There were six notable investor filings on Friday, and Panera Bread (NASDAQ:PNRA) is the largest company 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 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.
New Activist Investor Filings
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.
New Passive Investor Filings
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.
Amended Activist Investor Filings
Nexeo Solutions, Inc. (NASDAQ:NXEO) – WL Ross Sponsor LLC has filed an amended Schedule 13D/A, reporting a 2.60% ownership stake in Nexeo Solutions. This is a decrease of 72.92% from their previous filing.
Amended Passive Investor Filings
Neos Therapeutics, Inc. (NASDAQ:NEOS) – Dammeyer Rodney F has filed an amended Schedule 13D/A, reporting a 6.20% ownership stake in Neos Therapeutics. This is an increase of 14.81% from their previous filing.
Sigma Designs, Inc. (NASDAQ:SIGM) – SOROS FUND MANAGEMENT LLC has filed an amended Schedule 13D/A, reporting a 10.66% ownership stake in Sigma Designs. This is an increase of 100.75% from their previous filing.