a portion of the company. In the chart below, we can see that institutions are noticeable on the share registry. We can zoom in on the different ownership groups, to learn more about Qorvo.
View our latest analysis for Qorvo
What Does The Institutional Ownership Tell Us About Qorvo?
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.
We can see that Qorvo 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. When multiple institutions own a stock, there’s always a risk that they are in a ‘crowded trade’. When such a trade goes wrong, multiple parties may compete to sell stock fast. This risk is higher in a company without a history of growth. You can see Qorvo’s historic earnings and revenue below, but keep in mind there’s always more to the story.
Since institutional investors own more than half the issued stock, the board will likely have to pay attention to their preferences. Hedge funds don’t have many shares in Qorvo. The Vanguard Group, Inc. is currently the largest shareholder, with 11% of shares outstanding. With 8.2% and 7.9% of the shares outstanding respectively, Vulcan Value Partners LLC and BlackRock, Inc. are the second and third largest shareholders.
After doing some more digging, we found that the top 13 have the combined ownership of 51% in the company, suggesting that no single shareholder has significant control over the company.
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. Quite a few analysts cover the stock, so you could look into forecast growth quite easily.
Insider Ownership Of Qorvo
The definition of an insider can differ slightly between different countries, but members of the board of directors always count. Company management run the business, but the CEO will answer to the board, even if he or she is a member of it.
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.
Our information suggests that Qorvo, Inc. insiders own under 1% of the company. As it is a large company, we’d only expect insiders to own a small percentage of it. But it’s worth noting that they own US$84m worth of shares. Arguably recent buying and selling is just as important to consider. You can click here to see if insiders have been buying or selling.
General Public Ownership
The general public holds a 11% stake in Qorvo. 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.
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. Case in point: We’ve spotted 2 warning signs for Qorvo you should be aware of.
Ultimately the future is most important. You can access this free report on analyst forecasts for the company.
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.
This article by Simply Wall St is general in nature. 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.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email firstname.lastname@example.org.
Air Force Completes 8-Year B-1 Bomber Battle Station Upgrade
The Air Force just wound up a major upgrade on its B-1B Lancer fleet that took eight years to complete.
The service announced that it finished the Integrated Battle Station, or IBS, modification earlier this month on 60 of the 62 long-range bombers in its inventory. Two aircraft are routinely reserved for testing operations.
To keep the Lancer viable in the future battlespace, the Air Force initiated IBS, likely the largest and most complicated modification the bomber will see in the near term — in 2012. The B-1 fleet is expected to be fully retired by 2036.
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Roughly 120 maintainers working in shifts executed 1,050,000 hours of planned work at the Oklahoma City Air Logistics Complex at Tinker Air Force Base to give “the flight deck a whole new look,” according to a service news release.
“This upgrade drastically improves aircrew situational awareness with color displays, and enhanced navigation and communication systems are projected to significantly enhance B-1B mission readiness,” Lt. Col. James Couch, 10th Flight Test Squadron commander, said in the release.
“All aircraft outfitted with the Integrated Battle Station modification enhancements provide the four members of the aircraft with much greater ‘battlefield’ awareness of surrounding threats, whether those threats are air-to-air or ground-to-air, and provides a much faster capability to execute both defensive and offensive maneuvers needed in any conflict,” Rodney Shepard, 567th Aircraft Maintenance Squadron director, added in the release.
In 2017, the upgrade was more than half done, with 33 planes converted to the new system.
The modifications targeted three developmental programs for the bomber: the central integrated test system, a fully integrated data link, and the vertical situation display upgrade, according to officials who spoke with Military.com at the time.
The central integrated test system, or CITS, works as a diagnostic and recording system to give crew more information in flight, as well as diagnostic information for maintainers on the ground, Master Sgt. Brian Hudson, a B-1 avionics manager at Air Force Global Strike Command, explained during an interview in 2017.
The plane is already outfitted with the Joint Range Extension Applications Protocol, known as JREAP, which extends tactical data link communications over long-distance networks. But the Fully Integrated Data Link, or FIDL, gives “the addition of Link 16, so really what FIDL [does] is to add Link 16 and integrate with beyond-line-of-site JREAP, and merge those two together and push that information onto the displays inside a cockpit,” added Maj. Jeremy Stover, B-1 program element monitor and instructor weapons systems officer, in 2017.
