There were five notable activist 13D filings today. Brazil telecom stock Oi S.A. (NYSE:OIBR.C) is the largest corporation of interest.
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 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 12 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.
New Activist Filings
Roadrunner Transportation Systems, Inc. (NYSE:RRTS) – Elliott Associates, L.P. has filed a new Schedule 13D, reporting a 2.80% ownership stake in Roadrunner Transportation Systems, Inc.. This is an increase of 16.67% from their previous filing.
Amended Activist Filings
On Deck Capital, Inc. (NYSE:ONDK) – EJF Capital LLC has filed an amended Schedule 13D/A, reporting a 8.20% ownership stake in On Deck Capital, Inc.. This is an increase of 17.14% from their previous filing.