Market Cap : 12.33 B | Enterprise Value : 16.15 B | Price-to-FFO : | PB Ratio : 1.95 |
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Shares outstanding are shares that have been authorized, issued, and purchased by investors and are held by them. Host Hotels & Resorts's shares outstanding for the quarter that ended in Dec. 2020 was 705 Mil.
Host Hotels & Resorts's quarterly shares outstanding increased from Sep. 2020 (705 Mil) to Dec. 2020 (705 Mil). It means Host Hotels & Resorts issued new shares from Sep. 2020 to Dec. 2020 .
Host Hotels & Resorts's annual shares outstanding declined from Dec. 2019 (713 Mil) to Dec. 2020 (705 Mil). It means Host Hotels & Resorts bought back shares from Dec. 2019 to Dec. 2020 .
* All numbers are in millions except for per share data and ratio. All numbers are indicated in the company's associated stock exchange currency.
* The bar in red indicates where Host Hotels & Resorts's Shares Outstanding (EOP) falls into.
Shares outstanding are shares that have been authorized, issued, and purchased by investors and are held by them. They have voting rights and represent ownership in the corporation by the person that holds the shares. They should be distinguished from treasury shares, which are shares held by the corporation itself, having no exercisable rights.
Shares outstanding can be calculated as either basic or fully diluted. The fully diluted shares outstanding count includes diluting securities, such as options, warrants or convertibles.
Please note: GuruFocus named Shares Outstanding (EOP) is the shares for that end of period. It is usually used to calculate balance sheet related items, such as Book Value per Share, etc. While Shares Outstanding (Diluted Average) and Shares Outstanding (Basic Average) are the weighted average shares over a period of time (a year, a quarter, or so). They are usually used to calculate income statement or cashflow statement related items, such as Earnings per Share (Diluted), etc.
A company may buy back shares or issue shares in any fiscal period. If a company buys back shares, we should observe that the total number of shares decline. If the company issues new shares, the number of shares outstanding increases.
Usually the presence of treasury shares and a history of buyback are good indicators that company has competitive advantage. But studies have shown that companies usually buy back at wrong time. Buying back shares below its intrinsic value increases value for remaining shareholders. Buying back overvalued shares destroys value for existing shareholders.
Warren Buffett looks for consistency and upward long term trend. Because of share repurchase it is possible for net earnings trend to differ from EPS trend. He preferred net income over EPS. The companies with durable competitive advantage companies report higher % net earnings to total revenues.
Important: If a company is showing net earnings history greater than 20% on total revenues, it is probably benefiting from a long term competitive advantage.
If net earnings is less than 10%, likely to be in a highly competitive business.
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