Link 16 supports digital exchange of imagery and data in near-real time with aircraft, ships and some ground vehicles.
The total program cost for the IBS upgrade is estimated at $1.1 billion, officials said.
“Big thanks to the team at Tinker for doing a remarkable job retooling the B-1 and getting it back in the fight,” Gen. Tim Ray, the AFGSC commander, said in the release following the completion of the program. “The work the B-1 and our Airmen are doing is a great example of how we’re making a huge impact on Dynamic Force Employment to support the National Defense Strategy. These modifications have revitalized the B-1 for the high-end fight, allowing our precision strike force to remain strategically predictable but operationally unpredictable.”
During the Air Force Association’s virtual Air, Space and Cyber conference earlier this month, Ray said the readiness of the bomber fleet is improving, and its recovery and maintenance are well ahead of schedule, thanks to concentrated resources dedicated to bringing the workhorse airframe out of its previous abysmal state.
“[The Lancer is] probably six or seven months ahead of where we thought it would be,” he said Sept. 16.
“On any given day, I probably can fly well over 20 of the B-1s,” Ray said, referencing the fleet’s mission-capable rate, or the ability to fly at a moment’s notice to conduct operations.
Within the last year, the airframe has endured frequent inspections and time compliance technical orders, or TCTOs, which often mandate modifications, comprehensive equipment inspections or installation of new equipment.
The additional maintenance was necessary after the service overcommitted its only supersonic heavy payload bomber to operations in the Middle East over the last decade; the repeated deployments caused the aircraft to deteriorate more quickly than expected, Ray said last year.
The Air Force wants to downsize its Lancer fleet by 17 aircraft. In its 2021 fiscal budget request, it asked lawmakers to divest bombers that need repeated structural work, which will cost the service more in upkeep than modernization efforts, officials have said.
— Oriana Pawlyk can be reached at email@example.com. Follow her on Twitter at @Oriana0214.
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Cleveland-Cliffs CEO Says Focus After ArcelorMittal Deal is Emissions
(Bloomberg) — The head of Cleveland-Cliffs Inc. sees an “era of clean steel” ahead, and its main focus will be on cutting carbon emissions as it expands production of the metal with a second major acquisition this year.Cliffs, which on Monday said it will purchase the U.S. operations of ArcelorMittal SA for $1.4 billion, plans to change the mix of raw materials going into the newly acquired blast furnaces, Chief Executive Officer Lourenco Goncalves said in an interview. While those furnaces typically use iron ore pellets and coking coal, the Ohio-based company will substitute hot-briquetted iron for some of the pellets, allowing them to use less coal, he said.The push comes amid stricter emissions rules globally and demand from steel customers including automakers for supply chains that are lower in carbon emissions, which are tied to global warming. Steel production has among the world’s largest footprints, accounting for about 8% of global carbon dioxide emissions in 2018, according to McKinsey & Co.“The era of clean steel in the United States is starting right now,” Goncalves said by phone. “And another thing — it’s not going to happen in 10 years: it’s going to start next year.”Cliffs currently sells hot-briquetted iron to steelmakers that use electric-arc furnaces, while blast furnaces such as those from integrated producers such as Mittal usually rely on the pellet-coking coal mix. Goncalves said he doesn’t know how much the shift will cut emissions, nor exactly what the final mix will be for his steel production, but that its emissions will be lower than other producers including those in Europe and China.Goncalves also signaled that he doesn’t anticipate layoffs in the acquisition, pointing to Cliffs’ purchase of AK Steel Holding Corp. in March, just as the coronavirus pandemic started.“We don’t acquire to cut, we acquire to grow,” Goncalves said. “The employees at the plants love what they are seeing because they’re not only employed, they’re busier, they’re producing more and they are making more money”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Ashley Madison: Extramarital affairs soar in pandemic with technology’s help
Shortly after the lockdown began, the Ashley Madison “married dating” site saw an uptick in members, as people started having affairs during the pandemic. Today, more than 21,000 people are signing up each day for the online membership service, up from 17,000 a day in March. That’s on top of a worldwide base that had 65 million members around the world in 2019.
Lockdown has not put an end to affairs because of modern technology. Though some cheating has gone virtual, many married daters are still meeting their affair partner in person. Ninety percent of the site’s members have affairs on their smartphones, even though 29% of spouses know each other’s passwords, said Tammy Nelson, a sex and relationship therapist who has studied the results.
