When a person or group of persons acquires beneficial ownership of more than 5% of a company’s equity securities, they are required to file a Schedule 13D or 13G with the SEC.
If these groups intend to influence management into changing the business strategy, they are considered “activist” investors. There is considerable academic research that suggest activist investors contribute to excess returns in equities in the subsequent twelve months after the event.
Investors that acquire 10% or more of a company’s shares, or that gain a board seat, are considered insiders by the SEC and are subject to stricter insider trading filing requirements.
Investors that acquire more than 5% of the shares of a company and intend to influence management are considered activist investors and must file a 13D, and investors that acquire more than 5% of the shares of a company but have no intention of influencing management are considered passive investors and must file a 13G.
Here are 5 recent notable filings:
New Activist Investor Filings
Dicerna Pharmaceuticals Inc (NASDAQ:DRNA) – Domain Partners VIII, L.P. has filed a new SC 13D, reporting a 14.90% ownership stake in Dicerna Pharmaceuticals.
Amended Activist Investor Filings
Noodles & Co (NASDAQ:NDLS) – PUBLIC SECTOR PENSION INVESTMENT BOARD has filed an amended Schedule 13D/A, reporting a 20.20% ownership stake in Noodles &. This is a decrease of 31.99% from their previous filing.
Landmark Bancorp Inc (NASDAQ:LARK) – ALEXANDER PATRICK L has filed an amended Schedule 13D/A, reporting a 4.30% ownership stake in Landmark Bancorp.
Amyris Inc (NASDAQ:AMRS) – Temasek Holdings (Private) Ltd has filed an amended Schedule 13D/A, reporting a 19.40% ownership stake in Amyris. This is a decrease of 7.62% from their previous filing.
Amended Passive Investor Filings
Barnes & Noble, Inc. (NYSE:BKS) – ABRAMS CAPITAL MANAGEMENT, L.P. has filed an amended Schedule 13D/A, reporting an updated ownership stake in Barnes & Noble.
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