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 13 recent notable filings:
New Activist Investor Filings
New Passive Investor Filings
OncoMed Pharmaceuticals, Inc. (NASDAQ:OMED) – Biotechnology Value Fund L P has filed a new SC 13G, reporting a 3.60% ownership stake in OncoMed Pharmaceuticals. This is an increase of 63.64% from their previous filing.
Amended Activist Investor Filings
Eastman Kodak Co. (NYSE:KODK) – BlueMountain Capital Management, LLC has filed an amended Schedule 13D/A, reporting a 11.20% ownership stake in Eastman Kodak. This is a decrease of 21.68% from their previous filing.
Beasley Broadcast Group, Inc. (NASDAQ:BBGI) – GAMCO INVESTORS, INC. ET AL has filed an amended Schedule 13D/A, reporting a 2.10% ownership stake in Beasley Broadcast Group. This is a decrease of 0.47% from their previous filing.