“We’re in such unprecedented catastrophic times,” Nelson said. “It’s so apocalyptic that you have got to have something to look forward to.”
However, those having affairs are taking precautions. From now until there is a cure or vaccine for the novel coronavirus, 65% of cheaters are likely to be more selective with who they go on in-person dates with, and 56% are likely to get creative with socially-distanced date ideas. During these dates, 41% of cheaters regularly use hand sanitizer, 36% avoid crowds, and 11% stick to outdoor dates only.
The vast majority of Ashley Madison 65 million-plus members have said that having affairs keeps them married. So, in an effort to understand the motivations behind choosing infidelity over divorce during a pandemic and how marriage will be impacted in the future, the company surveyed its members. It may sound self-serving for its business, but Ashley Madison believes marriage is a pragmatic arrangement that offers inherent value despite a partner often failing to provide all the necessary love, support, and desire.
“The fact that 21,000 people are joining each day tells you how pervasive the impact has been across the globe,” said Paul Keable, chief strategy officer at Ashley Madison, in an interview with VentureBeat. “This pandemic is having a dramatic impact on relationships. What we’re learning from the pandemic is this is going to change a lot of different family structures. If you don’t maintain a connection to your spouse, through interpersonal communications, you’re going to find at the end of the day that you don’t really have a relationship. What you have is cohabitation or a roommate.”
In a report dubbed “Love Beyond Lockdown,” Ashley Madison found in six different surveys that 75% of married couples are having less sex or no sex at all with their spouses. The report said 53% are spending more time with their spouse now than ever before. It also found 41% are less attracted to their spouse during the lockdown. And 25% say not having sex is the hardest part of lockdown.
“The top complaint from our members is that the spouse had not initiated any sexual intimacy,” Keable said. “And what it actually comes down to, supported by some external research from the University of Missouri, that it’s about the desire to want it.”
Pet peeves are coming out. Some 58% say that their spouses have not initiated any sexual intimacy. Twenty-eight percent say the spouse is glued to a mobile phone or computer. Another 19% say the spouse is rude, moody, or constantly picking fights. Eighteen percent say the spouse has never given any space, and 15% say that my spouse is messy and I’m constantly cleaning up after them.
The pandemic’s effect
Not having their sexual needs met at home is the reason 64% of members have been having affairs during the pandemic, and 74% are unlikely to stop having affairs once the pandemic stops. Of those who are having affairs during the lockdown, 34% say they have something to look forward to. Twenty-three percent say it’s a great distraction. Fourteen percent say they have someone to talk to, and 13% say it helps them maintain a sense of normalcy.
Ashley Madison said 95% are still interested in finding or maintaining outside relationships beyond their spouses in the pandemic. That suggests that people don’t look to their partner in times of uncertainty and stress. They look beyond their partner, Nelson said. Eighty percent are planning on meeting their current cyber affair partner once restrictions left.
The pandemic has not decreased the desire or ability to cheat; in fact, it has fueled it. Forty-seven percent say having an affair has helped them get through the lockdown. Thirty-two percent have gone on in-person dates since the pandemic began. Eighty-four percent consider an affair to be a form of self-care, and 32% have had sex with their affair partner during the pandemic.
While some are more adventurous, others are careful. Sixty-five percent say they are more selective with who they go on in-person dates with. Fifty-five percent are likely to stop having multiple physical partners at the same time. Forty-three percent are likely to wait longer until they have sex with someone, and 56% are likely to be creative with social distant dates.
Ashley Madison said that the rumors of divorces rising aren’t necessarily panning out. It found 87% said their marriage hasn’t changed since social distancing began. At least that’s the response of those who have already chosen to have affairs through Ashley Madison.
For those who have had affairs, 47% said it made them feel sexy, 45% said they were excited, 44% felt desired, 32% felt appreciated, 30% felt relaxed, and 28% felt confident, while 19% felt acknowledged. Twenty percent said they miss dating and casual sex the most during the lockdown. Twenty-one percent can’t wait to resume going on in-person dates once everything is back to normal. Thirty-six percent are more excited to see their affair partners than anyone else once things are back to normal. And 57% are likely to pursue both physical and emotional affairs once everything is back to normal.
With the bulk of time now spent at home, married people having affairs deem their infidelity an integral form of self-care and a way for them to stay married, Nelson said.
Ending their marriage is the last thing on members’ minds. In fact, 92% of members disagree or aren’t even considering the statement “I will file for divorce following” the end of the lockdown, and their infidelity is to thank for that.
Cheating during lockdown has made 47% of members feel sexual, 45% excited, and 44% desired – but the benefits run deeper than just feeling sexy. Thirty-two percent of members feel appreciated, 30% feel relaxed, 28% feel confident, and 19% feel acknowledged. While many Ashley Madison members cheat primarily for sex, they reap the additional personal therapeutic benefits, which are especially helpful in this unique lockdown situation and can make them more patient and tolerant of their situation at home, Keable said.
There isn’t necessarily a single person who can offer fulfillment in every aspect of life – not even a spouse, Ashley Madison said. Sometimes spouse, confidant, friend, and lover are not synonymous. More often, marriage equates mainly to co-parenting and financial stability. Thus, the pandemic may pave the way for new conversations about more fluid monogamy.
“We’re moving towards what I call open monogamy, where people have a primary partner or a central relationship, but having some kind of fluid arrangement that is like ‘don’t ask, don’t tell,” Nelson said. “You can go to my phone whenever you want, but I’m going to trust that you won’t.”
The company held six member surveys from March through August, interviewing 1,470 to 2,258 people each time.
Ashley Madison became a household name in July 2015, when hackers stole data on 32 million cheating spouses. The leak of sensitive data led to spouses discovering that their significant others were cheating. Divorces, breakups, and suicides ensued. The hackers also exposed that Ashley Madison used bots posing as attractive young women to lure men into engaging more with the site.
Prior to that incident, Ashley Madison was adding 30,000 people a day. The company says it has since beefed up its security and rid itself of the bots.
Technology as an enabler
Technology can help people hide affairs as well as uncover them. Those who are more cautious would use some kind of encrypted communication.
“The majority of people get caught because they leave their phones out or leave the information in an accessible way,” Nelson said.
Fifty-eight percent of them store their data — like sexting messages or nude pictures — on some kind of private or secure app, Nelson said.
“Young people tend to be more careless and use social media,” Nelson said. “Some 24% of them say that the problem is that they’re too attached to their phone.”
It’s not clear how many Americans have affairs, as people don’t tell the truth when they answer polls. North America is perhaps 70% of Ashley Madison’s business. Taiwan had decades-old adultery laws, and when they were repealed, more than 100,000 people from Taiwan joined Ashley Madison. Asia is an area for market expansion.
“It was just seven days, as there was such pent-up frustration and desire,” Keable said. “We had no marketing there.”
The company still has around 160 employees or so.
“Technology is the backbone for this, but it’s all built on human behavior,” Keable said. “We’re trying to put as much of the human component into our technology. So all the bits and bytes and all the different back end technology are all designed around how are members utilizing the service. How are they interacting? And what enables them to reduce the friction and increase the discretion. Those are the two key things that our technology teams and our product teams work on every single day.”
Is this a game?
“The studies show that a lot of people are cheating during the pandemic because they’re getting bored, they’re not having enough sex, but also, I think, because they don’t have enough space. So it’s a way of creating their outside self,” Nelson said.
That sounds an awful lot like gamers. Would gamers be more likely to have affairs?
“So that is a brilliant study, and somebody should do that,” Nelson said. “Maybe they get it out of their system while playing and they don’t have to. They have a community where they can have an avatar, where they can be someone else, connect to other people. Some people are seekers, where they seek some kind of stimulation. Other people can sort of next and stay home and play video games and be totally happy without connecting with other people.”
That would be interesting to explore, as many games are highly sexualized for gamer identities that are the equivalent of hormone-mad teenage boys. But there aren’t many mainstream game worlds where the whole object is sex.
“With affairs, it’s not so much the person that you’re cheating with,” Nelson said. “It’s the person you become when you’re with the person that you’re cheating with. There’s something about infidelity that is this desire to become someone else. And you really can create a whole new persona with this other person, and it’s a craving to perhaps develop a part of yourself that has either gone dormant or that for whatever reason, you think you can’t be that person with your partner.”
The future of technology and affairs
Nelson knows that there is a world of sex robots and other interactive sexual products and virtual reality porn coming these days.
“They may create more interaction through technology and sexual connections for people, as they’re more socially distanced and isolated,” Nelson said.
I think that there will be a lot of attraction for the sexual part of the metaverse, where something like the Star Trek Holodeck allows you to create a fantasy sexual partner of any kind. You might get lost in that world and never come out. You can see it in such game worlds like Detroit: Become Human, which depicted a future where robots are our slaves.
But I also think that some kind of sexual metaverse will be the hardest kind of world to create, as the sense of haptics, or touch, is very difficult to do, and the visual fidelity that people would want in such a world would be extremely demanding.
“Using sex toys with a partner and doing it over Zoom or the phone has increased a lot in the pandemic,” Nelson said. “The sex toys have gotten much better, as there are many more female-driven companies that are involved in the creation of the products. They’re more appealing to women.”
Some of this discussion strays from the survey results, but the Ashley Madison phenomenon gives us a lot to think about.
There are people like Jerry Falwell Jr. who are allegedly putting out a religious avatar for the public and then doing something else in private. People separate themselves into compartments, and they don’t have integrity in their lives and are more hypocritical. For those on Ashley Madison, at least they know why they are all there, Nelson said.
“If I have an affair on Ashley Madison, then my partner is a great parent, and they’re great at homeschooling and can clean the house and but I want sex, and then I’ll be happy,” Nelson said. “We’re probably moving more towards a more sort of village mentality anyway in a relationship. And there’s somebody to homeschool my kids and clean the house. Some come over to have sex with my husband online. I think it’s moving towards more of a polyamorous situation anyway.”
In time, one of the problems that can come is the perfection of artificial avatars, where you can’t tell the difference between communicating with an avatar who is a real person or an AI.
“That’s interesting, as with COVID-19, people meet online to have an affair to date or use dating sites. You meet with them virtually longer, and it takes longer to decide if you will meet them in real life,” Nelson said. “They will have longer technological relationships than they will in real life. Maybe when they’re lying next to you and smelling you, they don’t really like you.”
One of the worries of the future is that humans will mistreat AI sexual slaves. One Japanese company allowed executives to take home an AI model for sex as an experiment. They wound up beating the model severely. It’s like the world of Grand Theft Auto, where you as a gamer can treat other people extremely poorly.
“Dating sites like Ashley Madison serve a purpose in that they sort of let out some steam have multiple relationships that are extensively not about commitment and long term relationship,” Nelson said. “In research on my book, When You’re the One Who Cheats, I found that men were really looking for more of a relationship and women wanted casual sex.”
Keable and Nelson said Ashley Madison positions itself as a place to experiment and figure out what you want.
“Everyone knows why you are there and what the expectations are,” Nelson said. “There is honor among thieves, so to speak.”
Nelson returned to the notion that having affairs improves your mental health.
“People thought that their affair was part of taking care of themselves, like self-care in a way they would not lose their minds and stay married during the pandemic,” Nelson said. “I can still feel sexy, feel confident, and feel excited about myself and be with my spouse.”
Nelson said different studies have shown that 25% to 65% of people will cheat at some point in their marriages. And Ashley Madison’s growth suggests that is happening, and you can do that cheating while lying in bed next to your partner. In this experimentation, people lie to themselves.
“From a clinical perspective, people minimize the cheating behavior like it’s not that big a deal, like all I did was take my clothes off and talk to someone online, I just sent a sexy picture of myself in a bikini, and that really doesn’t count,” Nelson said. “Guys say I just went to a strip club.”
What it all means
“When you’re in a confined social climate, like we are, suddenly your spouse becomes, if not your sole source of connection and socialization, your primary source of it,” Keable said. “If there are any issues and a lack of affection and intimacy, that’s going to cause rifts that grow over time.”
Keable said the poll results could be helpful to married couples in the days ahead.
“This is really informative for couples, as we go into what is looking increasingly to be a strong second wave,” he said. “There are going to be far fewer outdoor times ahead as everyone is locked down in their households.”
He added, “This is going to have long-term effects for a lot of different people in different ways. We’re about 21,000 a day now. And so what does that mean? And why is that happening? What are they looking for? When people are in isolation with their partners, we are finding people are not as connected as they thought they were. It’s a communication problem. We’re so focused. You suddenly realize maybe I’m living with a stranger. If you want to avoid your spouse ending up in Ashley Madison, you need to take dramatic steps or ownership of your relationship.”
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